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Point Of Sale Software Market Report

RA08423

Point of Sale Software Market by Application (Fixed POS and Mobile POS), Deployment (Cloud and On-premise), Organization Type (Large Enterprise and Small & Medium Enterprise), End-user (Restaurants, Retail, Hospitality, Healthcare, Media & Entertainment, and Others (BFSI, Warehouse, and Commercial Complexes)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08423

Pages: 229

Jul 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Point Of Sale Software Market

Global Point of Sale Software Market Analysis

The global point of sale software market size is predicted to garner a revenue of $10,294.9 million in the 2021–2028 timeframe, growing from $4,536.3 million in 2020, at a healthy CAGR of 11.1%.

Market Synopsis

Increase in the demand of cashless transactions especially due to the impact of COVID-19 might drive the growth of the point of sales software market.

However, security concerns like hacking and phishing related to point of sales software might restrain the market growth during the forecast period. 

According to the regional analysis of the market, the Asia-Pacific point of sale software market share is anticipated to grow at a CAGR of 12.6%, by generating a revenue of $2,367.7 million during the review period.

Point of Sale Software Market Overview

Brick-and-mortar merchants use point of sale software to handle in-person sales. Cashiers input merchandise, count costs, and perform financial transactions using a computer, cash register, or even a tablet. A business firm may collect payments from customers and keep track of sales with a POS system. It appears easy, but depending on whether the business sells online, has a physical shop, or maybe both, the system can function in several different ways. The point of sale system at a store was formerly known as a cash register. Because different businesses have different profiles, they require different point-of-sale systems.  For instance, restaurants, grocery stores, and retail shops have their own specialties, which is why they require a POS system that is tailored to their demands.

Covid-19 Impact on Point of Sale Software Market 

In March 2020, the World Health Organization declared COVID-19 as a pandemic, which resulted into restrictions on travel and disturbance in financial markets, as well as negatively impacted supply chains and production levels. The coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The POS market share square is expected to witness a positive impact during the forecast period owing to the increased concerns of handling cash transactions due to COVID-19. Improved POS solutions that allow online orders and payments, as well as unified analytics, are expected to aid in understanding and meeting new customer expectations, adapt to market changes, get prepared for future lockdowns or similar events, and improve the ability to sell both online and in-store. Moreover, retailers as well as consumers are preferring cashless mode of payment in order to stop the spread of virus and being infected. 

Increase in the Usage of Cashless Transactions Among Consumers is Anticipated to Drive the Market Growth

Some of the key benefits of being cashless are safety, growth on stored money in accounts, greater money management, and flexibility. Consumers can now use their bank cards or mobile phones to make numerous types of digital payments, avoiding the use of cash. Users can save their card details in digital payment apps or mobile wallets to indicate cashless payments. Furthermore, as the COVID-19 epidemic raises concerns about the safety of conducting cash transactions, shops and consumers alike are moving to contactless payment alternatives to avoid getting infected. Moreover, due to the availability of QuickBooks POS that enables users to follow sales, customers and inventory effectively and quickly, the POS software market is expected to increase gradually.

To know more about global point of sale software market trends, get in touch with our analysts here.

Security Concerns Related to Point of Sale Software Might Restrict the Market Growth

Point of sale software market growth might be hampered due to security concerns. POS software are vulnerable to device faults, skimming, phishing, and software & network issues. Due to unsecure networks, hackers can swiftly penetrate the infrastructure and get crucial documents such as business account data and customer credit card information. Even if the network is well-protected, devices must be secured as well. As a result, choosing products with built-in security safeguards is critical when adopting POS systems. As more complicated technologies are installed and enterprise systems become linked, threats such as data theft and cyberattacks are expected to increase significantly.

Increased Usage of POS Software Among Small Businesses is Expected to Increase the Opportunities

Small businesses are using point of sale systems to take advantage of numerous features they provide. Effective POS systems assist business owners to spend less time on business/store management by giving relevant reports to help speed up decision-making in a timely manner. Streamlined POS systems also help to improve store profitability through appropriate inventory management. Solutions offer targeted and customized marketing efforts by using client data obtained during sales transactions. As small firms struggle to manage capital expenditures, reports generated from point of sale developers can provide a bird's eye view of operations, allowing them to assess the productivity of various departments. Furthermore, because of improved accessibility and affordability, web-based point of sale software is expected to be frequently used by small and medium businesses. Small businesses are anticipated to benefit from these features of point-of-sale software. 

