Point Of Sale Software Market Set To Grow Rapidly Owing To Rise In Use Of Smartphones For Online Shopping
A point of sale system (POS) is a set of technologies that are utilized to make payments for services and products at a number of places. This software of the system scans data of the credit or debit card of the purchaser and substantiates the availability of funds to trade the product besides transmitting funds from the account of the buyer to the account of the merchant and logging the transaction. The global point of sale software market is anticipated to attain USD 30.9 Billion by 2024, developing at a 13.3% CAGR between 2018 and 2024.
The rising inclination for use of smartphone across the world is expected to boost the growth of the point of sale software market in the coming period. Point of sale software market is anticipated to drive in the coming period on account of the increasing e-commerce sales. mPOS (Mobile point of sale) software is utilized by a number of merchants for cashless transactions as it assists the merchants in retaining customer database and keeping consumers through the process of customer relationship management. Digitalization is making the path for vendors to broaden their customer base. The US e-commerce sales boosted by 16% in 2017 in comparison to 2016.
Moreover, in 2017, the global online sales were esteemed at USD 2.3 Trillion in comparison to USD 1.3 Trillion in 2014. The use of smartphones for the purpose of online shopping is one of the major factors responsible for the growth of the point of sale software market. Further, the point of sale software market is anticipated to develop swiftly owing to the booming hospitality sector. In addition, the swiftly flourishing travel industry is expected to contribute toward the growth of the point of sale software market.
The global travel industry bookings attained USD 1.6 Trillion in 2017. Moreover, international travel departures have elevated over the last 2 decades to 1.3 Billion from 600 Million. Nevertheless, the rising digit of cyber attacks is anticipated to restrict the growth of the point of sale software market.
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The point of sale software market is bifurcated on the basis of software setup, end-user, and product. By software setup, the point of sale software market is divided into native and cloud-based. The cloud-based segment is projected to develop considerably in the future owing to the enormous investments made by key institutions in cloud technology. Terminal POS and Mobile POS cover the product segment of the global point of sale software market. The end-user segment of the point of sale software market entails government sector, retail, hospitality, warehouses, healthcare, entertainment & media, and others.
During the forecast period, North America is projected to hold a considerable stake in the global point of sale software market, as the region is one of the most technologically advanced across the world. Additionally, the rising expenditure in the US retail sector is anticipated to propel the growth of the regional point of sale software market. The Asia Pacific is also estimated to develop considerably over the forecast period on account of the increasing technological expenditures made by the governments.
Some of the key players in the global point of sale software market consist of Shopify, Square, Inc., PayPal Holdings, Inc., Paysafe Holdings, Clover Network, Inc., uAccept, LLC, Gotmerchant.com, eHopper, TouchSuite, and Harbortouch, among others.
In late December 2018, Ormeus Cash (OMC) declared a new “trustless” point of sale system that would facilitate the vendors across the world to take cryptocurrency payments for services and goods. Through an association with COTI, technology leader, Ormeus Cash uses the “trustless” protocol of COTI in the point of sale system. This would further boost the implementation of point of sale software and thus the growth of the global point of sale software market.