Report : POS Software Market to 2027 - Global Analysis and Forecasts By Component (Software and Services); Deployment Type (On-Premise and Cloud); Application (Inventory Tracking, Purchasing Management, Sales Reporting, Customer Engagement, and Others); End User (BFSI, Hospitality, Media and Entertainment, Retail, and Others)
POS Software market on a global scenario was valued at US$ 12.23 Bn in 2018 and is anticipated to grow at a CAGR of 8.4% to reach US$ 42.49 Bn by 2027.
The POS software stores information and maintains all records within a database. It offers a broad spectrum of capabilities, including billing and order processing, mobile connectivity, inventory tracking, returns, sales monitoring and reporting, analytics, employee management, customer data management, and loyalty programs. The software helps in streamlining billing and order processing, inventory and stock management, sales monitoring and reporting, employee management, cross channel returns management, customer relationship and experience, and loyalty programs and gift cards activities
Countries such as the UAE, the UK, Belgium, Canada, the US, France, and Singapore are heavily adopting the cashless mode of payments owing to rising digitization and better internet infrastructure. On the other hand, Russia, Egypt, and Indonesia are among the countries that are embarking toward the path of electronic payments that would allow POS providers to address diversified needs in varied verticals. As the industry players are constantly upgrading their technologies to offer robust solutions, the adoption of POS software is continuously increasing.
The POS software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global POS software market. Whereas, North America, followed by APAC, holds the highest market share in the POS software market in 2018.
The growth of North America POS software market is propelled by the presence of wide number of retail stores and significant development in the retail sector. The region is a home for most of the world’s largest retailers. Mexico and Canada, have their own large retail chains, and have retail companies that conduct business operations across the world. For instance, in 2019, Appetize, the Enterprise Cloud POS and management platform, partnered with Restaurant365, a cloud-based, restaurant management software platform, to combine and automate their ordering systems, accounting, and operations management. Also, NEM Ventures, venture capital and investment subsidiary of the NEM Blockchain Ecosystem, invested in Cyclebit POS software to facilitate payments using cryptocurrencies in Northern America.
The providers of advanced POS software are dedicated to ensure the goal of cashless payment by delivering smooth and secure platform. A few initiatives are undertaken by POS software providers, which, in turn, play a significant role in boosting the growth of the market. For instance, in December 2019, Brill Mindz, a top application development company, delivered Monasabatna POS Software in Saudi Arabia. The Monasabatna POS is a cloud-based POS software that provides the advantage of signing in and working from anywhere.
Some of the other notable players in the global POS software market include AccuPOS Point of Sale, Clover Network, Inc., Dell Inc., Honeywell International, Inc., Infor Inc., Ingenico Group SA, Intuit, Inc., LightSpeed POS Inc., ShopKeep, Vend Limited, among others.
POS Software Market - Geographic Breakdown, 2018
The report segments the global educational robot market as follows:
Global POS Software Market - By Component
Global POS Software Market - By Deployment Type
Global POS Software Market - By Application
Global POS Software Market - By End User
Global POS Software Market - By Geography
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