Point of Sale Software Market

Point Of Sale Software Market Research, 2031

The global point of sale software market was valued at $4.9 billion in 2021, and is projected to reach $13.7 billion by 2031, growing at a CAGR of 10.9% from 2022 to 2031. Point of sale software help retailers in growing their business by processing payment, managing inventory, generating reports for analyzing the profit, managing refunds & returns, and others. In short, point of sale (POS) software helps retailers in managing their complete business process right from selling the goods, payment processing, and printing the receipts.

The point of sale software market has gained huge popularity during the pandemic and it has proved to be a boon for the retailers. The growing demand for cashless transactions during the pandemic have increased the demand for point of sale software. This is because POS system can efficiently manage inventories, speed up the payments, has real-time data forecasting, offers cost saving, and helps in generating accurate reports.

Initially, most point-of-sale (POS) were cash registers at businesses but they have expanded nowadays to incorporate online choices such as cards and payments via smartphone applications and more. The POS system also retains a record of all the transactions, which assists in formulating plans to help the firm to expand further.

Some of the major advantages of being cashless are flexibility, safety, greater money management, and smooth business processes. In fact, consumers can now use their mobile phones or bank cards to make different types of digital payments, without using any cash. Now users can save their card details in mobile wallets or digital payment apps for cashless payments. Furthermore, the uncertainties brought by the COVID-19 pandemic have raised precautions and health safety concerns over cash transactions as the COVID-19 virus can spread via cash transactions. Hence, moving to cashless payment alternatives has boosted point of sale software market demand in the upcoming years.

Due to security concerns, the point of sale software sales ght be hindered. The point of sale software is vulnerable to software & network issues, device faults, phishing, and skimming. Because of such unsecured networks, hackers can quickly infiltrate the infrastructure and steal crucial information such as customer credit card details and business account data. Even small businesses have now started using POS which is anticipated to boost the point of sale software market size in the upcoming years. This is because, this software assists business owners to spend less time on store/business management by providing relevant reports which pace up the decision-making in a timely manner.

The key players profiled in this report include NCR Corporation, Revel Systems, Oracle, Agilysys Inc., Clover Network Inc., Diebold Nixdorf Incorporated, Epicor Software Corporation, Ingenico Group, Intuit Inc., SAP SE.

The global point of sale software industry is segmented on the basis application, deployment mode, enterprise size, end user, and region. By application, the market is sub-segmented into fixed POS and mobile POS. By deployment mode, the market is sub-segmented into on-premises and cloud. By enterprise size, the market is sub-segmented into small & medium-sized enterprises (SMEs) and large enterprises. By end-user industry, the market is classified into restaurants, retail, hospitality, healthcare, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The point of sale software market is segmented into Application, Deployment Mode, Enterprise Size, and End User.

By application, the market is sub-segmented into fixed POS and mobile POS. The mobile POS sub-segment is anticipated to show the fastest growth during the forecast period. Mobile POS provides numerous opportunities and tailored services. For instance, the mobile POS can be deployed with the current payment infrastructure which increases customer interactions and improves business efficiency. Additionally, mobile POS facilitates a safe transaction environment. It offers flexible card payment options to new merchant areas such as on-the-go merchants, home delivery merchants, and direct sellers, which deploys the current payment infrastructure.

By deployment mode, the cloud sub-segment held the highest market share in 2021 and it is anticipated to grow at the fastest CAGR during the forecast period. One of the key reasons that companies opt for cloud deployment is its flexibility and scalability. With cloud deployment, there is no need to buy or maintain specific hardware infrastructure. Additionally, the small and medium-sized organizations that require rapid software updates to support the expanding business requirements can benefit greatly from the cloud deployment mode of point of sale software in the upcoming years.

By enterprise size, the large enterprise sub-segment is expected to show the fastest growth during the forecast period. This is because the point of sale software offers greater flexibility to large enterprises to manage their transactions and critical business aspects. Point of sale software helps large enterprises in streamlining their business processes efficiently facilitating a faster checkout time. Also, the growing demand for customized point of sale software solutions by major businesses globally to manage their company operations and cash flows is anticipated to offer excellent growth opportunities during the analysis timeframe.

By end user, the retail sub-segment dominated the global point of sale software market share in 2021. the retail sub-segment is predicted to have a dominating market share globally and is estimated to grow at a significant pace. Small retailers throughout the globe are increasingly adopting new payment solutions, which is driving retail business growth. Retailers are progressively adapting mobile and cloud-based POS software technologies, which is necessitating the integration of web-based and mobile platforms. Such technologies will offer an omnichannel experience to the users.

By region, the Asia-Pacific point of sale software market is anticipated to show the fastest growth in the upcoming years. This is majorly owing to a rapid increase in the number of small and retail businesses in this region. Additionally, the presence of technology giants is facilitating the integration of cloud-based point of sale software to ease payment transactions. The initiatives such as Digital India, launched by the Indian government in 2015, is boosting the online infrastructure and related platforms including point of sale software to digitally empower the country. The expansion of the e-commerce sector in this region with the presence of international as well as local players is predicted to boost the point of sale software market opportunities in this region.

Impact of COVID-19 on the Global Point Of Sale Software Industry

• COVID-19 has negatively impacted various industries due to disruptions in the supply chain, leading to the huge economic crisis. However, the point of sale software has experienced huge growth during the COVID-19 pandemic because the online payment method was the most feasible solution to stay safe and prevent the spread of the COVID-19 virus via physical or cash money transactions.
• The COVID-19 outbreak has revolutionized the corporate environment wherein end-users are required to adopt the current point of sale technology. Many retail and e-commerce platforms have upgraded and adopted the point of sale software solutions to support online orders & payments. The unified analytics of point of sale software will assist to comprehend & meet the new consumer expectations, adjust to market change, and prepare for future lockdowns or similar events.
• The retail industry, hospitality sector, restaurants, and other sectors have shifted towards online sales channels to cater to customer demands during the pandemic by offering contactless product delivery at the doorstep. POS software providers used this opportunity to enhance systems for retailers and restaurants to enable their administration of both online and in-store sale information and payment option.

Key Benefits For Stakeholders

• The report provides an exclusive and comprehensive analysis of the global point of sale software market trends along with the point of sale software market forecast.
• The report elucidates the point of sale software market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
• Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building.
• The report entailing the point of sale software market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
• The data in this report aims at market dynamics, trends, and developments affecting the point of sale software market growth.

 Point of Sale Software Market Report Highlights