The global point-of-sale software market was valued at USD 10.13 Billion in 2021. It is expected to grow at a CAGR of 9.5% between 2023 to 2032.
Global Point-of-Sale Software Market Demand
POS solutions are gaining popularity in many sectors due to their ability to offer advanced and custom analytical functions. These systems or terminals are backed with powerful software capabilities that allow business owners to simplify their day-to-day business operations while allowing them to focus on their core business activities. The development of advanced software solutions will be a key component of these systems as there is a greater demand for custom-made POS systems or check-out systems that can support a variety of business applications. Market growth is expected to continue through the development of software that can support a variety of industries and provide analytical capabilities to monitor data from daily business operations.
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Driving Factors
Cloud Point of Sale Market is driven by the increasing use of digital platforms. The rise in digital platforms used for money transfers and payments is a result. Cloud point of sale allows for greater flexibility and mobility, as well as fast and secure transactions.
Point-of-Sale Software Market Restraints Factors
The number of cyber-attacks and frauds that occur due to the increasing use of digital technology is on the rise. Enterprises are still concerned about ownership and control when transferring to cloud systems. The lack of modern infrastructure and dependence on legacy systems will limit the Cloud Point-of-Sale Market Growth.
Point-of-Sale Software Market Trends
Market growth is being supported by the increasing adoption of cloud-based, AI-driven Point of Sale solutions by small merchants and enterprises. Services that use artificial intelligence (AI), are increasing 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. Hewlett-Packard Development Company L.P., for instance, launched two cloud services in January 2020, including H.P. H.P. For small and medium-sized businesses in the retail and hospitality industries, Console Engage is available. These cloud-based services are designed for small businesses such as restaurants, hotels, travel, lodging, and local shops.
Recent Developments:
April 2022: Toast Inc. launches a solution to Quick-Service Restaurants. This solution will allow restaurants to manage their business from all angles, including point of sale (PoS), digital ordering, and operations. This will also help restaurants increase their revenue and speed up their processes.
March 2022: Cashfree payments API banking and payment solutions provider launched a PoS system called'softPOS'. It's used by many businesses, including retail shops, grocery stores, and food delivery apps, as well as the automotive industry and NBFCs. This PoS solution can be used to collect door-to-door payments in the non-banking finance and automotive sectors.
Market Key Players:
The major key players of the point of sale software market are 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 Geography (North America and Europe, APAC and South America). The market can be divided into two types of deployment modes: cloud and on-premise. The market can be further divided into fixed POS or mobile POS according to its application. The market can be classified by end-user into retail, hospitality, healthcare, and other end-users.
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 projected to grow to $27.49 Billion by 2032.
What is Point-of-Sale Software Market?
The Point-of-Sale Software Market is expected to expand at a compound annual rate of 5.9 % between 2021 and 2032, reaching $27.49 Billion in 2032.
Which segment had the largest share of the Point-of-Sale Software Market?
With a market share of over 34.0%, retail end-users dominated the POS software industry in 2020. This can be attributed to multi-channel and online retailing, as well as the rapid adoption of mobile pos by small retailers.
What factors are driving the Point-of-Sale Software Market?
The key factors driving growth in the POS software market include the ability to cashless transact, keep track of sales, and inventory records, and improve sales strategy through analytics across retail chains and restaurants, hotels, drug stores, and auto shops, among other things.
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