Point of Sale (POS) Software Market Size and Future Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Point Of Sale (POS) Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The point of sale (POS) software market size has grown rapidly in recent years. It will grow from $11.83 billion in 2023 to $13.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to early smartphone adoption, limited traditional POS accessibility, the emergence of cloud-based solutions, early government initiatives for cashless transactions, and the rise of app stores and mobile payment apps.

The point of sale (POS) software market size is expected to see rapid growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to the growing popularity of biometric authentication, the focus on sustainability, the emergence of blockchain technology, and the rise of on-demand delivery services. Major trends in the forecast period include personalization through AI, convergence with social commerce, augmented reality (AR) integration, the rise of voice-activated payments, and a focus on employee experience.

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Market Drivers and Trends:

The rise in the retail and e-commerce sectors is expected to propel the growth of the point of sale (POS) software market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The retail and e-commerce industries are booming due to the expansion of digital marketplaces, the shift in consumer behavior, and digital transformation. Point-of-sale (POS) software is essential for increasing customer happiness, streamlining operations, and fostering growth in the retail and e-commerce industries. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total retail sales for 2023 experienced a 2.1% increase compared to the previous year. Furthermore, according to the International Trade Administration, an agency in the United States Department of Commerce, e-commerce sales in Canada are expected to jump to $40.3 billion by 2025 from $2.34 billion in March 2022. Therefore, the rise in the retail and e-commerce sectors is driving the growth of the POS software market.

Major companies operating in the point of sale (POS) software market are developing cloud-based POS systems such as NCR Aloha Cloud to serve customers with better-advanced features. NCR Aloha Cloud is a cloud-based POS (Point of Sale) system that provides a modern, user-friendly experience that helps operators run their restaurants. For instance, in May 2022, NCR Voyix Corporation, a US-based software development company, introduced NCR Aloha Cloud, a cloud-based restaurant POS system. The system features next-day deposit financing, the smallest portable gadget, simple payment processing, and a new user interface. The system also offers data and analytics capabilities, providing valuable insights for informed decision-making. With secure payment processing, offline mode, native loyalty, email marketing, and 24/7 support, the Aloha Cloud system stands out as a comprehensive solution tailored to meet the needs of the restaurant industry effectively and efficiently.

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Major Key Players of the Market:

Samsung Electronics Co. Ltd., Panasonic Corporation, Oracle Corporation, SAP SE, Fujitsu Ltd., Toshiba Corporation, NEC Corporation, Mastercard Inc., Fiserv Inc., Block Inc., NCR Corporation, Shopify LLC, Diebold Nixdorf Inc., Toast Inc., Epicor Software Corporation, Ingenico SA, Clover Network Inc., Lightspeed Commerce, VeriFone Inc., VeriFone System Inc., Aptos LLC, PAX Technology, GK Software SE, Revel Systems, Blaze Solutions Inc., Qashier PTE Ltd., Ideal POS Ltd.

Point Of Sale (POS) Software Market 2024 Key Insights:

• The point of sale (POS) software market size is expected to see rapid growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• The Impact Of Retail And E-commerce Growth On The POS Software Market
• NCR Aloha Cloud Offering Advanced Features And Analytics
• North America was the largest region in the point of sale (POS) software market in 2023

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