Point of Sale (POS) Software Global Market Report 2024

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 historical growth can be credited to the early adoption of smartphones, limited accessibility of traditional POS systems, the emergence of cloud-based solutions, initial government efforts to promote cashless transactions, and the proliferation of app stores and mobile payment applications.

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%. The anticipated growth in the forecast period can be linked to the increasing adoption of biometric authentication, a heightened emphasis on sustainability, the emergence of blockchain technology, and the surge in on-demand delivery services. Key trends expected in this period encompass personalization through AI, convergence with social commerce, integration of augmented reality (AR), the rise of voice-activated payments, and a focus on enhancing employee experience.

The anticipated growth in the retail and e-commerce sectors is poised to drive the expansion of the point of sale (POS) software market in the future. These sectors encompass businesses that directly sell goods and services to consumers through physical stores or online platforms, facilitating transactions and product distribution. The growth in retail and e-commerce is fueled by the proliferation of digital marketplaces, shifts in consumer behavior, and digital transformation efforts. POS software plays a crucial role in enhancing customer satisfaction, streamlining operations, and fostering growth within these industries. For example, in February 2024, based on data from the United States Census Bureau, total retail sales in 2023 saw a 2.1% increase compared to the previous year. Additionally, as per the International Trade Administration within the United States Department of Commerce, e-commerce sales in Canada are projected to reach $40.3 billion by 2025, up from $2.34 billion in March 2022. Thus, the surge in the retail and e-commerce sectors is a driving force behind the POS software market's growth.

Leading companies in the point of sale (POS) software market are focusing on developing cloud-based POS systems such as NCR Aloha Cloud, offering enhanced features to cater to customer needs. NCR Aloha Cloud is a cloud-based POS system designed to deliver a modern, user-friendly experience for restaurant operators. For instance, in May 2022, NCR Voyix Corporation, a US-based software development company, launched NCR Aloha Cloud, featuring next-day deposit financing, compact portable devices, seamless payment processing, and an intuitive user interface. The system also incorporates robust data and analytics capabilities, providing valuable insights for informed decision-making. With secure payment processing, offline functionality, built-in loyalty programs, email marketing tools, and round-the-clock support, Aloha Cloud stands out as a comprehensive solution tailored to efficiently meet the needs of the restaurant industry.

In November 2023, Nayax Ltd., an Israel-based fintech company, acquired Retail Pro International, marking a significant development in the POS software landscape. This acquisition enables Nayax to offer an integrated solution, empowering retailers to manage all retail operations through a single platform, including integrated loyalty and payment functionalities within POS software. Retail Pro International, a US-based company, specializes in providing software applications for point of sale, store operations, merchandising, business intelligence, and multichannel sales.

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.

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. The countries covered in the point of sale (POS) software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Point of sale (POS) software constitutes a category of computer programs utilized by retailers and businesses to oversee and facilitate transactions where customers make purchases. Acting as a central hub, it oversees multiple aspects of retail or service operations, streamlining processes, enhancing customer experiences, and furnishing valuable data for strategic decision-making.

The primary component of POS software encompasses software and services, denoting the actual software solutions empowering businesses to manage their point-of-sale transactions. This segment of the POS software market encompasses various software types such as fixed POS and mobile POS, with deployment options including on-cloud and on-premises. These solutions serve diverse functions such as inventory tracking, sales reporting, purchasing management, and customer engagement across multiple sectors including retail, healthcare, government, media and entertainment, warehouses, hospitality, and other domains.

The point of sale (POS) software market research report is one of a series of new reports that provides point of sale (POS) software market statistics, including the point of sale (POS) software industry global market size, regional shares, competitors with a point of sale (POS) software market share, detailed point of sale (POS) software market segments, market trends and opportunities, and any further data you may need to thrive in the point of sale (POS) software industry. This point of sale (POS) software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The point of sale (POS) software market consists of revenues earned by entities by providing services such as inventory management, sales reporting and analytics, customer relationship management, and employee management. The market value includes the value of related goods sold by the service provider or included within the service offering. The point of sale (POS) software market also includes sales of clover POS, revel systems, toast POS, and shopify POS. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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