In 2021, the world's global point-of-sale software market was USD 10.13 billion. It is anticipated to expand at a 9.5% CAGR between 2023 and 2032.
Global Point-of-Sale Software Market Demand:
POS solutions are getting more popular across various industries since they offer custom and advanced analytics functions. These terminals or systems come with robust software that allows entrepreneurs to streamline the day-to-day business processes, giving them the ability to concentrate on the core business aspects.
The development of advanced software will be an essential element of these systems because there is an increase in the need for custom POS systems or check-out machines that can be used to support a range of business applications. The market is expected to continue due to the growth of software that can support a variety of industries and offer analytical capabilities to track data from day-to-day business activities.
Driving Factors:
Cloud Point of Sale Market is driven in large part by the digital platform. In turn, digital platforms are becoming more popular for money transfers as well as payments. Cloud point of sale allows greater flexibility and mobility, as well as quick and safe transactions.
Point-of-Sale Software Market Factors:
Cyber-attacks and frauds are currently on the rise because of the increasing usage of technology that is digital. Cloud systems come with their risks. Enterprises are still concerned about ownership and control. Cloud Point-of-Sale market growth will be constrained by the lack of modern infrastructure and the dependence on legacy systems.
Market Trends in Point-of-Sale Software
The growth in market size is fueled by the growing use of AI-driven, cloud-based Point of Sale solutions by small companies and retailers. Applications that make use of artificial intelligence (AI) are growing in popularity across developed countries like the U.K. and the U.S., France, and Italy. To remain competitive, several market leaders are working on cloud and AI-based PoS software and systems.
For instance, Hewlett-Packard Development Company L.P. announced two cloud services in January of 2020. H.P. Console Engage is a service that is offered to small and medium-sized stores as well as hotels. Cloud-based cloud-based services are intended for small businesses, such as restaurants, hotels accommodations, travel, as well as local businesses.
Recent Developments:
April 20, 2022: Toast Inc. launches Quick-Service Restaurants. The solution will help restaurants to manage every aspect of their operations, including point-of-sale (PoS) online ordering, and operations. This solution will allow restaurants to increase their revenue and enhance their operations.
March 20, 2022: Cashfree payment API company that offers banking and payment solutions announced a PoS system called "softPOS". It's utilized by numerous businesses that include retailers, grocery stores, and food delivery applications in addition to the automotive industry and NBFCs. This PoS solution is used to collect door-to-door payments in non-banking finance automotive and other sectors.
Market Key Participants:
The main players in the point-of-sale software market include Clover Network Inc., SwiftPOS, H& L POS, IdealPOS, Oracle Micros, Lightspeed, NCR Corporation, Revel Systems, Square Inc., TouchBistro, and Toast Inc. among others.
Point-of-Sale Software Market Segmentation:
The Global point-of-sale software market Value (US$Mn) Analysis by Region, 2022 Market, by Geographical Region (North America, Europe, APAC, and South America). There are two options for deployment: on-premise as well as the cloud. Based on the software market, it could also be classified into fixed and mobile POS. The market can be classified by end-users as retail, hospitality, or healthcare.
Most Frequently Asked Questions:
What is the size of the Point-of-Sale Software Market?
The Point-of-Sale Software Market was valued at USD 21.86 Billion in 2021. It is expected to reach $27.49 Billion in 2032.
What's the market for Point-of-Sale software?
The Point-of-Sale Software Market is expected to grow at a compound annual rate of 5.9 percent between 2021 and 2032, averaging $27.49 Billion by 2032.
Which of the segments accounted for the largest percentage of the Revenue from the Point-of-Sale Software Market?
With a market share in excess of 34.0%, retail end-users were the dominant players in the POS software industry in 2020. Multi-channel and online retailing and the increasing use of mobile pos by small retailers are the reasons for this dominance.
What are the key drivers for the Point-of-Sale Software Market?
The major factors driving growth in the POS software market are the ability to do cashless transactions monitor inventory, sales, and sales, and enhance sales strategies with analytics across restaurants and retail chains and hotels, as well as drug stores and auto shops as well as other things.
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