Point of Sale (POS) Software Market Trends, Analysis & Forecast, 2032

 

As per a recent research report, Global Point of Sale (POS) Software Market share is likely to surpass USD 31 billion valuation by 2032.

Global POS software market is predicted to generate substantial revenue growth during the forecast period 2023 to 2032 owing to the rising demand for POS software influenced by the rising global demand for contactless and cashless transactions brought on by the COVID-19 epidemic.

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Non-cash payments have been significantly impacted by the pandemic. The advanced economies (AEs) as well as the developing economies recorded significant increases in the overall value of non-paper-based or digital credit transfers.

In March 2022, a provider of payments and API banking solutions, Cashfree Payments, launched softPOS, a POS system for enterprises like supermarkets, retail outlets, food delivery services, the automotive industry, and NBFCs. Through the softPOS, Cashfree also provides payment choices including wallets, EMI, and other Buy Now Pay Later options.

Notably, leading market players are utilizing business strategies including partnerships, acquisitions, and innovative product launches to take advantage of the development potential provided by the expanding industry and secure their market position. For instance, in January 2022, after a successful Early Access Program, Square, a company that specializes in software, payments, and hardware solutions for all businesses, announced its launch in Spain, giving business owners, freelancers, and entrepreneurs access to Square's ecosystem of tools.

Also, the demand for POS software that provides online ticketing and booking solutions for tours, activities, attractions, and events has also seen considerable growth resulting from the post-pandemic boom in the tourism and hospitality industry. The system supports online and back-office reservations, payment processing, calendaring, inventory management, and customer relationship management.

The POS software market is segregated depending on product, deployment, operating system, end user, application, and region.

As per product, the mobile segment of POS software industry will augment the market share with the growing use of mobile point-of-sale (POS) devices by small business owners. Moreover, with the growing availability of POS apps on any mobile device, smartphone or tablet, company owners are no longer restricted to a countertop POS at a physical location or an online store. Such devices just require a card reader to process sales in order to accept credit cards and mobile payments like Apple Pay or Google Pay.

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According to end-use segment, the warehousing and distribution category has had a significant deployment of POS software. By eliminating manual processes, the POS software enhances warehouse operations and reduces handling expenses. Users are directed through routine warehouse operations related to inbound and outgoing logistics and storage, and data is collected in real-time utilizing a mobile device.

Regionally, the Middle East & Africa POS software market is anticipated to grow at over 15% CAGR through 2032 backed by the widespread penetration of smartphones and prevalent internet access. Countries in the region are implementing digital technologies, which is slated to further drive the MEA market growth.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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