POS software market accounted to US$ 12.23 Bn in 2018 and is expected to grow at a CAGR of 15.1% during the forecast period 2019 – 2027, to account to US$ 42.5 Bn by 2027.
In the era of continuous technological development, the POS software is expected to be introduced in new technologies for the benefit of diversified industries. Due to the rise in security concerns, the POS software is being adopted by varied markets. the development of authentication options for making payment through mobile POS is also gaining traction. This is expected to provide huge benefits to the companies providing this system and thus, positively impacting the POS software market.
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An increase in digitization is promoting the concept of cashless transactions that positively impact the POS software market. The governments of countries such as India, the UK, Canada, the UAE, and Belgium are taking initiatives to promote electronic payments with an aim to support both economic and social goals. Due to aforesaid factors, the scenario of POS software is growing exponentially and is projected to flourish with more demand during the forecast period.
Strategic Insights
The market initiative is observed to be the most adopted strategy in the global POS software market. Few of the recent market initiatives are listed below:
2019: Vend partnered with BigCommerce, the partnership enables retailers to centrally manage their day-to-day operations and have a seamless sync of sales, customers, products and inventory levels
2019: Lightspeed launched Lightspeed Payments for U.S.-based retailers, adding additional core functionality to its commerce-enabling SaaS platform.
2018: Ingenico Group announced that its Axium D7 ECR-POS has achieved Google Mobile Services certification, making it a secure POS terminal to meet GMS requirements and properly run applications by Google.
2017: Shopkeep partnered with a credit card processing company, Gravity Payments, to offer its POS software with Gravity’s payment processing service.
GLOBAL POS SOFTWARE MARKET SEGMENTATION
Global POS Software Market – By Deployment
Global POS Software Market – By Component
Global POS Software Market – By Application
Global POS Software Market – By End User
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