The global point of sale software market is anticipated to reach USD 18.1 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 10.1% from 2020 to 2027. Rising adoption of robust and cost-effective point of sale software that help in managing customer databases, inventory levels, and employees coupled with ensuring smooth operations across various industries such as hospitality, retail, restaurants, entertainments, warehousing, and others are some of the major factors contributing to the market growth.
The segment of fixed POS software held the largest market share, in 2019 owing to rising preference for fixed POS solutions with advanced features that are more effective in its functionality than mobile POS solutions. In additions, this software provides sturdy solutions with cash drawer, business functionality, loyalty programs, employee time clocks, and inventory management solutions. This is anticipated to further drive the segment’s growth. The segment of mobile POS solutions is anticipated to witness the fastest growth over the forecast period owing to rapid advancements in technology and rising demand for software that support online payment options.
Retail sector dominated the market in 2019 owing to the need for POS software that meet the e-retailing and multichannel requirements. Moreover, rising adoption of mPOS software with cloud technology is expected to drive the segment’s growth over the forecast period. Restaurant POS software is projected to grow at the fastest growth rate owing to growing hospitality and tourism sector and rising concerns regarding better customer engagement.
Rising adoption of cloud-based mobile POS software by small and medium enterprises owing to its flexibility and compatibility to enhance consumer experience is accepted to boost the software demand over the forecast period. Moreover, rapid development of software with various functions such as inventory management, accounting and payroll, payment processing, and other such operations is anticipated to pave the way for POS software market in the forthcoming years.
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Further key findings from the report suggest:
• In 2019, the segment of on-premise deployment led the market and is estimated to account for USD 11.4 billion by the end of 2027.
• The segment of mobile POS software is projected to grow at the fastest CAGR of 13.2% from 2020 to 2027 owing to rising adoption by retail sector and restaurants across the globe.
• The application segment of restaurant POS software is anticipated to attain the fastest CAGR of 10.2% from 2020 to 2027 owing to increasing number of alliances of restaurants with food delivery service providers.
• Asia Pacific is projected to attain the fastest growth from 2020 to 2027 owing to rising adoption and popularity of mobile POS terminals.
• Leading players in this industry are Revel Systems; NCR Corporation; Oracle; Clover Network, Inc.; Agilysys, Inc.; Diebold Nixdorf, Incorporated; Ingenico Group; Epicor Software Corporation; Intuit, Inc.; PAR Technology Corp.; Lightspeed; Toshiba Tec Corporation; SAP; Toast, Inc. and ShopKeep.
Million Insights has segmented the global point of sale software market on the basis of application, deployment mode, organization size, end user, and region:
POS Software Application Outlook (Revenue, USD Million, 2016 - 2027)
• Fixed POS
• Mobile POS
POS Software Deployment Mode Outlook (Revenue, USD Million, 2016 - 2027)
POS Software Organization Size Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprise
• Small and Medium Enterprise (SME)
POS Software End-user Outlook (Revenue, USD Million, 2016 - 2027)
POS Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)