Billing machine is a machine designed for mechanical operations such as typing, adding, computation, and duplication. It is most commonly used in filling out bills and providing a record of customer invoices. Billing machine comprises a calculator, an electric typewriter, a programmed control device, and a unit for recording the information. Billing machines are majorly used in bookkeeping departments, commercial enterprises, banking sector, shopping malls, retail stores, supermarkets, hotels, etc. Various types of billing machines are available in the market. Digital or electronic billing machines are becoming popular because they increase productivity and support barcodes, weighing machines, USB connectivity, and have inbuilt battery.
Key factors driving the growth of the global billing machine market include increase in the number of hypermarkets, supermarkets, and specialty stores, rise in digitalization in emerging economies, and rapid urbanization across the world. Rapid growth in the hospitality and food & beverage industry is likely to drive the demand for billing machines in the near future. Boom in e-commerce has created good opportunities for manufacturers and suppliers in the industry. In order to cater to a wide range of customers across the world, producers and distributors of billing machine are selling their products through various online channels is anticipated to generate high demand for the product in the near future.
The global billing machine market can be segmented based on product type, distribution channel, application, and region. In terms of product type, the market can be categorized into POS billing machine, electronic billing machine, card swipe billing machine, and spot billing machine. The POS billing segment is expected to dominate the billing machine market in the near future as it is widely used in supermarkets and retail outlets. Based on distribution channel, the global billing machine market can be bifurcated into online and offline. Online distribution channel includes authorized websites of billing machine brands and e-commerce portals. Offline distribution channel includes brand outlets, specialized stores, and third party distributors. In terms of application, the global billing machine market can be classified into hypermarkets, supermarkets, and fast food & hospitality chains.
Based on region, the global billing machine market can be divided into Europe, North America, Asia Pacific, South America, and Middle East & Africa. The billing machine market in Asia Pacific is projected to expand at a significant pace during the forecast period due to increase the number of hypermarkets, supermarkets, and fast food outlets in countries such as China, India, Japan, Thailand, Singapore, Malaysia, etc. and favorable government rules & regulations for digitalization. The billing machine market in Middle East & Africa is estimated to grow rapidly during the forecast period owing to boom in food & beverage industry and increase in construction of hotels and shopping malls in countries such as the UAE and Saudi Arabia. The global billing machine market in South America is projected to grow at a moderate rate in the near future. Rapid urbanization in countries such as Brazil, Argentina, Chile, Venezuela, and Colombia is likely to boost the demand for billing machines in the region during the forecast period.
Prominent players operating in the global billing machine market are Seiko Epson Corporation, Casio Computer Co. Ltd., Softland India ltd., WeP Group, Busin Technology Co. Ltd., Xiamen Goodcom Technology Co. Ltd., and Shenzhen Hoin Electronic Technology Co, Ltd. These companies are focusing on innovation in products and research & development to strengthen their foothold in the global billing machine market. Companies are undertaking joint ventures and mergers & acquisitions with local players to enhance their product portfolio. Manufacturers in developing countries are focusing on reducing their cost of production and increasing profitability for the sustainable growth of their business.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.