Definition of POS Software

The POS software is used in physical stores to operate and sell products. The store staff uses it when searching for products, adding them to a customer's order, and accepting payments from customers. It is also possible to integrate loyalty programs into POS software to provide useful tools such as sales reporting, inventory management, and inventory management. Additionally, the POS system calculates the price of an item, including any applicable sales tax. As soon as the item is sold, the system updates the inventory count. By implementing this system, businesses may be able to minimize human errors and ensure an efficient operation. By eliminating errors, businesses can reduce the likelihood of mishandling orders, resulting in higher profits.

Global POS Software Market: Key Insights

Global POS Software Market Highlights Over 2023 - 2033

The global POS software market is estimated to garner a revenue of ~ USD 14 billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 5 billion in the year 2022. The large preference among customers to shift to cashless payments is the primary factor driving the development of the global POS software market. For instance, up to 68% of people in Japan, France, and Spain prefer cashless payments, while in the U.S., the count is close to 60%. POS software is an integral part of every store today, regardless of how big or small. From the humble cash register to a comprehensive suite of business solutions, POS software has become an essential part of any business.

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Point-of-sale (POS) software is an operating system used by merchants to manage retail store operations like sales and keeping track of inventory, customers, and employees. The compatibility of POS software with different modes of payment, including cash, debit/credit cards, accumulated loyalty points, and mobile payment, is what should increase its demand.

Global POS Software Market: Growth Drivers and Challenges

Growth Drivers

• Considerable Growth of E-Commerce in Retail and Food Delivery – In 2020, e-commerce sales comprised ~19% of all retail sales around the globe. E-commerce started encompassing new brands, products, and customers during COVID-19. It helped not only the customers by letting them learn about and purchase new products from the comfort of their homes but also the merchants by letting them continue their business even amidst the pandemic-induced restrictions. A POS software that integrates with online stores usually also comes with compatible hardware for the offline stores of the merchants.

• Growing Adoption of Cloud Computing – It is estimated that ~68% of enterprise infrastructure is cloud-based as of 2022. A cloud-based POS enables the smooth functioning of business and remote updating of information from anywhere through the internet connection.

• Significant Growth in Internet Penetration – As of April 2022, over 63% of the world’s population has been observed to be internet users.

• Rise of Automation among Businesses – In 2020, more than 65% of businesses were observed to have initiated the automation of processes involved in business functions.

Challenges

• Reduced Level of Convenience- In comparison to web-based systems for processing payments, software-based systems are less convenient. Physical terminals can only be connected to the internet using compatible hardware. To access sales data, inventory counts, analytics, and reports, hardware must be used. Hence, this factor is projected to hinder market growth in the coming years.

• Difficulties In Mobility and the Sales of Non-Essential Items During COVID-19

• Shrinking Consumer Spending During COVID-19

The global POS software market is segmented and analyzed for demand and supply by deployment mode into cloud and on-premise. Between these, the cloud segment is anticipated to hold the largest market size by the end of 2033. The large adoption of cloud-based POS in different industries is thought to improve market growth in the segment. For instance, by 2025, over 54% of retailers are considered to replace their current POS with a cloud POS. The facility to carry out business operations and process transactions remotely using an internet connection is especially beneficial for a merchant who sells in multiple locations or on the go at markets or events.

Global POS Software Market Regional Synopsis

The region name Asia Pacific market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on account of the rise of e-commerce, and cloud computing, and the extensive digital transformation happening in the region is thought to drive market growth. For instance, it has been projected that over 29% of the revenue generation of one in three companies in the region should be from the sales of digital products and services. Moreover, the high demand for advanced integrated POS software and the availability of prominent POS software vendors are projected to drive regional market growth over the forecast period.

Market Segmentation

Our in-depth analysis of the global POS software market includes the following segments:

Key Companies Dominating the Global POS Software Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global POS software market that are included in our report are Clover Network, Inc., Lightspeed Commerce Inc., Oracle, Toast, Inc., NCR Payment Solutions, LLC, Agilysys, Inc., Diebold Nixdorf, Incorporated., INGENICO Group S.A., Intuit Inc., ParTech, Inc., and others.

Global POS Software Market: Latest Developments

• April 2022: Toast, Inc. – announced the unveiling of their new POS solution, Toast for Quick Service to help quick-service restaurants (QSR) increase sales and tips through the fast serving of guests and by improving their bottom line.

• May, 2022: Diebold Nixdorf, Incorporated. – announced launching Vynamic Digital Receipt to reduce their environmental impact through the use of printed receipts.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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