To know more about global point of sale software market opportunities, get in touch with our analysts here.

Point of Sale Software Market
By Application

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Based on application, the point of sale software market has been sub-segmented into Fixed POS and mobile POS of which the Fixed POS sub-segment is projected to generate the maximum revenue, and mobile POS is anticipated to be the fastest growing during the forecast period.

Source: Research Dive Analysis

The fixed POS sub-segment is predicted to have a dominating market share in the global market and register a revenue of $6,077.9 million during the forecast period.   The surge can be ascribed to most restaurants and retail shops' current preference for a fixed POS system over a mobile POS system as fixed POS solutions offer more functionality and capabilities. Because of perks such as powerful management solutions with company functionality, staff time clocks, inventory management, a cash drawer, loyalty programs, and gift card administration, businesses are more likely to use a fixed POS system.

The mobile POS sub-segment of the global point of sales software market is projected to have the fastest growth with a CAGR of 13.1% and surpass $4,216.7 million by 2028. MPOS has a lot of potential and provides various opportunities; it can deploy current payment infrastructure, tailor services, improve business efficiency, increase consumer interaction, and provide a safe transaction environment. It extends card payments to new merchant areas such as home delivery merchants, on-the-go merchants, and direct sellers, deploying the current payment infrastructure.

Point of Sale Software Market
By Deployment Mode

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Based on deployment, the market has been divided into Cloud and on-premise sub-segments of which the Cloud sub-segment is projected to generate the maximum revenue and show the fastest growth during the forecast period.

Source: Research Dive Analysis

The cloud sub-segment is anticipated to have the maximum revenue and fastest market growth during the forecast period. It is predicted for the market to generate a revenue of $6,993.2 million by 2028, growing from $3,034.7 million in 2020. One of the few reasons organizations favor cloud deployment is the ability to supply functionality with better productivity and flexibility. Small and medium-sized organizations that require rapid software upgrades to support expanding business requirements can benefit from the cloud-based deployment. Remote access, endpoint security, sales management, subscription-based pricing, and an all-in-one inventory management solution are all included in the cloud implementation. Due to these advantages, cloud-based sub-segment is expected to produce the maximum revenue during the forecast period.

Point of Sale Software Market
By Organization size

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Based on organization size, point of sale software is bifurcated into small & medium enterprises and large enterprises. Among these, small & medium enterprises sub-segment is anticipated to hold the maximum share of the global market revenue while large enterprises are expected to be the fastest growing.

Source: Research Dive Analysis

The small & medium enterprises sub-segment is predicted to have a dominating market share in the global market and is expected to register a revenue of $6,898.0 million during the forecast period. Because of their cost and scalability, SMEs are quickly adopting cloud-based mobile POS software solutions. Furthermore, small and medium-sized firms commonly develop at the town or state level, and they choose cost-effective methods based on recommendations from other business owners. As a result, the contribution of SME users to the POS software market has been crucial in assisting vendors in expanding their presence in the local market. 

The large enterprises sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $3,396.6 million by 2028, growing from $1,401.9 million in 2020, with a CAGR of 2.0%. Due to an increase in the demand for customized POS software solutions by major businesses worldwide to manage their cash flows and company operations, the large enterprise sector is expected to have a dominate growth over the forecast period. A huge enterprise's bespoke software must manage a wide range of company functions while also boosting consumer interaction and therefore, large enterprises prefer customized POS systems.

Point of Sale Software Market
By End-user

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Based on end-user type, the market has been sub-segmented into restaurants, Retail, hospitality, healthcare, media & entertainment, and others (BFSI, warehouse, and commercial complexes). Among mentioned sub-segments, the Retail sub-segment is projected to garner a dominant market share.

Source: Research Dive Analysis

The retail sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $2,389.9 million during the analysis timeframe. Small retailers throughout the world are increasingly adopting new payment solutions, which is driving the retail business. Retailers are increasingly adopting mobile and cloud-based POS technologies, necessitating the integration of mobile and web-based platforms in order to give an omni-channel experience to their customers. 

