The latest report by Reports and Data on the global Point of Sale (POS) software market. The report highlights the growing demand for POS software due to the increasing popularity of digital payment solutions and the shift towards cashless purchases accelerated by the COVID-19 pandemic. POS software enables secure and efficient transactions, making it highly sought-after by businesses and customers alike.
In addition to facilitating transactions, POS software offers a range of tools, such as inventory management, real-time data analysis, and forecasting, that can help businesses improve their inventory management practices. Effective inventory management is crucial for businesses to minimize inventory expenses, ensure they have enough stock on hand, and enhance customer satisfaction. Due to the significant impact inventory control can have on retail profitability, POS software has become widely used in the industry.
The report also projects a significant growth in the global POS software market, with a revenue CAGR of 11% over the forecast period. This growth is driven by the increasing adoption of digital payment solutions and the need for contactless payment options due to social distancing and hygiene protocols.
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POS software market based on application. The market is divided into fixed POS and mobile POS segments. The fixed POS segment is expected to account for the largest revenue share during the forecast period. This is because conventional and stationary POS systems are frequently used in retail and restaurant settings.
The use of fixed POS systems is anticipated to rise as organizations continue to adopt digital technologies to streamline their operations and promote efficiency. Additionally, the COVID-19 pandemic has accelerated the adoption of contactless payment techniques, making fixed POS systems a crucial tool for companies that need to offer their customers a safe and secure payment experience.
Some Key Highlights from the Report
- In the coming years, it is anticipated that the fixed point-of-sale (POS) sector will dominate the revenue as conventional and stationary POS systems are prevalent in retail and restaurant settings. With the increasing usage of digital technology to enhance efficiency, businesses are likely to adopt fixed POS systems further. The outbreak of COVID-19 has fast-tracked the implementation of contactless payment methods, thereby making fixed POS systems indispensable for businesses that strive to offer their customers a safe and secure payment experience.
- The cloud industry is expected to hold a significant portion of the revenue over the forecast period. This is because cloud-based POS systems offer numerous advantages, such as lower initial expenses, easy scalability, and greater flexibility. These systems are hosted on remote servers and can be accessed from any device with an internet connection, allowing business owners to manage their operations from anywhere. Furthermore, cloud-based POS systems provide real-time data and analytics, enabling business executives to make quick decisions. As more companies adopt digital technologies and shift to cloud computing, the use of cloud-based POS systems is likely to rise. The COVID-19 pandemic has also accelerated the adoption of digital solutions and remote work, making cloud-based POS systems an essential tool for businesses that need to operate in a remote or hybrid work environment.
- The North American market is projected to generate the highest revenue in the coming years, mainly due to the widespread adoption of advanced technology and the presence of several prominent players in the market. The growth of the market will also be supported by government policies that promote digital payment solutions and the increasing use of e-commerce platforms.
Some leading companies operating in the global Point Of Sale (POS) Software market:
Square Inc., Vend Limited, Clover Network Inc., TouchBistro Inc., Lightspeed POS Inc., Shopify Inc., Oracle Corporation, NCR Corporation, IBM Corporation, Revel Systems, and ERPLY.
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The global market is further segmented into type and application:
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Fixed POS
- Application POS
Deployment Mode Outlook (Revenue, USD Billion; 2022 - 2032)
- Cloud
- On-premise
Organization Size Outlook (Revenue, USD Billion; 2022 - 2032)
- Large Enterprise
- Small Medium Enterprise (SME)
End-User Outlook (Revenue, USD Billion; 2022-2032)
- Restaurants
- Hospitality
- Healthcare
- Retail
- Warehouse
- Entertainment
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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On the other hand, the mobile POS segment is expected to register the fastest revenue growth rate during the forecast period. This is due to the increasing use of mobile devices and the trend of mobile payments. Mobile POS software provides retailers with the flexibility and convenience of accepting payments from customers at any time and anywhere. As a result, the adoption of mobile POS is expected to increase in the future.
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