POS Software Market

Market Overview:

The global Point of Sale (POS) software market size reached US$ 10.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.

Point-of-sale (POS) software enables businesses or merchants to manage store operations and perform online retail transactions. It aids in managing inventory, supervising sales, searching for products, accepting payments, scanning consumer goods information faster, tracking taxes, and analyzing and representing sales reports to provide accurate business insights. This, in turn, assists enterprises in ensuring quicker payments, providing a better customer experience, maintaining price consistency, simplifying business operations, and optimizing workflow. At present, POS software is mainly available in fixed and mobile solution types.

POS Software Market Trends:

The widespread adoption of POS software across various industrial verticals can be attributed to rapid digitization and the increasing need for efficient electronic or in-store payment facilities to ensure safe, flexible, and accurate money management while eliminating human errors. In line with this, the extensive employment of e-wallets (electronic wallets) to store credit and debit card information to provide convenience and flexibility to the user during online transactions is acting as another growth-inducing factor. Additionally, the integration of software as a service (SaaS), cloud computing, and customer relationship management (CRM) solutions that assist in tracking customer behavior, collecting data, and increasing business revenue is contributing to the market growth. Moreover, the increasing demand for contactless payment options, especially during the sudden outbreak of the coronavirus disease (COVID-19) pandemic, is creating a favorable scenario for the market growth. The pandemic led consumers to shift toward various e-commerce platforms to order food, medicines, and other essential commodities, which, in turn, escalated the number of online deliveries, thus propelling the market growth. Other factors, such as the easy availability of high-speed internet connectivity and strategic collaborations amongst leading players to introduce mobile POS with biometric solutions, are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global POS software market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, type, deployment mode, organization size, application and end user.

Breakup by Component:

• Software
• Service
   

Breakup by Type:

• Fixed POS
• Mobile POS
   

Breakup by Deployment Mode:

• Cloud-based
• On-premises
   

Breakup by Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises
   

Breakup by Application:

• Inventory Tracking
• Sales Reporting
• Purchasing Management
• Customer Engagement
• Others
   

Breakup by End User:

• Restaurants
• Hospitality
• Healthcare
• Retail
• Warehouse
• Entertainment
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Block Inc., Clover Network LLC (Fiserv Inc.), HP Development Company L.P., Idealpos Solutions Pty Ltd, Intel Corporation, Microsoft Corporation, NCR Corporation, Panasonic Canada Inc (Panasonic Holdings Corporation), Revel Systems Inc., SwiftPOS (MSL Solutions), Toast Inc., Toshiba Corporation and Vend Limited (Lightspeed).

Report Coverage: