New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global point of sale software market is expected to garner a revenue of $13,645.2 million and grow at a CAGR of 10.9% over the forecast timeframe from 2022 to 2031.
As per our analysts, with the increasing preference for cashless transactions among consumers all across the globe, the point of sale software market is expected to experience prominent growth during the estimated timeframe. Besides, the increasing availability of QuickBooks point of sale software which helps users to follow sales, inventory, and customers is predicted to foster the growth of the market over the analysis period. Moreover, the rising usage of point of sale software among small businesses is expected to create wide growth opportunities during the forecast period. However, the security concerns related to the point of sale software may hamper the growth of the market throughout the analysis period.
Segments of the Point of Sale Software Market
The report has divided the market into various segments based on application, deployment, enterprise size, end-user, and region.
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Application: Fixed POS Sub-Segment to be Most Profitable
The fixed POS sub-segment is expected to hold the maximum share of the market during the forecast period. The increasing use of fixed POS systems by leading businesses due to their various perks such as staff time clocks, a cash drawer, power management solutions, and many more are predicted to uplift the growth of the point of sale software market sub-segment over the analysis timeframe.
Deployment: Cloud Sub-Segment to be Most Productive
The cloud sub-segment is expected to hold the largest share of the market during the estimated period. This is mainly due to the increasing demand for cloud deployment due to its low cost. In addition, cloud deployment provides businesses with affordable subscription-based pricing, remote access, endpoint security, sales management, and all-in-one solutions for inventory management which is expected to propel the growth of the market sub-segment over the forecast period.
Enterprise Size: Large Enterprise Sub-Segment to be Most Lucrative
The large enterprises sub-segment is expected to have the fastest growth during the analysis timeframe. The increasing demand for customized POS software across large-scale retail stores, entertainment segments, and restaurants to manage their cash flows and business operations is predicted to bolster the growth of the point of sale software market sub-segment during the estimated timeframe.
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End-User: Retail Sub-Segment to be Most Beneficial
The retail sub-segment is expected to hold the highest share of the market during the forecast timeframe. The increasing adoption of POS solutions by retailers as mobile and web-based platforms provide omnichannel experiences to retailing consumers globally is predicted to augment the growth of the market sub-segment over the analysis period.
North America Region to Have Extensive Growth Opportunities
The North America region of the point of sale software market is expected to hold the biggest share of the market during the estimated timeframe. This is mainly due to the strong existence of prominent POS software vendors in this region. Moreover, the rising demand for advanced point of sale software and the increasing need for improving facilities in hospitals related to insurance, management of patients, and payments is predicted to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Point of Sale Software Market
Though the rise of the Covid-19 pandemic has devastated several industries, it has had a positive impact on the point of sale software market. This is mainly because of the increasing worries about handling cash transactions due to the Covid-19 pandemic. Moreover, the increasing initiatives that are taken by the leading players to develop cloud-and AI-based PoS systems and software to stay competitive have further inclined the growth of the market during the pandemic period.
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Key Players of the Global Market
The major players of the point of sale software market include
- Diebold Nixdorf Incorporated
- Clover Network Inc.
- Epicor Software Corporation
- Agilysys Inc.
- Ingenico Group
- Oracle
- Intuit Inc.
- Revel Systems
- SAP SE
- NCR Corporation
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in January 2022, NCR Corporation, a leading American software, consulting, and technology company that offers several professional services and electronic products announced its partnership with Google Cloud, a set of physical assets that are contained in Google's data centers around the globe. With this collaboration, the companies aimed to bring additional platform and cloud capabilities, including AI and machine learning solutions to retailers worldwide which would deliver exceptional experiences for consumers.
Further, the report also presents other important aspects such as SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Point of Sale Software Market:
- The Benefits of Choosing a Point Of Sale Software for Retail Businesses
- 4 Advantages Which Makes Point of Sale Software a Must for Retailers
- Global Point of Sale Software Market to Generate $13645.2 Million by 2031, Owing to Increased Demand for Point of Sale Software from Various Corporate Applications
