New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global point of sale software market is expected to gain revenue of $10,294.9 million by 2028, rising from $4,536.3 million in 2020 at a steady CAGR of 11.1% during the forecast period from 2021-2028.
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Market Dynamics
In recent times, there has been an increase in the number of people opting for cashless transactions rather than cash. It is a more convenient option that also provide the customers with a variety of payment options to choose from. Some of the more popular forms of payment used today are cash or smartphone applications. Businesses can also maintain a record of their sales and keep an eye on their inventory using just one device and by using the QuickBooks POS. These factors have ensured the growth of the global point of sale software market.
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On the other hand, due to businesses extensively relying on technology, it has opened up the risk of sensitive information being accessible to hackers. Poor network or the lack of a secure POS software could leave a lot of data vulnerable, which is the leading factor causing a hindrance in the growth of the market.
The POS systems are known to maintain extensive data including the sales record as well as an inventory of the products or services that the business provides. It is one of the most essential software that business owners can use to save time in the receiving process or in analysing the records. It also makes things convenient for the consumer as they can use their smartphones or their cards to make payments for the services they’ve availed. These factors are known to further boost the growth of the market.
Impact of COVID-19 on the Global Point of Sale Software Market
The spread of the COVID-19 virus all over the world brought multiple businesses to a standstill. But, the global point of sale software market experienced growth in the pandemic period. Every small or medium business needed a secure way to receive online payments and it was the same with consumers as well. These requirements were fulfilled by better and more enhanced POS solutions which not only ensured safer transactions but also helped maintain various healthcare guidelines issued during the pandemic.
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Segmental Analysis
The report segregates the market into different segments–by application, deployment, organization size, end user, and region.
Fixed POS Sub-segment to Garner Significant Revenue
By application, the fixed POS sub-segment is set to garner significant revenue of $6,077.9 million in the analysis period. This growth is credited to a majority restaurants and stores opting for fixed POS systems as they’re more functional and also contain more features such as inventory management, maintaining a time record of the staff, as well as loyalty programs.
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Cloud Sub-segment Predicted to Dominate the Market
By deployment, the cloud sub-segment is expected to witness its revenue rise significantly from $3,034.7 million in 2020 to over $6,993.2 million by 2028. Most of the small businesses at some point require upgrades owing to their business expanding. The cloud based upgrades also provide a wide range of other benefits such as sales management, pricing according to the subscription plan, endpoint security as well as remote access, which is boosting the growth of the sub-segment.
Small and Medium Enterprise Sub-segment to Gain Highest Market Share
By organization size, the small and medium enterprise sub-segment is predicted to witness tremendous growth with a rise in revenue of over $6,898.0 million in the estimated timeframe. Most of the SME’s have been utilizing the cloud-based mobile POS software solutions as they need to maintain their cost as well as scalability. This factor has added to the growth of the sub-segment.
Retail Sub-segment Expected to Gain Prominence in the Market
By end user, the retail sub-segment is expected to gain revenue of $2,389.9 million in the forecast period. This growth is credited to the most businesses making the switch from manual payment to cashless transactions. This has helped bridge the gap between both web and mobile payment portals which has in turn channelized the entire sales process into single software.
Regional Analysis
The Asia-Pacific region is expected to dominate the market and garner significant revenue of $2,361.7 million by 2028 at a steady CAGR of 12.6% from 2021-2028. A majority of the Asia-Pacific region has been experiencing a surge in the number of small and medium businesses as well retailers setting up their stores. This has led to a boost in the requirement of an efficient yet effective point of sale software among them. This has been a major cause leading to the growth of the region.
Key Players of the Market
The report also provides a list some renowned key players that have been working on helping the market grow further are:
1. NCR Corporation
2. Oracle
3. Clover Network Inc
4. Epicor Software Corporation
5. Intuit Inc
6. Revel Systems
7. AgilysysInc
8. Diebold Nixdorf Incorporated
9. Ingenico Group
10. SAP SE
In January 2021, NCR Corporation, a global leader that offers enterprise technology to various industries such as retail and finance, tendered an agreement with Cardtronics, a renowned provider of non-bank ATM services. This initiative is expected to enhance the payment platforms functioning due to the implementation of Allpoint network.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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