Global Retail Point of Sale Software Market Overview
The key driver impacting the retail point of sale software market is the rapidly expanding retail sector globally, leading to high market demand. For instance, According to the Crescendo Worldwide Organisation, Worldwide Retail market sales reached about $24 Trillion in 2018. It is projected that retail sales globally will attain about $30 Trillion by 2023, which is around $23 Trillion in 2017. The retail industry of India is considered one of the fastest-growing sectors in the world, with the total sales recorded in 2019 were US$ 2.47 billion. It is estimated to reach around US$ 1.1 trillion in 2020, as per the India Brand Equity Foundation. The growing retail sector globally is likely to boost market demand in the forecast period as it is the prime user of the retail point of sale software market. Moreover, rising interest in non-cash transactions among consumers contributes to the retail point of sale software market growth in the coming years.
According to Value Market Research, the global Retail point of sale software market size was valued at around USD 2,500 million in 2020 and is estimated to grow at a CAGR of about 10% during the forecast period 2021 to 2027.
The augmented data visibility and other benefits offered by cloud-based retail POS systems to the retailer are likely to raise the market demand in the forecast period. In addition, the benefits to the retailers such as high data security, quick installation, decreases downtime during the software update, increased flexibility, provides remote support, and cost-effectiveness. However, lack of standardization may hamper the market in the long run. Also, data security concerns negatively impact the market. Nevertheless, the current industry trends, such as growing interest in POS solutions among small businesses and growing penetration of eCommerce platforms, are expected to offer several beneficial market opportunities for the key players.
The Retail point of sale software market is vast, with many international and local players. The known market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, product upgrades, amalgamation, purchases to increase their market share worldwide. The important players included in the report are Diebold Nixdorf, Ingenico, New POS Technology, Intuit, SAP, NCR Corporation, PAX Technology, Square Shopify, Verifone, NEC Corporation, Toshiba Tec Corporation, Epicor, Toshiba Tec Corporation, Lightspeed, Clover, Elavon, Newland Payment Technology, Castels Technology, New POS Technology, HP, Cegid Grou, Centerm, Posiflex Technology, Revel System, Vend, Zebra Technologies.
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In this research report, the retail point of sale software market is segmented by product, deployment mode, and region.
Analysis by Product:
By product, the report is categorized into fixed POS and mobile POS. The fixed POS segment dominates the product segment with over 55% in the forecast period. It is due to the vast adoption by the consumers owing to its benefits such as robust management solutions with enhanced business functionality, employee time clocks, a cash drawer, inventory management, gift card management, and loyalty programs. Also, the escalating preference of most retail stores for a fixed POS solution over mobile POS as they offer enhanced functionality and advanced features contributes to the high demand for the Fixed POS segment in the coming years.
Analysis by Deployment Mode:
By deployment mode, the report is categorized into on-premise and cloud. The on-premise segment dominates the deployment mode segment with a 55% share in 2020. The high adoption of on-premise deployment mode by large retail enterprises as it can run on the local server in the remote area. Moreover, the on-premise deployment mode offers extra control to the owner, which makes sure better security of massive volume of sensitive customer information vulnerable to data breach contributes to the high growth of the on-premise segment.
Analysis by Region:
In the regional outlook of the global retail Point of sale software market, the North America region dominates globally with a 30% market share in the forecast period. It is due to the growing adoption in the retail sector, a high number of early technology adopters, and the rising trend of cashless payment in Canada and the U.S. Also, the rapidly expanding retail industry is driving the market across the region. Moreover, the presence of prominent retail POS software key players and has a high demand with huge adoption for advanced integrated systems contributes to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Product
By Deployment Mode
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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