The use of NFC-enabled smart devices for digital payments is expected to be a driving factor for the growth of the cash register machines market. The growing awareness regarding frauds in the pricing of products, calculation of bills, and the need for tracking customer transactions and keeping a record of the sales are the factors expected to drive the demand for cash register machines. The growing usage of mobile applications and adoption of e-commerce for shopping, which offer multiple discounts to the customers, are factors hindering the growth of the cash registers machines market.
Product Innovation and Tech-driven Inventions to Drive Market Development
The low cost of electronic cash register machines with the different built-in features such as maintaining databases, tracking transactions and recording checkout times are expected to create growth opportunities for the cash register machines market. Besides, with technological advancement, the cash register machines can perform variety of tasks such as credit card processing, inventory tracking, and personal check verification.
A cash register machine is used for registering and calculating transactions. A cash register machine consists of a drawer for storing cash and a keyboard for calculating bills and feeding customer data. Cash register machines are generally manually operated, but the electronic cash register machines are trending nowadays. Most of the cash register machines print the receipts and other relevant records and store the required information. Some of the cash register machines are user-friendly, they do not require an operator to assist. The rising demand from the retail and hospitality industries is expected to boost the growth of the cash register machines market over the forecast period.
Companies in Market Eyeing for Tighter Competition
A large number of manufacturers of cash register machines are present in North America due to growing consumer goods as well as the industrial sector. Examples of some of the key players in the cash register machines market are Toshiba Corporation, Foxconn Technologies, Casio Computer Co., Ltd., Dell, Inc., Olivetti S.p.A., Citaq Co. Ltd., Fujitsu Ltd., Hewlett-Packard, Forbes Technosys, Guangzhou Zonerich Business Machine, Wincor Nixdorf, Shinheung Precision and Posiflex Technology Pvt. Ltd. Toshiba Corporation is one of the leading manufacturers of the cash registers machines. The company has different range of products with reliability in quality and low cost of ownership. Casio Computer Co., Olivetti S.p.A., and Dell Inc. focus on offering various services to customers and also offer cash register machines with LCDs, flash cards, and printers.
The cash register machines market can be segmented on the basis of geography into six regions, namely North America, Europe, Latin America, Japan, Asia Pacific excluding Japan and the Middle East & Africa. North America is expected to account significant share in the global cash register machines market. It is followed by the Asia Pacific and Europe due to the technological advancements, and the popularity of server clouds and GPRS-enabled cash register machines. Asia Pacific is expected to hold maximum share in the global cash register machines market due to growth in the commercial and industrial sectors. Latin America is also expected to register significant growth during the forecast period.