POS Software Market Size 2021 Industry Share, Growth, Trend and Forecast to 2027
Summary
A New Market Study, titled "POS Software Market Size, Upcoming Trends, Growth Drivers and Challenges" has been featured on Market Research Future.
Market Overview
As per MRFR’s analysis, the POS Software Market Size 2020 was valued at USD 14.10 billion in 2018 and is slated to reach USD 34.77 billion by 2025, expanding at a CAGR of 14.27% during the forecast period, 2019-2025.
Market Highlights
The growing adoption of smartphones, tablets, and other smart handheld devices, changing payment options that include increasing use of credit cards, debit cards, and other digital payment wallets, and government support driving the development of high-speed networks such as 3 G, 4 G, and 5 G are some of the major drivers of POS software market growth. Increasing demand among retailers, restaurants, hotels, resorts, grocery stores / supermarkets and cafés to manage entire business operations such as inventories, sales, customer loyalty and single platform marketing have created a significant demand for POS systems. POS payment gateway software helps companies improve customer engagement, customer satisfaction ratio, and overall customer experience.
Owing to the increasing adoption of contactless payment solutions and the integration of AI technology with the software the market is expected to offer growth opportunities. However, growing concerns regarding data security are a major market restraining factor. Emerging technologies like IoT and machine learning have a major impact on the market for POS software. Some of the recent trends in the POS software market include AI integrated POS software, mobile POS system, customized shopping experience and cloud-based POS software.
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Segmental Analysis
The POS software market has been analysed on the basis of component, type, deployment, operating system, application, end-user, and region.
Based on component, the market has been bifurcated into software and services.
Based on the type, the market has been divided into fixed POS and mobile POS.
Based on the deployment, the market has been bifurcated into on-cloud and on-premise.
Based on the operating system, the market has been segmented into Android, iOS, and Windows.
Based on the application, the market has been segmented into sales reporting, inventory tracking customer engagement, purchasing management, and others.
Based on the end-user, the market has been categorized into BFSI, media & entertainment, retail, transportation, hospitality, and others.
Regional Assessment
The market was segmented by region into North America, Europe, Asia-Pacific, the Middle East and Africa and South America.
At present North America dominates the global market for POS software. For a number of POS software providers, the region is an early adopter of new technologies and hub. The U.S. accounts for the largest market share among all the countries in the region, owing to highly qualified skills and research and development capabilities, aiming at developing AI sourcing tools to improve the efficiency of the hiring process, which has guided the country's market growth of POS software. Europe is trailing North America; a significant market share in the global market for POS software is anticipated. Expansion in the hospitality sector across Europe, which increases demand for restaurants, resorts, and other end-users for POS software, is driving the region's market growth.
In the forecast period Asia-Pacific is projected to be the fastest growing region. Rising retail and e-commerce sectors, and government initiatives that support digital payments, are increasing demand for small business POS software. Increasing the use of cloud-based point of sale software has also accelerated the demand for POS software systems in the region. In the Middle East & Africa and South America, the global POS software market is also slated to grow at a considerable rate during the forecast period due to the increasing penetration of smart devices, which increases the demand for post software for pc.
Key Players
The prominent players active in the global market of POS software are Square Inc. (US), Microsoft Corporation (US), Toast Inc. (US), TouchBistro Inc. (Canada), Poster POS (Ukraine), Lightspeed (Canada), Vend (New Zealand), Miva, Inc. (US), Intel Corporation (US), Shopify (Canada), Erply (US), Salesforce.com, Inc. (US), Intuit (US), Bindo POS (US), GOFRUGAL (Dubai), PAX Global Technology Limited (Hong Kong), Toshiba Corporation (Japan), Panasonic Corporation (Japan), and HP Inc. (US).
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