The global POS Software Market accounted for US$ 12.23 Bn in 2018 and is expected to grow at a CAGR of 15.1% over the forecast period 2019-2027, to account for US$ 42.5 Bn by 2027. Currently, the POS Software Market is gaining high momentum across the globe. Rise in the concept of promoting electronic payments pertaining to rising digitalization and need to provide hassle-free service on real-time basis to end users are the major drivers propelling the growth of the POS software market. However, high initial cost for setting up POS and poor internet infrastructure might restrain the market growth. Nonetheless, the integration of advanced technologies such as biometric in POS and the development of mobile POS are drive the growth of the POS software market.
Globally, POS Software Market is experiencing an intense growth with booming retail industry. The retail industry is witnessing tremendous changes and is focusing on the adoption of POS terminals. The convenience, process, and speed of transactions have been possible because of POS retail systems that can be customized as per the business requirements. Due to the aforementioned features, the deployment of POS is rising within SMEs. As leading companies in POS Software Market continue to broaden its addressable market, by expanding their current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from regional players as well as the leading global companies across the world. APAC held the largest share of the POS Software Market in 2018, and is also anticipated to be the fastest growing region across the globe. Besides, largest share held by APAC, North America and Europe held the second and third position in the global POS Software Market in 2018 with market shares of ~30% and ~22% respectively.
Key Players Influencing the Market
- AccuPOS Point of Sale
- Clover Network, Inc.
- Dell Inc.
- Honeywell International, Inc.
- Infor INC
- Ingenico Group SA
- Intuit, Inc.
- LightSpeed POS Inc
- Vend Limited
The overall POS Software Market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the POS software market. It also provides the overview and forecast for the global POS Software Market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the POS software market.
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