Point of Sale (POS) Software Market - Forecasts from 2019 to 2024
The Point of Sale(POS) software market is projected to grow at a CAGR of X.XX% to reach US$X.XXX billion in 2024 from US$X.XXX billion in 2018. A POS or a point of sale refers to the actual point of purchase where a customer executes a transaction of payment for goods and services. POS software refers to the software used to facilitate a sale at any walk-in store. POS software systems efficiently assembles various aspects of retail operations by automating the transaction process and tracking important sales data such as tracking inventory, accounting and bookkeeping, price updating, customer tracking, bar code scanning, tracking payroll, etc.
Geographically, the North America the European region especially the United States and the United Kingdom market share for Point of Sale(POS) software is expected have a slow growth according to the world economic forum in spite of growth in e-commerce, the brick and mortar stores will continue to be the channel that contributes the most revenue for the majority of large multichannel retailers until at least 2026., despite the fact that a lot major retail stores are closing shop. In fact, according to U.S Census. United States of America hit retail sales record for $8 trillion in 2018.Subsequently, the United Kingdom is also anticipated to have a substantial market share during the forecast period due to the fact, the retail sales of the United Kingdom in 2017 were worth 395 billion pounds (source: The House of Commons Library)
Additionally, the market share for Point of Sale(POS) software in developing countries specifically in the Asia pacific region as well as in the African and middle eastern countries is expected to grow due to the major adoption of technology as well as the urbanization overhaul taking over in the retail industry.
With developing countries adopting technology to facilitate payment as well as keeping track of business activities in the retail industry this should be considered as one the key drivers in the growth of the Point of Sale(POS) software market
Over the next decade, the line between online and offline stores will continue to blur. Emerging business models will continue to proliferate, gaining scale and momentum. With slow-growing incomes in most digitally developed countries and a shift in consumer spending from products to services. In the future, e-commerce penetration is projected to grow from approximately 10% today to greater than 40% in 2026. (source: World Economic Forum (WEF))
Major industry players profiled as part of the report are Square, Inc., Clover Network, Inc., Lightspeed, Shopify Inc., Vend™ Limited, ShopKeep, ERPLY, Epos Now, NCR Corporation., Revel Systems. among others
The Point of Sale(POS) software market has been analyzed through the following segments:
By Industry Vertical
Travels & Tourism
By Operating System
Middle East and Africa
Key insights offered
What will be the POS software market size from 2019 to 2024?
How are the major drivers and restraints affecting the POS software market growth and the opportunities which exist for key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behaviour
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.
Clover Network, Inc.