Point Of Sale (POS) Software Global Market Analysis 2024: Key Growth Drivers and Forecast

Overview and Scope
Point of sale (POS) software is a type of computer program used by retailers and businesses to manage and facilitate transactions at the point where customers make purchases. It is a central hub for controlling various retail or service business aspects, streamlining operations, improving customer experiences, and providing valuable data for strategic decision-making.

Sizing and Forecast
The point of sale (POS) software market size has grown rapidly in recent years. It will grow from $11.83 billion in 2023 to $13.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%.  The growth in the historic period can be attributed to early smartphone adoption, limited traditional POS accessibility, the emergence of cloud-based solutions, early government initiatives for cashless transactions, and the rise of app stores and mobile payment apps.

The point of sale (POS) software market size is expected to see rapid growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.  The growth in the forecast period can be attributed to the growing popularity of biometric authentication, the focus on sustainability, the emergence of blockchain technology, and the rise of on-demand delivery services. Major trends in the forecast period include personalization through AI, convergence with social commerce, augmented reality (AR) integration, the rise of voice-activated payments, and a focus on employee experience.

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Segmentation & Regional Insights
The point of sale (POS) software market covered in this report is segmented –

1) By Component: Software, Services
2) By Deployment: On-Cloud, On-Premises
3) By Application: Inventory Tracking, Sales Reporting, Purchasing Management, Customer Engagement
4) By End-User: Retail, Healthcare, Government Sector, Media And Entertainment, Warehouses, Hospitality, Other End-Users

North America was the largest region in the point of sale (POS) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the point of sale (POS) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rise in the retail and e-commerce sectors is expected to propel the growth of the point of sale (POS) software market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The retail and e-commerce industries are booming due to the expansion of digital marketplaces, the shift in consumer behavior, and digital transformation. Point-of-sale (POS) software is essential for increasing customer happiness, streamlining operations, and fostering growth in the retail and e-commerce industries. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total retail sales for 2023 experienced a 2.1% increase compared to the previous year. Furthermore, according to the International Trade Administration, an agency in the United States Department of Commerce, e-commerce sales in Canada are expected to jump to $40.3 billion by 2025 from $2.34 billion in March 2022. Therefore, the rise in the retail and e-commerce sectors is driving the growth of the POS software market.

Key Industry Players
Major companies operating in the point of sale (POS) software market are  Samsung Electronics Co. Ltd., Panasonic Corporation, Oracle Corporation, SAP SE, Fujitsu Ltd., Toshiba Corporation, NEC Corporation, Mastercard Inc., Fiserv Inc., Block Inc., NCR Corporation, Shopify LLC, Diebold Nixdorf Inc., Toast Inc., Epicor Software Corporation, Ingenico SA, Clover Network Inc., Lightspeed Commerce, VeriFone Inc., VeriFone System Inc., Aptos LLC, PAX Technology, GK Software SE, Revel Systems, Blaze Solutions Inc., Qashier PTE Ltd., Ideal POS Ltd.

The point of sale (pos) software market report table of contents includes:

1. Executive Summary
2. Point Of Sale (POS) Software Market Characteristics
3. Point Of Sale (POS) Software Market Trends And Strategies
4. Point Of Sale (POS) Software Market – Macro Economic Scenario
5. Global Point Of Sale (POS) Software Market Size and Growth
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31. Global Point Of Sale (POS) Software Market Competitive Benchmarking
32. Global Point Of Sale (POS) Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Point Of Sale (POS) Software Market
34. Point Of Sale (POS) Software Market Future Outlook and Potential Analysis
35. Appendix

 

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