The global point of sale software market share is estimated to reach $10,294.9 million by 2028, rising from $4,536.3 million in 2020, at a CAGR of 11.1%.
Covid-19 Impact on Point of Sale Software Market
The coronavirus outbreak in 2019 has positively affected the point of sale software industry worldwide. Fear of contracting the COVID-19 disease along with strict social distancing rules implemented by developed as well as developing nations in order to prevent the virus transmission has led to the implementation of lockdown worldwide. The PAS market share square is expected to rise over the forecast period due to increased worries about handling cash transactions as a result of COVID-19. Both businesses and consumers are opting for cashless payment solutions to limit the spread of virus and infection. Furthermore, the coronavirus pandemic has had a beneficial impact on the worldwide point of sale software market trends research and development operations in 2020.
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Global Point of Sale Software Market Analysis
The point of sale software market growth is anticipated to increase by the rise in the usage of cashless transactions. As a result of demanding corporate operating environments, there has been an increase in the demand for trustworthy and cost-effective POS software with extensive functionality and analytics. Merchandise, customers, payments, invoices, and workers can all be tracked with these technologies and the data can be provided on different websites like QuickBooks POS which might be helpful for small enterprises. Before using POS software to manage a variety of business tasks, one must first install it on a suitable operating system on a desktop, laptop/notebook, or tablet.
POS systems, on the other hand, are vulnerable to device failures, skimming, phishing, and software % network issues. Hackers can quickly get access to the infrastructure and obtain critical documents such as company account data and customer credit card information. Devices must be secured as well, even if the network is well-protected. As a result, when it comes to POS systems, choosing technical solutions with built-in security safeguards is crucial. Data theft and hacking have become increasingly common as more intricate technologies are installed and organizational systems become more linked.
Additionally, reports generated by point of sale developers can provide a bird's eye view of operations, allowing small enterprises to track the efficiency of different divisions. Because of its increased accessibility and affordability, web-based point of sale software is commonly used by small and medium businesses. Small businesses are claimed to benefit from these features of point-of-sale software.
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Point of Sale Software Market, Segmentation
The global point of sale software market is segmented based on application type, deployment mode, organization size, end-user, and region.
Based on application type, the point of sale software market has been segmented 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 with a CAGR of 13.1% and surpass $4,216.7 million by 2028.
The mobile POS sub-segment's rise can be due to technological advancements that have changed the payment method, such as the installation of mPOS, which allows for immediate payment via applications without the need for the device to be connected to a local network. The payment is made via credit card reader that is connected to a smartphone or tablet that runs apps and control the scanner & charging mechanism. Furthermore, because of its efficiency, mobility, and wider application for payment processing, inventory & store management, small firms are adopting mobile POS, contributing to the segment's rise.
The deployment segment is further 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. It is predicted that the market shall generate a revenue of $6,993.2 million by 2028, growing from $3,034.7 million in 2020.
Cloud-based POS systems are less expensive and more accessible because merchants may access customer information from any location with an internet connection. It may be accessed directly from the web and is usually compatible with most POS gear. Moreover, remote access, endpoint security, subscription-based pricing, sales management, and an all-in-one inventory management solution are all included in the cloud solution.
The organization size segment is further divided into small & medium enterprises and large enterprises. 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.
SMEs are fast adopting cloud-based mobile POS software solutions due to their low cost and scalability. Furthermore, small and medium-sized businesses are frequently formed at the local or state level, and they select cost-effective techniques based on the advice of other business owners. As a result, small business users' contributions to the POS software market have been critical in helping vendors extend their presence in the local market.
The end-user sub-segment is further categorized into restaurants, retail, hospitality, healthcare, media & entertainment, and others. 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 businesses throughout the world are adopting innovative payment methods at an increasing rate, which is expected to propel the retail industry. In order to provide an omni-channel experience to their customers, retailers are progressively adopting mobile and cloud-based POS systems, necessitating the integration of mobile and web-based platforms.
The point of sales software market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $933.5 million in 2020 and is further projected to reach up to $2,361.7 million by 2028.
The rapid growth of the retail sector, together with the increase in the number of SMEs, might have an impact on the adoption of POS software in the region. Furthermore, the POS software industry is expected to benefit from the growth of the e-commerce sector, as well as governments' ongoing digitization initiatives in developing nations like India and China, are increasing the demand for POS software in this region. The increase of SMEs in developing countries has also influenced the Asia-Pacific region.
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Key Players in the Global Point of Sale Software Market
Clover Network Inc.
Diebold Nixdorf Incorporated
Epicor Software Corporation
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.