Point of Sale Software Market
By Region

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The point of sale software market was inspected across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Point of Sale Software in Asia-Pacific to be the Fastest Growing

Asia-Pacific is expected to be the fastest growing market during the forecast time period, and reach $2,361.7 million by 2028, with a CAGR of 12.6%. With the increase in the number of retailers and small business storefronts, the demand for point of sale software is also gradually increasing in Asia-Pacific region.  The expansion of e commerce sector is also expected to drive the market growth in the region.

Competitive Scenario in the Global Point of Sale Software Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Point of Sale Software Market

Source: Research Dive Analysis

Some of the leading point of sale software market players are NCR Corporation, Revel Systems, Oracle, Agilysys Inc., Clover Network Inc., Diebold Nixdorf Incorporated, Epicor Software Corporation, Ingenico Group, Intuit Inc., and SAP SE.

Porter’s Five Forces Analysis for the Global Point of Sale Software Market:

  • Bargaining Power of Suppliers: Point of sales software market contains huge concentration of distributors & suppliers and therefore, the distributors & supplier control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
    Thus, the bargaining power of the suppliers is considered to be moderate.
  • Bargaining Power of Buyers: Buyers might have great bargaining power, significantly because of high players functioning in the point of sales software market.
    Therefore, the bargaining power of the buyer is high.
  • Threat of New Entrants: Companies entering the point of sales software market are adopting technological innovations such as developing an innovative software application to attract clients. Also, these companies are implementing various effective strategies such as offering discounts and value propositions. Yet, the investment cost is high. 
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: There are many alternate products for POS software. For instance, Square POS, Shopify POS and others.
    Thus, the threat of substitutes is high.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including NCR Corporation, Revel Systems, and Oracle. These companies are launching their POS systems products in the international market and strengthening the footprint worldwide. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

 North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Application Type

  • Fixed POS
  • Mobile POS

  Segmentation by Deployment

  • Cloud
  • On-premise

  Segmentation by Organization Size

  • Large Enterprise
  • Small and Medium Enterprise (SME)

  Segmentation by End-User

  • Restaurants
  • Retail
  • Hospitality
  • Healthcare
  • Media & Entertainment
  • Others

  Key Companies Profiled

  • NCR Corporation
  • Revel Systems
  • Oracle
  • Agilysys Inc.
  • Clover Network Inc.
  • Diebold Nixdorf Incorporated
  • Epicor Software Corporation
  • Ingenico Group
  • Intuit Inc.
  • SAP SE

Frequently Asked Questions
 

A. The size of the global point of sale software market was over $4,536.3 million in 2020 and is projected to reach $10,294.9 million by 2028.

A. NCR Corporation, Revel Systems, and Oracle are some of the key players in the open source POS market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia Pacific point of sale software market is anticipated to grow at 12.6% CAGR during the forecast period.

A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.

A. NCR Corporation and Diebold Nixdorf Incorporated are investing more on R&D activities for developing new products and technologies.

A. Restaurant pos software sub-segment is anticipated to grow at 10.7% CAGR during the forecast period.

A. Increase in the usage of point of sale systems for small businesses and technological advancements of pos store software are the major drivers of point of sale software market.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By application type trends
2.3.By deployment mode trends
2.4.By organization size trends 
2.5.By end-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.by application type
3.8.2.by deployment 
3.8.3.By organization size
3.8.4.By end-user

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Point of Sale Software Market, by Application

4.1.Fixed POS

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Mobile POS

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

5.Point of Sale Software Market, by Deployment

5.1.Cloud 

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.On-Premise

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

6.Point of Sale Software Market, by Organization Size

6.1.Large Enterprise

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Small and Medium Enterprise 

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Point of Sale Software Market, by End-User

7.1.Restaurants

7.1.1.Market size and forecast, by region, 2020-2028
7.1.2.Comparative market share analysis, 2020 & 2028

7.2.Retail

7.2.1.Market size and forecast, by region, 2020-2028
7.2.2.Comparative market share analysis, 2020 & 2028

7.3.Healthcare

7.3.1.Market size and forecast, by region, 2020-2028
7.3.2.Comparative market share analysis, 2020 & 2028

7.4.Hospitality

7.4.1.Market size and forecast, by region, 2020-2028
7.4.2.Comparative market share analysis, 2020 & 2028

7.5.Media & Entertainment

7.5.1.Market size and forecast, by region, 2020-2028
7.5.2.Comparative market share analysis, 2020 & 2028

7.6.Others

7.6.1.Market size and forecast, by region, 2020-2028
7.6.2.Comparative market share analysis, 2020 & 2028

8.Point of Sale Software Market, by Region

8.1.North America

8.1.1.Market size and forecast, by application type, 2020-2028
8.1.2.Market size and forecast, by deployment, 2020-2028
8.1.3.Market size and forecast, by organization size, 2020-2028
8.1.4.Market size and forecast, by end-user, 2020-2028
8.1.5.Market size and forecast, by country, 2020-2028
8.1.6.Comparative market share analysis, 2020 & 2028
8.1.7.U.S.

8.1.7.1.Market size and forecast, by application type, 2020-2028
8.1.7.2.Market size and forecast, by deployment, 2020-2028
8.1.7.3.Market size and forecast, by organization size, 2020-2028
8.1.7.4.Market size and forecast, by end-user, 2020-2028
8.1.7.5.Market size and forecast, by country, 2020-2028
8.1.7.6.Comparative market share analysis, 2020 & 2028

8.1.8.Canada

8.1.8.1.Market size and forecast, by application type, 2020-2028
8.1.8.2.Market size and forecast, by deployment, 2020-2028
8.1.8.3.Market size and forecast, by organization size, 2020-2028
8.1.8.4.Market size and forecast, by end-user, 2020-2028
8.1.8.5.Market size and forecast, by country, 2020-2028
8.1.8.6.Comparative market share analysis, 2020 & 2028

8.1.9.Mexico

8.1.9.1.Market size and forecast, by application type, 2020-2028
8.1.9.2.Market size and forecast, by deployment, 2020-2028
8.1.9.3.Market size and forecast, by organization size, 2020-2028
8.1.9.4.Market size and forecast, by end-user, 2020-2028
8.1.9.5.Market size and forecast, by country, 2020-2028
8.1.9.6.Comparative market share analysis, 2020 & 2028

8.2.Europe

8.2.1.Market size and forecast, by application type, 2020-2028
8.2.2.Market size and forecast, by deployment, 2020-2028
8.2.3.Market size and forecast, by organization size, 2020-2028
8.2.4.Market size and forecast, by end-user, 2020-2028
8.2.5.Market size and forecast, by country, 2020-2028
8.2.6.Comparative market share analysis, 2020 & 2028
8.2.7.Germany 

8.2.7.1.Market size and forecast, by application type, 2020-2028
8.2.7.2.Market size and forecast, by deployment, 2020-2028
8.2.7.3.Market size and forecast, by organization size, 2020-2028
8.2.7.4.Market size and forecast, by end-user, 2020-2028
8.2.7.5.Market size and forecast, by country, 2020-2028
8.2.7.6.Comparative market share analysis, 2020 & 2028

8.2.8.UK

8.2.8.1.Market size and forecast, by application type, 2020-2028
8.2.8.2.Market size and forecast, by deployment, 2020-2028
8.2.8.3.Market size and forecast, by organization size, 2020-2028
8.2.8.4.Market size and forecast, by end-user, 2020-2028
8.2.8.5.Market size and forecast, by country, 2020-2028
8.2.8.6.Comparative market share analysis, 2020 & 2028

8.2.9.France

8.2.9.1.Market size and forecast, by application type, 2020-2028
8.2.9.2.Market size and forecast, by deployment, 2020-2028
8.2.9.3.Market size and forecast, by organization size, 2020-2028
8.2.9.4.Market size and forecast, by end-user, 2020-2028
8.2.9.5.Market size and forecast, by country, 2020-2028
8.2.9.6.Comparative market share analysis, 2020 & 2028

8.2.10.Russia

8.2.10.1.Market size and forecast, by application type, 2020-2028
8.2.10.2.Market size and forecast, by deployment, 2020-2028
8.2.10.3.Market size and forecast, by organization size, 2020-2028
8.2.10.4.Market size and forecast, by end-user, 2020-2028
8.2.10.5.Market size and forecast, by country, 2020-2028
8.2.10.6.Comparative market share analysis, 2020 & 2028

8.2.11.Rest of Europe

8.2.11.1.Market size and forecast, by application type, 2020-2028
8.2.11.2.Market size and forecast, by deployment, 2020-2028
8.2.11.3.Market size and forecast, by organization size, 2020-2028
8.2.11.4.Market size and forecast, by end-user, 2020-2028
8.2.11.5.Market size and forecast, by country, 2020-2028
8.2.11.6.Comparative market share analysis, 2020 & 2028

