The global point of sale software market is expected to witness a remarkable growth, owing to the increasing demand for digital payments. The Asia Pacific region is expected to dominate the market
NEW YORK, Aug. 4, 2021 /PRNewswire/ -- According to the report published by Research Dive, theGlobal Point of Sale Software Market is expected to generate a revenue of $10,294.9 million by 2028, and grow exponentially at a CAGR of 11.1% during the forecast period (2021-2028).
Various perks of cashless transactions like maximum safety, flexibility in money management, and ease of digital payments have surged the demand for the growth of the market during the forecast period. In addition, the advent of the outbreak of COVID-19 led to the elimination of conventional form of payments and the adoption of cashless transaction in order to curb the spread of the novel virus. These factors are further anticipated to drive the growth of the market during the forecast period. Moreover, persistent technological advancements and the increasing adoption of POS software among small and medium businesses due to its enhanced accessibility and affordability is expected to create massive opportunities for the growth of the market during the forecast period. However, increasing concerns over various cyber-crimes prevalent all around the world like hacking, phishing, skimming, and others are expected to impede the growth of the market during the forecast period.
Impact of COVID-19 Pandemic on the POS Software Market
The outbreak of COVID-19 has had a significant impact on the global point of sale software market. The pandemic created immense concerns over the safety and hygiene in order to curb the spread of the virus by adopting methods of cashless transactions. Moreover, the increasing customer knowledge during these unprecedented times led to the adoption of cashless transactions in order to meet future epidemics. Thus, the market is positively impacted by the pandemic.
The report has divided the market into different segments based on application, deployment, organization size, end-user, and regional outlook.
By application, the fixed POS sub-segment is expected to be most profitable and generate revenue of $6,077.9 million during the forecast period. A fixed POS system offers a great deal of benefits like numerous loyalty programs, inventory management, effective customer data management, and so on, which is driving the sub-segment's growth.
By deployment, the cloud sub-segment is estimated to have the fastest growth, and generate a revenue of $6,993.2 million during the forecast period. This is mainly because small and medium businesses are significantly prospered from cloud implementation, owing to its benefits like maximum security, remote access, productive sales management, and so on.
By organization size, the small and medium enterprise sub-segment is estimated to be the most profitable and generate a revenue of $6,898.0 million during the forecast period. The small and medium businesses are increasingly adoption POS software solutions due to its affordability and scalability, which is driving the sub-segment's growth.
By end-user, the retail sub-segment is expected to be most lucrative and generate a revenue of $2,389.9 million during the forecast period. Increasing adoption of mobile and cloud-based POS among retailers for an enhanced customer experience is expected to drive the growth of the sub-segment.
By region, the Asia Pacific region is anticipated to dominate the market, generating a revenue of $2,361.7 million during the forecast period. Rapid expansion in the growth of retail sector, SMEs, and digitalization in the region is expected to bolster the growth of the market in this region during the forecast period.
Top 10 Key Players of the POS Software Market and Competitive Landscape
The major players of the market are
Epicor Software Corporation
Diebold Nixdorf Incorporated
Clover Network Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in March 2018, Stripe, a payment processing startup acquired Index which is a point-of-sale (POS) software developer, so as to allow customer's physical and digital payments data to be collected in a single place.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.