USD 9.68 billion
Report ID: SQSG45E2020 | Region: Global | Published Date: October, 2022 | Pages: 234 | Tables: 145 | Figures: 78
Point Of Sale (POS) Software Market size was valued at USD 9.68 billion in 2021 and is poised to grow from USD 11.99 billion in 2022 to USD 22.73 billion by 2030, growing at a CAGR of 10.8% in the forecast period (2023-2030).
The spot where a consumer pays for goods or services at your business is known as the point of sale, or POS. Simply explained, a point-of-sale transaction is completed every time a client makes a purchase. The most recent POS software helps businesses like restaurants and shops integrate mobile POS features, contactless payment alternatives, e-commerce integration capabilities, and more in addition to credit card processing. To verify the balance and other information, the program interfaces with the inventory. Since small businesses are aggressively investing in modernizing their infrastructures, intelligent cloud-based POS solutions are quickly replacing conventional POS systems. This has increased the appeal of POS systems recently. The POS software may be accessed online and is frequently compatible with the majority of POS devices. Due to their affordability and ease, cloud-based POS systems are in extremely high demand.
For example, CLOUD4RETAIL OmniPOS 5.19, the only POS business solution on the market that can be used as a universal platform for any retail format, whether food, convenience, gas stations, gastronomy, or fashion, was released, according to a press statement from GK Software. OmniPOS 5.19 guarantees a contemporary retail experience with a flexible, open platform, including contactless mobile payments, extensive support for table service, and adaptable and integrated payment processing.
The need for cloud-based software has multiplied as a result of rising digitalization, automation, and virtualization. A modest brick and mortar business, an online store, sporadic trade shows, and flea markets may all be connected to a cloud-based point of sale system, which automatically updates the inventory.
US Point Of Sale (POS) Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.68 billion
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Point Of Sale (POS) Software Market is segmented based on the component, technology, operating system, application, and region. Based on product, the global point of sale (POS) software is segmented into mobile and fixed. Based on component, the global point of sale (POS) software is segmented into hardware, and software, service. Based on technology, the global point of sale (POS) software is segmented into biometric, and traditional. Based on the operating system, the global point of sale (POS) software is segmented into windows, Linux, and mac. Based on application, the global point of sale (POS) software is segmented into restaurants, hospitality, healthcare, retail, warehouse/distribution, and entertainment. Based on region, Point Of Sale (POS) Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Point Of Sale (POS) Software Market Analysis by Component
During the projection period, the service category is predicted to increase at the greatest CAGR in the global point of sale (POS) market. Along with administration, gateway, and maintenance services, POS services also offer payment services. These services benefit both companies and business clients by making the most use of resources and optimizing marketing procedures. In contrast to conventional POS systems, SaaS uses a partnership approach and does not require any upfront fees. The recurring charges pay for the software, assistance, backups, and upcoming upgrades.
For example, with the self-developed big data solution "GK SPOT," which GK offers the most recent information on, merchants can, among other things, provide personalized offers to their consumers in real-time and across all channels. In a specially constructed container pop-up store, visitors to the trade show may also see the newest solutions from GK in the area of "Grab-and-Go" purchasing. The issues of AI, customization and dynamic pricing will be another emphasis of the trade show attendance. The GK CLOUD4RETAIL platform, which includes all of its products, is an end-to-end enterprise cloud platform that enables branches to play a key role in streamlined omnichannel operations. SaaS solutions are now in extremely high demand.
Point Of Sale (POS) Software Market Analysis by Product
By product in 2021, the fixed POS market segment had the biggest market share worldwide. Due to the fact that fixed POS solutions now outweigh mobile POS in most brick-and-mortar restaurants and retail establishments since they provide greater functionality and capabilities. Due to advantages like reliable management solutions with company functionality, staff time clocks, a cash drawer, inventory management, loyalty programs, and gift card administration, consumers are more likely to use a fixed POS system.
For example, Advanced point-of-sale systems are being used in the UK by businesses including Big Table Group, Honest Burgers, and McDonald's Corporation to streamline financial transactions and track consumer information for marketing purposes. By establishing 50 new outlets in October 2021, Big Table Group increased the visibility of its Las Iguanas brand throughout the UK. Latin American cuisines are offered by the restaurant chain, which has 57 locations across the nation. With a total of 107 stores, the campaign virtually quadrupled its footprint across the nation. In order to coordinate the operational and financial operations of restaurants located in various places, such expansions are boosting the need for POS terminals. Owners of restaurant chains will benefit from the software's assistance with email marketing, payment processing, and online meal ordering.
