Global Point of Sale Software Market to Generate $13645.2 Million by 2031, Owing to Increased Demand for Point of Sale Software from Various Corporate Applications

Point of sale software basically offers platform to accept customers’ online payments, process the transactions, keep a track of the sales, and update inventory levels accordingly. Point of sale software also allow employers to keep a track of employees and their activities and also monitor marketing campaigns undertaken by the organization. There are primarily two Point of Sale (POS) software types: On-premise POS software and Cloud-based POS software. On-premise POS system refers to a physical POS machine with in-built software that is similar to a touchscreen monitor. Cloud-based POS software, on the other hand, is web-based software that is installed in remotely placed servers and data centers.

Forecast Analysis of the Point of Sale Software Market

In the recent years, there has been an increase in the demand for point of sale software from various corporate applications. This surge in demand is expected to be the primary growth driver of the point of sale software market in the forecast period, 2022-2031. Along with this, an increasing preference among customers globally for cashless transactions is expected to push the point of sale software market further. Also, growing adoption of point of sale software among small businesses is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, security concerns related to point of sale software may restrain the growth of the market in the forecast period.

Regionally, the point of sale software market in the North America region is expected to be the most dominant by 2031. Presence of numerous point of sale software vendors and increasing demand for advanced integrated point of sale software are expected to become the two main growth drivers of the market in this region during the forecast period.

According to the report published by Research Dive, the global point of sale software market is expected to gather a revenue of $13645.2 million by 2031 and grow at 10.9% CAGR in the 2022–2031 timeframe. Some prominent market players include NCR Corporation, Agilysys Inc., Epicor Software Corporation, Revel Systems, Clover Network Inc., SAP SE, Oracle, Ingenico Group, Diebold Nixdorf Incorporated, Intuit Inc., and many others.

Covid-19 Impact on the Point of Sale Software Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The point of sale software market, however, has been an exception. The lockdowns and social distancing norms put in place by various governments across the globe led to an increase in cashless transactions which increased the demand for point of sale software. Also, increasing investments by companies in research and development to introduce advanced POS systems helped in the growth of the market in the pandemic period.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the point of sale software market to flourish. For instance:

• In September 2021, SpotOn, a leading point of sale software developer for retail stores and restaurants, announced the acquisition of Appetize, a digital commerce platform. This acquisition is expected to increase the footprint of the acquiring company substantially in the coming next few years.
   
• In June 2022, Openbravo, a cloud-based software provider in Spain, announced that it was launching a new point of sale software for quick service restaurants. This point of sale (POS) software, the company has claimed, will help restaurants to manage their operations efficiently and increase their sales. This product launch is predicted to help the company to capture a sizeable chunk of the market share.
   
• In September 2022, the PNC Financial Services Group, a leading financial services institution in the US, announced that it was acquiring Linga, a leading global point of sale software developer. This acquisition is predicted to boost the market share of PNC Financial Services Group in the nearby future.