New York, US, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “POS Software Market information by Type, by Components, by Deployment and Region – forecast to 2027” the market was valued at USD 14.10 billion in 2018 and is expected to reach USD 34.77 billion by 2025 growing at a CAGR of 14.27%.
Market Scope:
The global POS software market is witnessing vast revenue growth. The adoption of POS solutions across industries is happening at an even faster pace. Besides, the demand for efficient management of associated metadata between POS systems, online marketplace, and purchasers are rising continually. Changing business need for increased POS software and services options to stay at the forefront of the market offer significant opportunities.
Dominant Key Players on POS Software Market Covered Are:
- Toast Inc. (US)
- Microsoft Corporation (US)
- Square Inc. (US)
- Poster POS (Ukraine)
- TouchBistro Inc. (Canada)
- Vend (New Zealand)
- Lightspeed (Canada)
- Miva
- Inc. (US)
- Shopify (Canada)
- Intuit (US)
- Salesforce.com
- Inc. (US)
- Bindo POS (US)
- GOFRUGAL (Dubai)
- Erply (US)
- Toshiba Corporation (Japan)
- Panasonic Corporation (Japan)
- PAX Global Technology Limited (Hong Kong)
- HP Inc. (US)
- Intel Corporation (US)
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In the wake of COVID-19 crises that wreaked havoc on supply chain and consumer purchase patterns, raised the demand for a self-contained ecosystem for sellers, services, and distribution. Solution providers strive to improve the functionality of their POS solution line through product upgrades and integrations with powerful tools that drive retail business growth. Such efforts are influencing point of sale market share. Advantages that POS solutions offer in managing distribution and billing routines and automate financial transactions increase the POS software market size.
Market USP Exclusively Encompassed:
Market Drivers
POS software offers efficient payment solutions for the growing business to tackle new challenges arising in their way to digitization. With technological upgrades and growing digitization, there is a need to have POS solutions incorporated into every business. Therefore, POS software markets worldwide are garnering significant traction.
The increasing focus of industries on improving their operational and business process boosts the POS software market size efficiency. Major trends, such as increased uptake of cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand software, impact the POS software market revenues positively. Simultaneously, cloud computing service models, such as SaaS or software on-demand, reduce the dependency on IT infrastructure.
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Segmentation of Market Covered in the Research:
The POS software market analysis is segmented into components, types, deployments, operating systems, applications, end-users, and regions. The component segment is sub-segmented into software and services. The type segment is sub-segmented into fixed POS and mobile POS. The deployment segment is sub-segmented into on-cloud and on-premise.
The operating system segment is sub-segmented into iOS, Android, and Windows. The application segment is sub-segmented into inventory tracking, sales reporting, purchasing management, customer engagement, and others. The end-user segment is sub-segmented into BFSI, retail, media & entertainment, transportation, hospitality, and others.
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Regional Analysis
North America dominates the global POS software market, mainly due to the proliferation of digitalization and automation. Besides, technological advancements and the growing number of businesses in the region drive the market growth, leading to higher adoption of POS software solutions.
The large presence of key POS solution providers and the higher penetration of technology across the region propel the market growth, fostering the early adoption of the POS software. Moreover, substantial R&D investments in developing and leveraging the latest technologies, such as artificial intelligence (AI), big data, and machine learning, spur market opportunities. The US leads the regional market, whereas Canada is projected to witness a high growth rate in the coming future.
Europe holds the second-best position globally in terms of the POS software market revenue. The increasing digitalization and automation in enterprises across the region influence market growth. Additionally, the increasing uptake of SaaS platforms creates substantial market demand. Also, increasing uses of cloud-based technologies induce market expansion of the POS software market.
The Asia Pacific region witnessed a spurring rise in the POS software market value. The proliferation of digital payments and increasing adoption of POS solutions across industries are major POS software market trends. Moreover, improved Internet connectivity with high reliability boosts the region's point of sale market share. Furthermore, growth in the point of sales marketing market offers significant opportunities.
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COVID-19 Impact on the Global POS Software Market
The coronavirus pandemic significantly disrupted the POS software industry, causing huge revenue loss. The pandemic disruption changed consumer patterns shifting them from in-store to online/virtual purchases. With the massive shift towards online shopping and restricted spending, vendors were encouraged to take on innovative steps to stay afloat in the market.
They focus on four key areas to address client's critical business needs and prepare them to thrive in the future. These focus points are adding contactless purchase and payment options by integrating advanced technologies, such as AI, ML, Cloud, and IoT. Smart inventory tracking and purchasing management solutions that use artificial intelligence and machine learning can improve supply chain visibility, predict demand, and forecast industry trends to keep pace with the competition.
Although the pandemic crises are and will continue to be notably challenging for the retail sector, the situation has created interesting opportunities. Pre-COVID, many business owners had already embraced sophisticated solutions that can offer more than payment collection options. However, small businesses saw major challenges during the pandemic, which further re-established the significance of a point-of-sale (POS) system.
Social distancing mandates forced many companies to entirely transform their business operations to bridge the gap between sellers and purchasers. Resultantly, many business owners had to adapt to changing customer needs and shopping patterns in response to the outbreak. Besides, changing customer expectations play a causal role in financial recovery long term.
Competitive Analysis
The POS software market witnesses increasing strategic initiatives, such as collaboration, expansion, mergers & acquisitions, and integration of advanced technologies. Industry leaders make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on May 6, 2021, Adatasol, Inc, a leading software firm offering FrameReady POS solutions, announced that it has developed an EMV-ready integrated payments solution with its strategic partner Payment Logistics. Under the strategic partnership, Adatasol has incorporated Payment Logistics' Paygistix technology platform into its FrameReady POS software to handle payments made via smart cards and digital wallets, such as Apple Pay.
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