The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global point of sale software market size is expected to reach USD 18.1 billion by 2027, registering a CAGR of 10.1% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth owing to increasing need for compatible software for point of sale system’s functioning. Point-of-Sale (POS) software facilitates functions such as inventory management, authorize cards payment, collect signatures and e-mail receipts, and manage employees and business operations to minimize human intervention and ensure smooth running of all processes.
POS software is used across different end-user industries for processing payments, bookkeeping, invoicing, tracking orders, and other functions. However, the functionality may significantly vary depending upon the end-user industry requirement. For instance, the restaurant POS software requires specific features such as order, inventory, table management, and employee scheduling to meet the needs of different restaurant types, which is not needed in retail or healthcare. Hence, increasing demand for customized POS software in restaurant, retail, hospitality, healthcare, entertainment business, and other industries is expected to boost the point of sale software market over the forecast period.
POS software for a fixed POS terminal has been used for decades and is trusted across all large business sectors due to its ability to provide robust business functions and management of inventory, loyalty programs and gift cards, credit/debit card payment, employee attendance, and cash drawer for large enterprises. While small and medium enterprises have largely opted for mobile POS software owing to its convenience in business to allow credit or debit card payments virtually as well as at any location on-the-go.
Point of sale system has become an integral part of the small and medium business environment to process sales securely, carry out the administrative task, and provide a seamless customer experience. Substantial growth of this segment is attributed to increasing adoption of cloud-based mobile POS solution by the small businesses having software packages such as payment processing, inventory management, payroll, and accounting to manage their day to day business operations.
Further key findings from the report suggest:
- The on-premise segment dominated the market in 2019 in terms of revenue and is estimated to reach USD 11.4 billion by 2027. High demand for on-premise deployment is due to data security concerns, as the customer data can be vulnerable to cyber-attack when exposed to third party or unknown sources
- The mobile POS segment is anticipated to witness the highest CAGR of 13.2% over the forecast period owing to increasing demand in restaurant and retail for quick payment and portability
- The market in the Asia Pacific region is expected to register the highest CAGR over the forecast period owing to growing demand for advanced features across end-use industries including retail and restaurant in countries such as China and India
- Some of the major players in the point of sale software market are NCR Corporation; Revel Systems; Oracle; Agilysys, Inc.; Clover Network, Inc.; Diebold Nixdorf, Incorporated; Epicor Software Corporation; Ingenico Group; Intuit, Inc.; Lightspeed; PAR Technology Corp.; SAP; Toshiba Tec Corporation; ShopKeep; and Toast, Inc.