Global Point of Sale (PoS) Software Market- Industry Analysis and Forecast (2020
Posted by rahul on January 29th, 2021
Global Point of Sale (PoS) Software Market was valued US$ 8.3 Bn in 2019 and is expected to grow US$ XX Bn by 2027, at a CAGR of XX% during the forecast period.
Global Point of Sale (PoS) Software Market
The report study has analyzed revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Point of Sale (POS) Software, which carries various features designed to handle booking, online ordering, and stocks management. Point of Sale (POS) is one such software application that has managed huge popularity among the retail store owners. POS software is installed at the very place the main transaction takes place at a retail store. It helps in billing and check out. Analyses reveal that nearly 57% of those who walk out of the retail store without buying do so due to long queues at the billing counter. The long queues at retail stores can be managed with the help of this software application. This time-saving tool allows businesses to boost service quality while offering data reporting and order tracking capabilities. It drives down costs, increases revenue, and enables customers to make payments through a variety of channels, making the process a lot easier for both users and clients.
The demand among retailers, restaurants, hotels, resorts, groceries/supermarkets, and cafes to manage entire business operations, like sales, inventories, customer loyalty, and marketing from a single platform has created a significant demand for POS systems. POS software with payment gateways helps businesses to improve customer engagement, customer satisfaction ratio, and the overall customer experience.
Sensitive departments like the billing counters need to maintain accuracy regarding matters of transactions and the incoming and outgoing cash. For example, Zara, a leading apparel retail store based in Spain, is seriously considering the installation of a new POS software system in stores. Its existing application may not be able to manage up with its increasing number of transactions and improved inventory counting needs. Marks and Spencer, a UK based retailer dealing in fashion and apparel, use above 16000 POS applications in its stores globally. Retailers like Abercrombie & Fitch and JC Penny have also integrated PayPal mobile payment strategy to their POS software. This way they give their clients more options to make payments. Pantaloons India developed an in-house POS application for installation in all its stores. The market is expected to offer growth opportunities, because of the rising adoption of contactless payment solutions and integrating AI technology with the software. AI integrated POS software, mobile POS system, personalized shopping experience, and cloud-based POS software are some of the recent trends prevailing in the POS software market.
The need to carry out a cashless transaction, keep track of sales, inventory records, and improve sales strategy using analytics across retail chains, restaurants, hospitality, drug stores, automotive shops, etc. are driving the demand for point of sale (POS) software. The demand for advanced features, such as employee management analytics, inventory tracking, sales monitoring, customer data management, and reporting is expected to boost the adoption of POS software across various industries.
POS software application, like other applications, has its limitations. It is susceptible to fraud. For instance, Walmart stores suffered a major cyberattack on its POS system in 2005 and 2006. Sensitive information about the shop and its customers was stolen. It included details like the ones on the inventory and credit cards of the client. But this restraint can be overcome with the help of a little precaution and security advancements in the software.
According to the application, the fixed POS segment held the largest market share of the global market in 2019. Because of the current inclination of most brick-and-mortar restaurants and retail stores for a fixed POS solution over mobile POS since they offer more functionality and features. The consumer is inclined toward using a fixed POS system due to benefits, such as robust management solutions with business functionality, employee time clocks, a cash drawer, inventory management, loyalty programs, and gift card management.
The mobile POS segment is expected to grow significantly during the forecast period. Technology evolution has changed the payment method and the installation of mPOS ensures quick payment via apps without the need for the system being connected to a local network. The payment is initiated through a credit card reader attached to a smartphone or tablet, which has apps installed to run the scanner and charging system. Growing adoption of mobile POS terminal by small businesses to carry out advanced functionalities, like inventory management, store management, and analytics to improve business operation has boosted the market growth.
Global Point of Sale (PoS) Software Market1
Region-wise, transactions worth 28 Bn are carried out in North America with the help of dial-up POS software. The region has the existence of prominent POS software vendors and has a high demand and adoption for advanced integrated systems. The healthcare industry in the U.S. is expected to witness the fastest growth rate, because of the need for improving facilities in hospitals associated with payment, insurance, and management of patients. According to the American Hospital Association’s survey in 2018, 6,148 hospitals required cost-effective and robust POS software integrated with all insurance payment processing, patient financial services, reporting, and accounting to provide complete payment processing. Also, increasing adoption of cashless payment, growth of retail, restaurant, hospitality, healthcare, and other industries in North America is expected to force the market growth over the forecast period.
Asia Pacific is expected to grow at a significant CAGR over the forecast period. Increasing adoption of POS terminals in the region, because of growth in the electronic payment industry is expected to boost the market growth. The demand for cashless payment in retail, restaurant, entertainment, warehousing, and other industries in emerging countries, like China, India, Indonesia, and Vietnam is further supplementing the growth of POS software in the region. Moreover, the ever-increasing demand for POS solution with advanced features among speedily rising businesses such as e-commerce, retail, foodservice industry, and entertainment are expected to drive the market growth over the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Point of Sale (PoS) Software Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
Global Point of Sale (PoS) Software Market, By Application
• Fixed POS
• Large Enterprise
• North America
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Like it? Share it!
About the Authorrahul
Joined: November 26th, 2020
Articles Posted: 107
More by this author