8.3.Asia-Pacific

8.3.1.Market size and forecast, by application type, 2020-2028
8.3.2.Market size and forecast, by deployment, 2020-2028
8.3.3.Market size and forecast, by organization size, 2020-2028
8.3.4.Market size and forecast, by end-user, 2020-2028
8.3.5.Market size and forecast, by country, 2020-2028
8.3.6.Comparative market share analysis, 2020 & 2028
8.3.7.China

8.3.7.1.Market size and forecast, by application type, 2020-2028
8.3.7.2.Market size and forecast, by deployment, 2020-2028
8.3.7.3.Market size and forecast, by organization size, 2020-2028
8.3.7.4.Market size and forecast, by end-user, 2020-2028
8.3.7.5.Market size and forecast, by country, 2020-2028
8.3.7.6.Comparative market share analysis, 2020 & 2028

8.3.8.Japan 

8.3.8.1.Market size and forecast, by application type, 2020-2028
8.3.8.2.Market size and forecast, by deployment, 2020-2028
8.3.8.3.Market size and forecast, by organization size, 2020-2028
8.3.8.4.Market size and forecast, by end-user, 2020-2028
8.3.8.5.Market size and forecast, by country, 2020-2028
8.3.8.6.Comparative market share analysis, 2020 & 2028

8.3.9.India 

8.3.9.1.Market size and forecast, by application type, 2020-2028
8.3.9.2.Market size and forecast, by deployment, 2020-2028
8.3.9.3.Market size and forecast, by organization size, 2020-2028
8.3.9.4.Market size and forecast, by end-user, 2020-2028
8.3.9.5.Market size and forecast, by country, 2020-2028
8.3.9.6.Comparative market share analysis, 2020 & 2028

8.3.10.South Korea 

8.3.10.1.Market size and forecast, by application type, 2020-2028
8.3.10.2.Market size and forecast, by deployment, 2020-2028
8.3.10.3.Market size and forecast, by organization size, 2020-2028
8.3.10.4.Market size and forecast, by end-user, 2020-2028
8.3.10.5.Market size and forecast, by country, 2020-2028
8.3.10.6.Comparative market share analysis, 2020 & 2028

8.3.11.Rest of Asia Pacific

8.3.11.1.Market size and forecast, by application type, 2020-2028
8.3.11.2.Market size and forecast, by deployment, 2020-2028
8.3.11.3.Market size and forecast, by organization size, 2020-2028
8.3.11.4.Market size and forecast, by end-user, 2020-2028
8.3.11.5.Market size and forecast, by country, 2020-2028
8.3.11.6.Comparative market share analysis, 2020 & 2028

8.4.LAMEA

8.4.1.Market size and forecast, by application type, 2020-2028
8.4.2.Market size and forecast, by deployment, 2020-2028
8.4.3.Market size and forecast, by organization size, 2020-2028
8.4.4.Market size and forecast, by end-user, 2020-2028
8.4.5.Market size and forecast, by country, 2020-2028
8.4.6.Comparative market share analysis, 2020 & 2028
8.4.7.Latin America  

8.4.7.1.Market size and forecast, by application type, 2020-2028
8.4.7.2.Market size and forecast, by deployment, 2020-2028
8.4.7.3.Market size and forecast, by organization size, 2020-2028
8.4.7.4.Market size and forecast, by end-user, 2020-2028
8.4.7.5.Market size and forecast, by country, 2020-2028
8.4.7.6.Comparative market share analysis, 2020 & 2028

8.4.8.Middle East 

8.4.8.1.Market size and forecast, by application type, 2020-2028
8.4.8.2.Market size and forecast, by deployment, 2020-2028
8.4.8.3.Market size and forecast, by organization size, 2020-2028
8.4.8.4.Market size and forecast, by end-user, 2020-2028
8.4.8.5.Market size and forecast, by country, 2020-2028
8.4.8.6.Comparative market share analysis, 2020 & 2028

8.4.9.Africa

8.4.9.1.Market size and forecast, by application type, 2020-2028
8.4.9.2.Market size and forecast, by deployment, 2020-2028
8.4.9.3.Market size and forecast, by organization size, 2020-2028
8.4.9.4.Market size and forecast, by end-user, 2020-2028
8.4.9.5.Market size and forecast, by country, 2020-2028
8.4.9.6.Comparative market share analysis, 2020 & 2028

9.Company profiles

9.1.NCR Corporation

9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis

9.2.Revel systems

9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis

9.3.Oracle

9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis

9.4.Agilysys Inc.

