Global Point of Sale Software Market Overview
The key driver impacting the point of sale software market is the rapidly growing retail sector across the globe. For instance, According to the Crescendo Worldwide Organisation, Retail market sales globally reached approximately $24 Trillion in 2018. It is predicted that global retail sales will reach around $30 Trillion by 2023, mounting from $23 Trillion in 2017. Across the globe, the retail industry is considered as one of the fastest-growing; the sales recorded in 2019 was US$ 2.47 billion. It is expected to reach Rs. US$ 1.1 trillion in 2020, as per the India Brand Equity Foundation. The growing retail sector globally is estimated to boost market demand in the forecast period as it is the prime user of the point of sale software market. Moreover, the rising demand for advanced features such as sales monitoring, employee management analytics, inventory tracking, sales monitoring, customer data management, and reporting contributes to the point of sale software market growth in the coming years.
According to Value Market Research, the global Point of sale software market size was valued at around USD 8500 million in 2020 and is estimated to grow at a CAGR of about 10% during the forecast period 2021 to 2027.
The increasing adoption of cloud-based solutions due to the benefits it offers to the retailer is likely to augment the demand in the forecast period. The benefits to the retailers such as quick installation, high data security, decreases downtime during the software update, provides remote support, increased flexibility, and cost-effectiveness. This leads to growing efforts by the key players in developing highly advanced point of sale software products for the consumers. However, data security concerns may hamper the market in the long run. Also, lack of standardization negatively impacts the market. The current industry trends, such as rising penetration of eCommerce platforms, and growing interest in POS solutions among small businesses, are expected to offer several beneficial market opportunities for the key players.
The Point of sale software market is vast, with many local and global players. The Point of the sale software market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include Revel Systems, NCR Corporation, Oracle, Clover Network, Inc., Agilysys, Inc, Diebold Nixdorf, Incorporated, Ingenico Group; Intuit, Inc., Epicor Software Corporation, Lightspeed, Toshiba Tec Corporation, SAP, ShopKeep, PAR Technology Corp, and Toast, Inc.
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In this research report, the point of sale software market is segmented by application, deployment mode, organization size, end-user, and region.
Analysis by Application:
By application, the report is categorized into fixed POS and mobile POS. The fixed POS segment dominates the application segment with over 55% in the forecast period. It is due to the high adoption among the consumers owing to benefits such as employee time clocks, robust management solutions with business functionality, a cash drawer, loyalty programs, inventory management, and gift card management. Also, the growing preference of most retail stores and brick-and-mortar restaurants for a fixed POS solution over mobile POS as they offer more functionality and features contributes to the high demand for Fixed POS segment growth in the forecast period.
Analysis by Deployment Mode:
By deployment mode, the report is categorized into cloud and on-premise. The on-premise segment dominates the deployment mode segment with over 55% share in 2020. It is due to high adoption by the large enterprises, which run on the local server over the remote facility. Moreover, the on-premise deployment mode provides extra control to the owner. It makes certain better security of massive volumes of sensitive customer information vulnerable to data breach contributes to the high growth of on premise segment.
Analysis by Organization Size:
By organization size, the report is categorized into a large enterprise and small and medium enterprise (SME). The large enterprise segment dominates the organization size segment with over 55% share in 2020. It is due to the high demand for customized POS software solutions by large enterprises to manage their cash flows and business operations. Moreover, it helps large enterprises to manage an arrangement of business operations while enhancing customer engagement leads to its high demand from the large enterprise segment in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into restaurants, hospitality, healthcare, retail, warehouse, entertainment, and others. The retail segment dominates the end-user segment with over 30% share in 2020. It is because the retail sector is the primary user of POS software and high adoption of innovative payment options by small retailers. Moreover, extensive adoption of both mobile and cloud-based POS technologies has necessitated adding mobile and web-based platforms for providing omnichannel experience to their customers, which leads to its high consumptions of POS software in the retail industry in the forecast period.
Analysis by Region:
In the regional outlook of the global Point of the sale software market, the North America region dominates globally with a 25% market share in the forecast period. It is due to the growing adoption of growth of retail sector, rising cashless payment trend , expanding restaurant, hospitality, healthcare, and other industries in Canada and the U.S. Also, the high demand for robust POS software incorporated with patient financial services, insurance payment processing, reporting, and accounting to give complete payment processing from the hospitals of the U.S. is adding growth to the market. Moreover, the presence of prominent POS software vendors and has a high demand and adoption for advanced integrated systems contributes to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Application
By Deployment Mode
By Organization Size
- Large Enterprise
- Small and Medium Enterprise (SME)
By End-User
- Restaurants
- Hospitality
- Healthcare
- Retail
- Warehouse
- Entertainment
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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