Over the course of the forecast period, the mobile POS market is anticipated to expand rapidly. The payment method has changed as a result of technological advancement, and the installation of mPOS provides speedy payment via applications without the system needing to be linked to a local network. The credit card reader on a smartphone or tablet that has applications loaded to control the scanner and charging system is used to begin the payment. The market has grown as small firms increasingly use mobile POS terminals to provide cutting-edge functions including inventory management, retail management, and analytics to optimise business operations.
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In 2021, the North American region held the largest share in the global point of sale (POS) market. The market in North America is primarily driven by the expanding use of POS terminals in a variety of sectors and the presence of significant software suppliers. In the North American POS software industry, the United States is quickly overtaking Canada and Mexico as the leading country segment. North America was a pioneer in mPOS adoption and has a highly developed technological infrastructure. The region's businesses are concentrating on offering POS services and solutions.
For example, in over 300 locations that feature a variety of brands including Harley-Davidson, In Motion, LEGO, and TUMI, Marshall Retail Group (MRG), one of America's top travel retailers in the airport, casino, and resort markets, offers a localized consumer experience. The customer experience must be pleasant and very effective because more than 50% of the outlets are found in airports around the country. Marshall Retail Group changed its in-store technology to Oracle Retail last year to address this demand. In less than 100 days, working with BTM Global, all stores were converted to the contemporary Oracle Retail Xstore Point-of-Service (POS).
Furthermore, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Due to a number of device makers and an increase in exports from these areas. In addition, the growing acceptance of digital payment methods by merchants, eateries, and other end users is a key factor driving the Asia Pacific market. Due to the existence of domestic device producers and the growing popularity of digital wallets among Chinese customers, China now dominates the Asia Pacific market. Additionally, due to the increasing use of these devices by shops and banks, India is predicted to expand at the greatest CAGR. For example, Axis Bank in India was the biggest bank to buy PoS units for retail and merchant clients in September 2021. In 2021, the banks will have installed over 0.2 million point-of-sale devices. The bank's client base has grown as a result of its plan to offer Point of Sale devices.
The market in Europe is being pushed by small and medium-sized businesses' growing usage of cloud solutions. The market expansion has been fueled by the main companies' increased development of cloud-based PoS solutions to satisfy the need of the expanding restaurant and retail sectors. For example, In Europe, Orderbird, a top supplier of cloud-based point-of-sale systems with integrated payment systems, announced the sale of its business to Nets, a major player in the PayTech Nexi Group. This collaboration will enhance orderbird's integrated payment services for consumers in the hospitality sector and hasten the company's global expansion. Through its German-based digital payment service Concardis, Nets was an orderbird stakeholder and long-time partner.
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Point Of Sale (POS) Software Market Restraint
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The global point of sale software market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, Stater Bros. was enabled to deliver additional alternatives for its customers by NCR Emerald, which made it simple, quick, and flexible for them to roll new features to its POS lanes. In just 15 weeks, the business was able to effectively roll out brand-new software and lane hardware to all 171 locations. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Point of Sale Software Market
Point Of Sale (POS) Software Market Recent Developments
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According to our global point of sale (POS) software market analysis, in terms of components, the largest share of the global point of sale (POS) software market was held by the services segment. Along with administration, gateway, and maintenance services, POS services also offer payment services. These services benefit both companies and business clients by making the most use of resources and optimizing marketing procedures. Based on product, the largest share of the global point of sale (POS) software market was held by the fixed POS segment. Due to the fact that fixed POS solutions now outweigh mobile POS in most brick-and-mortar restaurants and retail establishments since they provide greater functionality and capabilities. And by region, the North American region held the largest share of the global point of sale (POS) software market. The market in North America is primarily driven by the expanding use of POS terminals in a variety of sectors and the presence of significant software suppliers.
|Market size value in 2021||USD 9.68 billion|
|Market size value in 2030||USD 11.99 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Point Of Sale (POS) Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Point Of Sale (POS) Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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