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Point of sale (POS) software is of utmost importance in supporting businesses with sales transactions, inventory management, and payment processing. It serves as the central element in a complete POS system, which includes vital hardware like cash registers, barcode scanners, receipt printers, and card readers. The software enables efficient scanning or manual input of product information, computes the total payment due, applies discounts or promotions, and produces detailed receipts for customers. Additionally, it assists in generating comprehensive sales reports, analyzing profit margins, monitoring inventory turnover, and tracking other crucial performance metrics.
How Big is the Global POS Software Market?
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.
Global POS Software Market Trends:
The global market is witnessing significant growth propelled by the widespread adoption of POS software across various industries, including clothing boutiques, grocery stores, supermarkets, and hypermarkets. These software solutions efficiently handle sales, inventory monitoring, receipt generation, and payment processing, thereby enhancing operational efficiency. Furthermore, the hospitality sector, encompassing restaurants, hotels, cafes, and quick service restaurants (QSRs), has also embraced POS software, leading to market expansion. Such establishments rely on POS software to streamline order management, enable tableside ordering, customize menus, facilitate split billing, and integrate with kitchen display systems.
Additionally, the rising popularity of contactless payment options has resulted in an increase in the number of debit and credit card users. This trend has positively influenced the market as businesses strive to meet the growing demand for convenient and secure payment methods. Moreover, the introduction of mobile point-of-sale (mPOS) systems equipped with biometric solutions has further fueled market growth. These innovative solutions offer enhanced convenience and security, ensuring a seamless payment experience for customers.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Breakup by Type:
Breakup by Deployment Mode:
Breakup by Organization Size:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Who are the key players operating in the industry?
The report covers the major market players including:
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).
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