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The receipt printers market size has the potential to grow by USD 275 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period. The report analyzes the market's competitive landscape and offers information on several market vendors, including BIXOLON Co. Ltd., Boca Systems Inc., Citizen Systems Europe GmbH, CognitiveTPG, Fujitsu Ltd., HP Inc., NCR Corp., Seiko Epson Corp., Star Micronics Co. Ltd., and Toshiba Corp. Furthermore, this report provides a detailed analysis of the market by end-user (retail and hospitality), type (thermal, impact, and inkjet), and geography (APAC, Europe, MEA, North America, and South America).
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The receipt printers market is fragmented and the competition in the market is increasing at a steady rate. The market is characterized by evolving standards, changing smart technologies, new product developments, and varying customer requirements. To succeed in this competitive environment, it is imperative for vendors to differentiate their offerings through clear and unique value propositions. BIXOLON Co. Ltd., Boca Systems Inc., and Citizen Systems Europe GmbH are some of the major market participants. Although the use of POS receipts as marketing tools will offer immense growth opportunities, the increasing customer preference for digital receipts will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this receipt printers market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this receipt printers market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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North America was the largest receipt printers market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The high concentration of organized retail outlets and supermarkets and the rapid growth of quick-service restaurants (QSRs) and small- and medium-sized businesses (SMBs) will significantly drive receipt printers market growth in this region over the forecast period.
38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for receipt printers in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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The retail sector includes hypermarkets, supermarkets, drug stores, gas stations, specialty stores, and mass merchandise stores. The sector has undergone a significant transformation in the last 10 years because of factors such as continuous investments, the rising competition, and the growing global economies, resulting in the increased adoption of advanced technologies such as receipt printers. Customers are demanding faster and easier checkout systems, which is compelling vendors to adopt the latest receipt printers that allow them to print receipts seamlessly and conveniently. The growing number of retail outlets in developing nations worldwide is expected to drive the market in the coming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the receipt printers market size.
Market research analysts at Technavio predict that the receipt printers market will grow steadily at a CAGR of over 2% during the forecast period. This market research analysis identifies the use of POS receipts as marketing tools as one of the primary growth factors for this market. Receipt printers in the retail sectors are used as marketing tools to offer a more personal and interactive experience to customers. Businesses use these consumer receipts to create brand awareness and increase brand loyalty among the customers that include logo and website promotion and communication via email and these receipts can draw the attention of the consumers by printing dynamic receipts upon installing a software. This is achieved by retailers who observe the buying behavior of customers and store the data and information.
The advent of waterproof and dustproof receipt printers is one of the latest receipt printers market trends. To serve a wider range of end-users, several vendors in the market are investing in the manufacturing of waterproof printers. Certain businesses, including pharmacies, outdoor retail, healthcare, athletics, and professional landscaping cannot avoid encountering liquids. This will induce them to look for solutions to avoid a complete shutdown of the device in case of a liquid spill, boosting the demand for these printers.
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