The POS software market in APAC is expected to grow from US$ 4,200.0 million in 2018 to US$ 17,509.5 million by 2027, at a CAGR of 17.5% during the forecast period.
The presence of a large number of SMEs, coupled with the rapid expansion of the retail sector, is influencing the adoption of POS software in the region. Furthermore, the expansion of the e-commerce sector, as well as the continuing digitization plans by government authorities in various countries, will accelerate the growth of the POS software market. Also, technological advancements and rapid urbanization are encouraging companies to implement advanced transaction systems, thereby offering growth opportunities to the market. Moreover, the ease and speed of transactions offered by POS retail systems, along with personalization as per requirements, have driven its adoption across SMEs, which is likely to drive the POS software market in APAC.
Based on end user, the POS software market in APAC was led by the retail segment in 2018 with a decent share and is expected to continue its dominance during the forecast period. The rise in a diverse and complex product demands from customers and availability of product customization result in more challenges for super-competitive markets in the retail sector. Therefore, to overcome these challenges, the use of POS is becoming vital. Trend of connected stores plays major role in boosting the growth of POS software. It also assists in managing inventory of the retail stores and providing customer-on-the-spot insights.
The overall POS software market size in APAC has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the POS software market in APAC. It also provides an overview and forecast for the POS software based on all the segmentations provided with respect to APAC. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in POS software.
Clover Network, Inc, Dell Inc, Honeywell International Inc, Samsung Electronics, and Panasonic Corporation are among the players present in the POS software market in APAC.