Point Of Sale (POS) Software Market to Surpass USD 22.44

Point Of Sale (POS) Software Market to Surpass USD 22.44

Westford USA, Jan. 30, 2023 (GLOBE NEWSWIRE) — The North American point of sale (POS) software market accounted for the largest revenue share due to the existence of well-known POS software vendors and the high demand for sophisticated integrated POS software. In addition, the growing demand for advanced features such as staff management analytics, sales monitoring, inventory tracking, customer data management and reporting is driving the global market. Furthermore, the need to conduct cashless transactions, track sales and inventory reports, and develop sales strategies with the help of analytics is driving the demand for point of sale (POS) software across retail chains, hospitality, drug stores, restaurants, and auto dealerships, among others.

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Global research by SkyQuest estimates that North America will receive 32.4 million POS terminals in 2022, an increase of 34.3% from the shipment in 2020. Consequently, the proportion of North America to the world total of 16.63 % increased to 21.56% in 2022. On the other hand, shipments to Europe increased by 13.2% to 14.8 million.

Point of Sale (POS) software includes various features for handling booking, inventory management and online ordering. It reduces costs, increases revenue and enables customers to pay via multiple channels, making the process much easier for both users and customers. Customers tend to make purchasing decisions about high-margin products or services at these key locations, making points of sale (POS) an essential focus for marketers.

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Prominent Players in the Point of Sale (POS) Software Market.

NCR Corporation Oracle CorporationIdealPOSToast, Inc. Ingenico Group (Worldline) HP Development Company, LP Clover Network, Inc.Revel SystemsLightspeed PAX Global Technology Limited Nomia LLCSwiftPOSTouchBistro Block, Inc. Fujitsu Frontech Limited

Fixed POS segment to capture the leading share in the POS software market

Based on SkyQuest’s segment analysis, the fixed POS segment accounted for the largest revenue share at 53% in 2022 and is forecast to register a CAGR of 13.4% during the forecast period, owing to consumers’ growing preference for FSRs and QSRs . Customers are more likely to use a fixed POS system because of its benefits, including reliable management solutions with business functionality, inventory management, staff time clocks, loyalty program and gift card administration. In addition, many end users choose fixed systems because they offer higher data privacy security.

North America has emerged as the promising regional market with a larger market share of Point of Sale (POS) Software. The region is home to leading POS software vendors, and there is high demand and adoption of superior integrated systems. The increasing adoption of POS terminals in the region due to growth in the automated payment application has further fueled the market growth. The healthcare sector in the United States is expected to offer lucrative opportunities for players due to the need to improve hospital facilities related to payment, insurance and patient management.

Retail segment to drive huge sales due to increasing adoption by small and medium-sized enterprises

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According to SkyQuest’s insights, the retail sector dominated the market with a share of 34.7% in 2022 as the primary consumer of POS software. With the expansion of multi-channel and e-commerce retail, the industry is changing rapidly and has a great chance to succeed during the projected period. The retail sector’s segment was driven by small shops’ increasing use of the latest payment methods worldwide. Furthermore, being an additional profitable area for the vendors, the restaurant POS software segment is also expected to increase significantly during the projected period.

Asia Pacific is expected to register significant growth in the coming years due to the region’s increasing adoption of POS terminals due to growth in the electronic payment industry is expected to drive market growth. Furthermore, the ever-increasing demand for advanced POS solutions among fast-growing businesses such as e-commerce, retail, the food service industry and entertainment is expected to drive market growth. Furthermore, in emerging countries, the demand for cashless payment in retail, restaurant, entertainment, warehousing and other industries is complementing the growth of Point of Sale (POS) software.

The Point of Sale (POS) Software market research report highlights the market’s leading competitors by containing complete business profiles. The report also examines key acquisitions, significant collaborations, mergers, product portfolios, product pipelines and business policies.

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Key developments in the point of sale (POS) software market.

POSaBIT has agreed to a cash acquisition of three cannabis-compliant companies by Akerna, expanding the range of software products it sells to cannabis dealers in the United States and Canada. Perga Capital provided $11 million in debt and equity financing to POSaBIT as part of the transaction. The new software components will work with POSaBIT’s POS systems and deliver “seed-to-sale” data to the company’s customers. Springbig, a leading SaaS-based marketing solutions provider, has announced a new integration with COMBASE’s KORONA POS, the leading cloud endpoint. -of-sale (“POS”) solution for small businesses to enterprises. The two-way integration of KORONA POS and springbig will enable merchants to apply through the medium and award loyalty offers directly with the help of KORONA POS at the checkout. Merchants can also enroll new members to the loyalty program through the POS or one of Springbig’s many enrollment tools. PayMaple LLC, a web-based point of sale and reconciliation solution, reports data integration with Cox Automotive’s Dealertrack DMS. It is an integrated dealer system that creates possibilities via their Opentrack flexible platform for two-way, third-party and OEM software collaboration. In addition, PayMaple LLC and Dealertrack DMS’s shared merchant customers will receive the benefits.CommentSold, the leading live video commerce solution that enables all retail businesses to drive sales growth with live sales, announced the launch of its new Point of Sale (POS) system. . The system is built on Stripe, a business financial infrastructure platform. It is an addition to CommentSold’s suite of retail solutions that provide retailers with a unified solution for inventory management, in-person and online purchasing, and seamless shopper experiences.

Key questions answered in the Point of Sale Software market report

What is the expected size and CAGR for the Point of Sale (POS) Software market? Which segment will offer higher revenue generation opportunities during the forecast period? Which region is expected to offer lucrative growth opportunities for market participants? Which players have emerged as the most successful businesses in the target market?

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