WESTFORD, USA, January 30, 2023 (GLOBE NEWSWIRE) — NORTH AMERICA Point of sale (POS) software market It accounts for the largest revenue share due to the presence of well-known POS software vendors and high demand for sophisticated integrated POS software. Additionally, growing demand for advanced features such as staff management analytics, sales monitoring, inventory tracking, customer data management, and reporting is driving the global market. Additionally, the need to perform cashless transactions, track sales and inventory reports, and use analytics to formulate sales strategies is pushing the point of sale to retail chains, hospitality, drug stores, restaurants, auto dealerships, and more. POS) software is in high demand.
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A global study by SkyQuest estimates that North America will ship 32.4 million POS terminals in 2022, up 34.3% from 2020 shipments. As a result, North America’s share of the world total increased from 16.63% to 21.56% in 2022. Meanwhile, shipments to Europe he increased by 13.2% to reach 14.8 million units.
Point of sale (POS) software includes a variety of features for processing reservations, inventory management, and online orders. This reduces costs, increases revenue, and allows customers to pay through multiple channels, making the process much easier for both users and clients. Point of sale (POS) has become an essential focus for marketers, as they tend to make high-margin product and service purchase decisions.
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Prominent Players in Point of Sale (POS) Software Market
- NCR Corporation
- Oracle Corporation
- Ideal POS
- Toast Co., Ltd.
- Ingenico Group (Worldline)
- HP development company, LP
- Clover Network Co., Ltd.
- level systems
- speed of light
- PAX Global Technology Limited
- Nomia LLC
- Swift POS
- touch bistro
- Block Co., Ltd.
- Fujitsu Frontech Limited
Fixed POS segment to capture top share in POS software market
Based on SkyQuest’s segment analysis, the fixed POS segment is projected to have the largest revenue share of 53% in 2022, recording a CAGR of 13.4% during the forecast period due to rising consumer preference for FSR and QSR It has been. Customers are more likely to use a fixed POS system due to benefits such as a reliable management solution with business functionality, inventory management, staff time clocks, loyalty programs, and gift card management. Additionally, many end users choose fixed systems as they offer higher data privacy security.
North America has emerged as a promising regional market with a high market share for point of sale (POS) software. The region is home to major POS software vendors and sees high demand and adoption for leading integrated systems. Increasing adoption of POS terminals in the region, owing to growth in automated payment applications, is further boosting the market growth. The US healthcare sector is expected to offer lucrative opportunities to players as it needs to improve hospital facilities related to payments, insurance and patient management.
Retail Segment Drives Huge Sales Due to Increased Adoption by Small Businesses
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As the leading consumer of POS software, the retail sector will dominate the market with a 34.7% share in 2022, according to SkyQuest insights. With the expansion of multi-channel and e-commerce retailing, the industry is changing rapidly and the chances of success are very high during the forecast period. The retail segment has been driven by the growing use of cutting-edge payment methods by smaller stores around the world. Moreover, being an additional profitable area for suppliers, the restaurant POS software segment is also expected to grow significantly over the forecast period.
The Asia-Pacific region is expected to register significant growth in the coming years due to the increasing adoption of POS terminals in the region as the growth of the electronic payment industry is expected to drive the growth of the market. Moreover, increasing demand for advanced he POS solutions among fast-growing businesses such as e-commerce, retail, food service industry, and entertainment is expected to boost the growth of the market. Additionally, demand for cashless payments in retail, restaurants, entertainment, warehousing, and other industries in emerging markets is supplementing the growth of point-of-sale (POS) software.
The Point of Sale (POS) Software market research report highlights major competitors in the market by featuring complete business profiles. The report also examines major acquisitions, significant collaborations, mergers, product portfolios, product pipelines, and business policies.
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Key Developments in Point of Sale (POS) Software Market
- POSaBIT has agreed to the all-cash acquisition of three cannabis compliance companies by Akerna, expanding its suite of software products for sale to marijuana merchants in the United States and Canada. Perga Capital provided POSaBIT with his $11 million in debt and equity financing as part of the transaction. The new software component works with his POSaBIT point-of-sale system to provide “seed-to-sale” data for the company’s customers.
- Springbig, a leading SaaS-based marketing solutions provider, has announced a new integration of COMBASE, the leading cloud point-of-sale (“POS”) solution for small to large enterprises, with KORONA POS. The two-way integration of KORONA POS and springbig allows merchants to apply directly through media and award loyalty services with the help of his KORONA POS at checkout. Merchants can also enroll new members in the loyalty program using the POS or one of Springbig’s many enrollment tools.
- PayMaple LLC, a web-based POS and reconciliation solution, reports data integration with Cox Automotive’s Dealertrack DMS. It is an integrated dealer system that creates possibilities through the Opentrack flexible platform for two-way, third-party, and OEM software collaboration. In addition, shared dealer clients of PayMaple LLC and Dealertrack DMS receive benefits.
- CommentSold, the leading live video commerce solution that enables all retailers to increase sales with live sales, has announced the launch of its new point of sale (POS) system. The system is built on Stripe, a business financial infrastructure platform. This is an addition to CommentSold’s suite of retail solutions that provide retailers with an integrated solution for inventory management, in-person and online purchasing, and a seamless shopping experience.
Key Questions Answered in Point of Sale (POS) Software Market Report
- What is the projected size and CAGR of the point of sale (POS) software market?
- Which segments offer higher revenue opportunities during the forecast period?
- Which regions are projected to offer lucrative growth opportunities for market participants?
- Which companies have emerged as the most successful companies in their target market?
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