Point of Sale Software Market Growth to Exhibit CAGR of 10.9% to 2031
Growing demand for contactless and secure payment options is driving the point of sale software market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, October 31, 2022 /EINPresswire.com/ — Global point of sale software market was valued at $4.9 billion in 2021, and is anticipated to reach $13.7 billion by 2031, growing at a CAGR of 10.9% from 2022 to 2031.
Point of sale software market is experiencing huge demand from restaurants, hospitality, drug stores, automotive shops, and other sectors. The POS software has gained in-roads in numerous areas thanks to its capacity to offer unique and sophisticated analytical functionalities. These terminals or systems supported by robust software capabilities assist company operators to smooth their day-to-day business operations while enabling them to focus on their primary business activities. Growing demand for tailored-made point of sale software solutions from various check-out systems from different industry verticals is anticipated to boost the point of sale software market share in the upcoming years.
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However, some of the disadvantages or limitations of POS software include security concerns. For instance, these software are majorly used for payment processing hence they must support safer transactions. Even if the network system is well protected, it is important that the devices also must be secured. Therefore, selecting products with built-in security safeguards is critical when adopting the POS software. These factors are anticipated to hamper the point of sale software market size in the upcoming years.
For the small firms who struggle to manage capital expenditures, the reports generated from the point of sale software developers can provide an overview of operations, also allowing them to assess the productiveness of the various departments. A well-organized point of sale software system can also help to enhance the store’s profitability by using appropriate inventory management. These solutions offer customized and targeted marketing efforts by using the client data which is obtained during sales transactions. These aspects are anticipated to boost the point of sale software market growth in the upcoming years.
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The global point of sale software market is segmented based on application, deployment mode, enterprise size, end user, and region. By application, the market is sub-segmented into fixed POS and mobile POS. By deployment mode, the market is sub-segmented into cloud and on-premises. By enterprise size, the market is sub-segmented into small & medium-sized enterprises (SMEs) and large enterprise. By end user, the market is classified into restaurants, retail, hospitality, healthcare, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key players in the industry –
• NCR Corporation
• Revel Systems
• Oracle
• Agilysys Inc.
• Clover Network Inc.
• Diebold Nixdorf Incorporated
• Epicor Software Corporation
• Ingenico Group
• Intuit Inc.
• SAP SE
Impact of Covid-19 on the Global Point Of Sale Software Industry –
• The COVID-19 pandemic badly affected various business sectors including retail, restaurant, transport, and amusement, consequently impacting the productivity of retail businesses. The contactless payment options have proved to be a boon for retailers and other merchants for faster and more secure transactions.
• The epidemic has transformed business dynamics to a large extent. Various small and medium-sized enterprises have now adopted point of sale software solutions to a large extent to retain their existing customers as well as to attract new customers.
• The point of sale software has experienced a significant boost during the pandemic by analyzing the growing demand for POS solutions across the globe.
• Many point of sale software providers has upgraded their solutions for retailers to enable secure and faster checkouts. The cash transactions during the pandemic were reduced significantly owing to the spread of COVID-19 virus. Owing to this, the point of sale software market forecast growth is estimated to be higher post-pandemic.
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