According to the new research report published by The Insight Partners, titled “POS Software Market – Global Analysis and Forecast to 2027”, the global POS software market was valued at US$ 12.23 Bn in 2018; it is expected to grow at a CAGR of 8.4% during the forecast period, to reach US$ 42.49 Bn by 2027.
In 2018, Asia Pacific accounted for the largest market share, growing at a CAGR of 17.5%
Asia Pacific comprises of the Australia, China, India, Japan, South Korea, and rest of APAC. The region has a more progressive economic outlook with the presence of developing countries such as China, India, and developed county like Japan. The presence of a large number of SMEs, coupled with the rapid expansion of the retail sector, is influencing the adoption of POS software in the region.
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The retail in Asian economies is booming at an exponential rate. Owing to rising demand for consumer goods such as home appliances and consumer electronics, many companies are looking ahead to make a significant investment in the Indian retail space — for instance, Walmart Investments Cooperative U. A has spent US$ 37.68 Mn in Wal-Mart India Pvt Ltd. Moreover, the country’s retail industry has witnessed an increase in investments to reach US$ 180.18 Mn in 2018. Additionally, Max Hypermarket India partnered with Auchan Group, a French retail giant, to establish franchise hypermarket stores in India. Both retailing companies have planned to open 12–15 new stores annually across India. Moreover, the ease and speed of transactions offered by POS retail systems, along with personalization as per requirements, have driven their adoption across SMEs.
Key findings of the study:
In 2018, inventory tracking segment by application led the POS software market. The software enables the user to control all inventory operations, monitor purchase costs, and quick inventory check. In the case of product-based companies, the chances of human errors in managing inventory are high. Therefore, POS software eradicates the stress of keeping a record of inventories.
China held the largest share in the APAC POS software market in 2018. The number of retail stores such as supermarkets/hypermarkets/grocery stores has increased in the country to address the growing demand of customers. Therefore, the adoption of POS software in Chinese retail stores is expected to rise at an exponential rate.
Some of the key players operating in the global POS software market that are profiled in this research study include AccuPOS Point of Sale, Clover Network, Inc., Dell Inc., Honeywell International, Inc., Infor Inc., Ingenico Group SA, Intuit, Inc., LightSpeed POS Inc., ShopKeep, and Vend Limited.
VEND, COLLINS LIGHTSPEED, AND INTUIT- NOTABLE MARKET PLAYERS IN POS SOFTWARE INDUSTRY
Rise in the concept of promoting electronic payments pertaining to rising digitalization and need to provide hassle-free service on real-time basis to end users are the major drivers propelling the growth of the POS software market. However, high initial cost for setting up POS and poor internet infrastructure might restrain the market growth. Nonetheless, the integration of advanced technologies such as biometric in POS and the development of mobile POS are drive the growth of the POS software market.
In the last few years, POS software has received high momentum across the world in retail and hospitality sectors owing to which the scope of POS software is forecasted to witness massive deployment. Further, countries such as the UAE, the UK, Belgium, Canada, the US, France, and Singapore are heavily adopting the cashless mode of payments owing to rising digitization and better internet infrastructure. On the other hand, Russia, Egypt, and Indonesia are among the countries that are embarking toward the path of electronic payments that would allow POS providers to address diversified needs in varied verticals.
The key players included in the global POS software market are AccuPOS Point of Sale, Clover Network, Inc., Dell Inc., Honeywell International Inc., Infor, Ingenico Group, Intuit Inc., Lightspeed, Shopkeep, and Vend Limited.
Few on the significant investments from the industry are mentioned below:
2019 Vend partnered with BigCommerce, the partnership enables retailers to centrally manage their day-to-day operations and have a seamless sync of sales, customers, products and inventory levels.
2019 Ingenico Group announced a new phase of its long-term partnership with the leading lottery and gaming operator in Italy, Lottomatica, asubsidiary of International Game Technology PLC.
2017 Vend launched a partnership with the Commonwealth Bank of Australia, which enable purpose-built payments tablet Albert feature in Vend’s Register app.
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