The Point of Sale Software Market Value to Approach $13645.2 million by 2031 – Research DiveDownload Sample Reports Overview
The Global Point of Sale Software Market Share is predicted to be valued at $13645.2 million by 2031, surging from $ 4936.4 million in 2021, at a noteworthy CAGR of 10.9 %.
Impact Analysis of COVID-19 on the Point of Sale Software Market
The COVID-19 impact on point of sale software market had a positive impact on global economy, as governments of various countries implemented lockdowns and travel limitations. Governments of major countries were focused on supporting economic development during the pandemic. Also, consumers’ spending decreased dramatically during this pandemic. Consumer spending in the U.S. fell by 9.8% in 2019, according to the Bureau of Labor Statistics. The point of sale (PoS) hardware supply chain was affected owing to lockdown measures and the temporary closures of import and export activities. These factors have directly impacted the global manufacturing plants of point of sale software market size. The COVID-19 pandemic has transformed the corporate environment to the point where end-users are required to adopt current point of sale technology. Upgraded point of sale software market share increasing to support online orders & payments and unified analytics is expected to assist comprehend & satisfy new consumer expectations, adjust to market change, prepare for future lockdowns or similar scenarios, and increase the capacity to sell both online and in-store. Indian digital payment businesses import 90% of these hardware terminals from China. Import activities were interrupted as China based manufacturers suspended the manufacturing and delivery of their hardware and components.
Global Point of Sale Software Market Analysis
The point of sale software market growth is projected to expand with the rise in the utilization of cashless transactions. As a consequence of demanding corporate operational settings, there has been a growth in the need for trustworthy and cost-effective point of sale software market share are wide functionality and analytics. Merchandise, customers, payments, invoices, and staff can all be tracked with these technologies, and the data may be offered on different websites such as QuickBooks POS which might be beneficial for small firms. Before utilizing point of sale software to manage a range of company duties, one must first install it on a compatible operating system on a desktop, laptop/notebook, or tablet.
POS systems, on the contrary, are prone to device failures, skimming, phishing, and network difficulties. Hackers can swiftly acquire access to the infrastructure and get essential documents such as corporate account data and consumer credit card information. Devices must be secured as well, even if the network is well-protected. As a consequence, when it comes to POS systems, choosing technical solutions with built-in security precautions is vital. Data theft and hacking have become increasingly widespread as more complicated technologies are implemented and organizational systems become more integrated.
In addition, data created by point of sale developers can give a bird's-eye perspective of operations, allowing small firms to track the productivity on different divisions. Web-based point of sale software is extensively used by small and medium enterprises due to its improved accessibility and low cost. Small companies are said to benefit from these aspects of point of sale software market growth.
Global Point of Sale Software Market Growth, Segmentation
The point of sale software market is segmented on the basis of application type, deployment mode, enterprise Size, end user, and region.
On the basis of application type, the point of sale software market has been classified into fixed POS and mobile POS. The mobile POS sub-segment of the global point of sales software market is projected to have the fastest growth. The mobile POS segment's rise is due to technical improvements that have changed the payment mechanism, such as the installation of mPOS, which allows for rapid payment via applications without the requirement for the device to be linked to a local network. The payment is performed via credit card reader that is connected to a smartphone or tablet that runs apps that control the scanner & charging process. Furthermore, small enterprises are embracing mobile POS due of its efficiency, portability, and wider use for payment processing, inventory & store management, adding to the segment's development.
On the basis of deployment, the market is further divided into cloud and on-premise. The cloud sub-segment is projected to generate the maximum revenue and witness the fastest growth during the forecast period. The cloud-based POS systems are less costly and more accessible since retailers may access client information from any location with an Internet connection. It may be accessed straight from the web and is typically compatible with most POS hardware. Moreover, remote access, endpoint security, subscription-based pricing, sales administration, and an all-in-one inventory management system are all included in the cloud solution.
On the basis of enterprise size, the market is further classified into small and medium-sized enterprises (SMEs) and large enterprise. The small & medium enterprises (SMEs) sub-segment is predicted to have a dominant market share in the global market during the forecast period. The SMEs are increasingly adopting cloud-based mobile POS software solutions due to their low cost and scalability. Furthermore, small & medium-sized enterprises are typically found at the local or state level, and they adopt cost-effective methods based on the recommendations of other business owners. Therefore, small company customers' contributions to the POS software industry have been crucial in helping manufacturers maintaining their position in the local market.
On the basis of end user, the market is further divided into restaurants, retail, hospitality, healthcare, media & entertainment, and others. The retail sub-segment is anticipated to have a dominant market share in the global market during the forecast period. Small companies across the world are adopting novel payment methods at a rising pace, which is projected to push the retail industry. In order to deliver an omni-channel experience to their consumers, merchants are gradually adopting mobile and cloud-based POS systems, demanding the integration of mobile and web-based platforms.
The point of sales software market analysis in Asia-Pacific is projected to witness rapid growth. The fast expansion of the retail sector, along with the increase in the number of SMEs, is projected to have an influence on the adoption of POS software in the region. Furthermore, the POS software market is predicted to gain from the rise of the e-commerce sector, as well as governments' continuous digitization initiatives in various countries such as India and China, are driving the need for POS software in this region.
Key Players in the Global Point of Sale Software Market
Some of the leading points of sale software market players include
- NCR Corporation
- Revel Systems
- Agilysys Inc.
- Clover Network Inc.
- Diebold Nixdorf Incorporated
- Epicor Software Corporation
- Ingenico Group
- Intuit Inc.
- SAP SE.
In September 2020, Diebold Nixdorf partnered with Co-op Group to include managed services and remote monitoring of self-service and POS systems throughout the UK. Furthermore, this comprehensive offering improves the company's operational efficiency while optimizing members' shopping journeys by speeding up consumer checkout.