Geographically, the POS software market is segmented into North America, APAC, Europe, MEA, and SAM. APAC led the POS software market in 2018 with a significant market share and is anticipated to be the fastest-growing region during the forecast period of 2019 to 2027. The region comprises the majority of the global population. It is a leading market for retailers, hospitality, healthcare firms, and fast food businesses. Further, it has several emerging countries that have been witnessing digital transformation at a rapid pace by progressively adopting digital payment solutions and plastic money. Aforesaid factors are expected to drive the growth of the POS software market in the APAC region.
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North America is the second-largest market in the POS software market. Apart from APAC and North America, Europe remains the third-largest geographic segment in the POS software market. In Europe, A number of hypermarkets, supermarkets are present within the territory of the region, which is responsible for contributing to the growth of the entire retail industry. The opening of new retail stores in countries is projected to flourish the consumption rate of POS software in the region.
The growth of North America POS software market is propelled by the presence of wide number of retail stores and significant development in the retail sector. The region is a home for most of the world’s largest retailers. Mexico and Canada, have their own large retail chains, and have retail companies that conduct business operations across the world. For instance, in 2019, Appetize, the Enterprise Cloud POS and management platform, partnered with Restaurant365, a cloud-based, restaurant management software platform, to combine and automate their ordering systems, accounting, and operations management. Also, NEM Ventures, venture capital and investment subsidiary of the NEM Blockchain Ecosystem, invested in Cyclebit POS software to facilitate payments using cryptocurrencies in Northern America.
The providers of advanced POS software are dedicated to ensure the goal of cashless payment by delivering smooth and secure platform. A few initiatives are undertaken by POS software providers, which, in turn, play a significant role in boosting the growth of the market. For instance, in December 2019, Brill Mindz, a top application development company, delivered Monasabatna POS Software in Saudi Arabia. The Monasabatna POS is a cloud-based POS software that provides the advantage of signing in and working from anywhere.
Some of the other notable players in the global POS software market include AccuPOS Point of Sale, Clover Network, Inc., Dell Inc., Honeywell International, Inc., Infor Inc., Ingenico Group SA, Intuit, Inc., LightSpeed POS Inc., ShopKeep, Vend Limited, among others.