9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis

9.5.Clover Network Inc.

9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis

9.6.Diebold Nixdorf Incorporated

9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis

9.7.Epicor Software Corporation

9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis

9.8.Ingencio Group

9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis

9.9.Intuit Inc.

9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis

9.10.SAP SE

9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis

Point of sale is the location where an individual pays the business for the goods or services bought from them. Initially, most point-of-sales (POS) were the cash registers at stores but they have advanced today to include online options such as cards and payments via smartphone applications and more. The POS system also maintains a record of all the transactions, which helps in forming strategies to help the business grow further.

COVID-19 Impact on the Global Point of Sale Software Market

The pandemic had an extensive effect on multiple countries as well as industries all over the world. With the virus spreading uncontrollably, countries decided to shut down their borders and ban travel for several months. Though some organizations had to endure negative results, the global point of sale software market noticed a steady increase in its growth. This was primarily due to the need to manage cash transactions in a safe manner even amidst a pandemic. New and more advanced POS solutions were developed to ensure that any orders made online which required online payments would be as per the customers’ requirements. This upgrade was also made keeping in mind any changes that could occur in the market or for lockdown situations of a similar kind. Also, due to the guidelines given my several medical professionals, people were avoiding any cash payments and had shifted to cashless payments in order to prevent the spread of the virus.

Key Developments in the Industry

Multiple organizations have been taking initiatives to establish themselves in the market while also taking part in research. The companies have also been using innovative methods to create high quality products to ensure customer satisfaction.

For instance, in January 2021, Mastercard, a global leader in providing financial services announced the launch of one of the first live Cloud Tap on Phone pilot. This technology was created in partnership with NMI, a renowned payment facilitator and Global Payments Inc., an expert in the field of payment technology. This Tap on Phone method has ensured that the point-of-sale technology is able convert any smartphone or similar device into a payment receiver.

Similarly, in June 2021, Wix, a popular SaaS website that allows creation of content of various forms launched Wix POS solution. This technology allows business owners on the Wix platform to collect the payments for their goods and services in person as well as online but directly via the POS solution. The service ensures a combined channel which unites the online and offline domains via the Wix platform.

Forecast Analysis of the Global Point of Sale Software Market

As per the latest report published by Research Dive, the global point of sale software market garnered a revenue of $4,536.3 million in 2020 and is predicted to rise to over $10,294.9 million by 2028 at a stable CAGR of 11.1% from 2021-2028. The Asia-Pacific region is expected to dominate the market owing to the rising number of small businesses as well as retailers setting up more stores in the region. This has led to an increase in them implementing point of sale software to help supplement the growth of the market.

Off late, most of the people prefer to make a cashless transaction which also helps them manage their finances better while also providing the required flexibility. Today, individuals can use both their cards as well as smartphones to make instant payments of any value. To add further, an individual with access to the QuickBooks POS is also able to keep a track of sales as well as the inventory all products within a single application and device. These factors have ensured the rapid growth of the global point of sale software market.

On the contrary, the easy availability of sensitive information such as bank details and more on the various applications leaves it vulnerable to security threats. The POS software could also be subjected to network issues along with skimming and phishing. Moreover, unstable networks could also give hackers access into the web infrastructure that can further leave a lot of customers data exposed. These issues are some of the prominent limiting factors for the market growth.

But, the POS systems are known for their various benefits as well. Several business owners are able to save crucial time spent on the management of their business as the POS system works to make multiple processes easier. The software provided them with an in-depth glimpse into the stores profits along with keeping the inventory easily accessible. Also, they’re also able to have a more focused approach due to the systematic arrangement of data with the help of the software. This provides an opportunity for the market to grow even further.

To add further, many experts and pioneers of the market have put in plenty of efforts to make payments simpler and more organized. Some of them are-

  • NCR Corporation
  • Revel Systems
  • Oracle
  • Agilysys Inc.
  • Clover Network Inc.
  • Diebold Nixdorf Incorporated
  • Epicor Software Corporation
  • Ingenico Group
  • Intuit Inc.
  • SAP SE

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