POS Software Market size is set to reach USD 31 billion by 2032, according to a new research report by Global Market Insights Inc.
The growing need for safe and secure payment options amidst rapid digitalization has pushed the demand for POS software. The software also streamlines warehouse operations and reduces handling expenses by eliminating manual tasks, which is also likely to fuel business growth. The industry is expected to be driven by the numerous benefits offered by the POS software, including ease of use, lesser cost of deployment, quick invoicing & payment, inventory management, customer data analysis, and efficient employee information storage.
Growing adoption of wireless technology to bolster demand for mobile POS systems
The mobile product segment held around 36% of the POS software market revenue share in 2022. The burgeoning adoption of wireless technology has led to the development of smart payment systems for smartphones and tablets. It provides an instant payment option with associated apps to operate the scanner and carry out the transaction. The soaring penetration of this easy payment solution is foreseen to supplement the development of mobile POS software systems.
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Offline data availability to accelerate on-premise segment revenues
The on-premise segment is estimated to grow at over 13.5% CAGR from 2023 to 2032. On-premise software has gained prominence as a result of its benefits, which include improved security, better control over server hardware, and limited dependence on the internet to access data. Moreover, organizations that operate on the go are increasingly integrating on-premise software to guarantee smooth operations during peak times even with internet disruption, which contributes to segment growth.
Browse key industry insights spread across 300 pages with 382 market data tables and 43 figures & charts from the report “Point of Sale (POS) Software Market Size by Product (Mobile, Fixed), By Deployment Model (On-premise, Cloud), By Operating System (Windows, Linux, MAC), By Organization Size (SMEs, Large Enterprises), By End-Use (Restaurants, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment), By Application (Inventory Tracking, Sales Reporting, Customer Engagement, Billing Management), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Rising adoption of POS system for better customer experience to support restaurants segment growth
The POS software market share from the restaurant end-user segment is predicted to record sizable progress through 2032 owing to the need for maintenance of operations and cash flow as well as the growing international exposure of restaurants. Furthermore, the expansion of POS software in the hospitality sector is influenced by the rising demand for client pleasure, enhanced experience, and the mounting demand for contactless payment options among travelers.
Widespread adoption of POS solutions by large organizations to favor market outlook
The large enterprises captured approximately 60.5% of the industry share in 2022. Large businesses are implementing POS software due to its benefits over conventional approaches, including better flexibility to manage high volume transactions and crucial business elements. Additionally, the software aids in managing cash flow and operations, which is also foster segment outlook.
Digitalization across organizations to stimulate North America industry
The North American POS software market is anticipated to exceed USD 2 billion in 2022 and is poised to register substantial gains through 2032. The expansion of the market in North America is propelled by an increase in the deployment of cloud-based POS systems by various retailers and the digitalization of organizations. In addition, product adoption for improving customer satisfaction will be boosted by the growing and modernizing retail industry, which is forecast to amplify regional revenue.
Strategic product launches to define competitive landscape
The POS software market consists of top enterprises such as Block Inc, Fujitsu, NCR Corporation, Oracle Corporation, and Toast Inc., among others, which are engaging in innovative product development and launches. For instance, in October 2022, Toast Inc, a cloud-based provider of restaurant management software, introduced a new application called Toast Invoicing to support restaurants in catering management as well as in dine-in, takeout, and delivery. This launch aided eateries in streamlining their operations through efficient cash flow.