Point of Sale Software Market Growth Report | 2021 to 2031 (2024)

The point of sale software market size is expected to grow from US$ 18.31 billion in 2023 to US$ 34.92 billion by 2031; it is anticipated to expand at a CAGR of 8.4% from 2023 to 2031. With the correct POS system, one can immediately reduce hours of human labor and data entry, which can lead to reporting inaccuracies. A POS system serves as the core hub of a firm, bringing together sales, inventory management, payment processing, and customer management. A POS system guarantees that all processes run properly.

Point of Sale Software Market Analysis

The point of sale software market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Point-of-sale (POS) systems are evolving, giving businesses more flexibility, control, and intelligence than ever before. Businesses are progressively transitioning from cashless transactions and fixed credit card readers to tablet- and cloud-based POS solutions. This technological transition not only adds new functionality, but also helps organizations to consolidate all of their data and transactions in one location.

Point of Sale Software Industry Overview

• 2024 is projected to be a watershed moment for point-of-sale technology trends. With the growing expansion of artificial intelligence, POS is expected to quickly adapt to this new technology. Aside from AI, improvements in Data Science and Machine Learning are projected to redefine the role of POS scanners in sales management. From small business owners to restaurant chains, POS is going to become more user-friendly for all. These technologies are also intended to handle transactions, track inventories, and record precise sales data more accurately.
• POS systems can now combine data for future applications. This information is likely to assist business owners strategize effectively. Integration of POS systems with other business tools, such as Customer Relationship Management (CRM) software and inventory management systems, is becoming increasingly prevalent.

Point of Sale Software Market Driver

Personalized Shopping to Drive the Point of Sale Software Market

• Using modern POS systems, business owners can leverage client purchase data to better plan their interactions with customers. Personalized purchasing experiences have become the standard, and allowing them through POS means that many businesses who were previously excluded from this technology will now be able to reap the benefits. POS systems can recommend appropriate items, discounts, or promotions in real time.
• POS customisation may make retail even more customer-oriented, from incentives to drawing back customers to the same firms and targeting them with appropriate loyalty programs. Businesses that employ POS personalization will develop closer connections with their customers, resulting in a buying environment that is not only transactional but also profoundly personalized and engaging.

Point of Sale Software Market Report Segmentation Analysis

• Based on the deployment mode, the point of sale software market report is segmented into cloud-based and on-premises. The cloud-based segment is expected to hold a significant point of sale software market share in 2023.
• Cloud-based POS software automatically syncs retail stores, items, customers, and orders across all platforms. The end user no longer needs to retain numerous product records or rely on guessing for inventory management.

Point of Sale Software Market Analysis by Geography

The scope of the Point of Sale Software market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Point of Sale Software market share. The region's significant development in the field of digital solutions in ecommerce, retail and hospitality to this growth. North America is home to many developing countries like the US and Canada, driving the point of sale software market growth.

Point of Sale Software Market Report Scope

The "Point of Sale Software Market Analysis" was carried out based on core investment strategies and geography. In terms of end user, the market is segmented into restaurant, hospitality, healthcare, retail, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Point of Sale Software Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Point of Sale Software market. A few recent key market developments are listed below:

• In March 2023, unveiled Stripe Reader S700 to help businesses bring their online and in-person payments experiences closer together than ever before. The new, Android-based smart reader is part of Stripe Terminal, a set of developer interfaces, pre-certified card readers, and logistics management tools. Stripe Reader S700 is the latest demonstration of Stripe’s commitment to in-person payments, following the launch of Stripe Reader M2 in 2021, Stripe’s 2022 acquisition of BBPOS for manufacturing, and Stripe’s launch of Tap to Pay on iPhone in 2022 and Tap to Pay on Android in 2023.

[Source: Stripe, Company Website]

Point of Sale Software Market Report Coverage & Deliverables

The market report "Point of Sale Software Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Point of Sale Software Market Report Analysis

MARKET PLAYERS

Point of Sale Software Market Report Scope