New York, NY, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Point of Sale Software Market by Software Setup (Cloud-Based and Native), by Product (Mobile POS and Terminal POS), and by End-User (Retail, Government Sector, Healthcare, Hospitality, Media & Entertainment, Warehouses, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global point of sale software market accounted for USD 12.9 billion in 2017 and is expected to reach USD 30.9 billion by 2024, at a CAGR of 13.3% between 2018 and 2024.

Point of sale (POS) system is a combination of hardware and software that allows vendors to accept card payments. The costs incurred with the installation of POS systems vary based on business size and various terms and conditions. The market trends are making businesses to shift from traditional usage of magnetic stripe readers to mobile payments.

Browse through 84 Tables & 27 Figures spread over 136 Pages and in-depth TOC on “Global Point of Sale Software Market Size & Share 2017: Industry Type, Trends, Applications, Growth Analysis and Forecast 2024”.

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The growing preference for smartphone usage globally is anticipated to drive the point of sale software market in the future. Various retailers are offering services for cashless payments. In 2016, the number of Smartphone users was 2.1 billion as compared to 1.86 billion in 2015. Thus, the retailers are adopting POS solutions to simplify their services and payment options to make them in-line with the smartphone users. In 2018, Walmart announced its strategic partnership with Microsoft to utilize their cloud-based solutions to simplify shopping. All these factors are anticipated to drive point of sale software market over the forecast timeline.

Massive investments made in healthcare technology are predicted to propel the point of sale software market globally in the upcoming years. AI-based POS systems, such as ePaisa, are adopted by healthcare professionals to help their staff offer personalized services, improve staff productivity, and reduce labor costs. In 2017, the overall U.S. healthcare investments made in the IT sector were USD 7.1 billion as compared to USD 2.8 billion in 2013. Furthermore, in 2016, the Chinese medical device market reached USD 53.6 billion, witnessing a 20% rise as compared to 2015. Furthermore, governments of various developing countries, such as India and China, are taking initiatives to promote the use of technology in public transport, government services, etc.

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The point of sale software market is segmented based on software setup, product, and end-user. By software setup, the market is bifurcated into cloud-based and native. Mobile POS and terminal POS comprise the product segment of this global market. Terminal POS is anticipated to dominate the market in the future, due to the increasing technology expenditure in the government sector. The end-user segment comprises retail, government sector, healthcare, hospitality, media and entertainment, warehouses, and others. The retail sector is projected to grow notably in the upcoming years, owing to the rising investments made in the technology sector.

North America is likely to hold a substantial share of the global point of sale software market, due to the growing hospitality sector in the U.S. In 2017, the U.S. hotel industry generated USD 208 billion in revenue as compared to USD 199.3 billion in 2016. Furthermore, various hotels are investing in technology to simplify their daily operations. These investments include solutions for payment, inventory management, customer relationship management, etc.

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The growing demand for point of sale software among various European retailers is anticipated to drive this regional market. In 2017, UK retail sales were nearly USD 517 billion as compared to USD 494 billion in 2016. Additionally, it is estimated that the European e-commerce sales will grow by about 10% in 2018 as compared to 2017. Online sales in Europe are likely to grow in the next few years, owing to the increasing demand for smartphones, which, in turn, is projected to help the European point of sale software market over the projected timeframe.

The Asia Pacific point of sale software market has tremendous potential to expand during the estimated timeframe. India and China are likely to drive this regional market, due to the emergence of the region’s media and entertainment. The point of sale systems are increasingly adopted at entertainment centers, such as cinema halls, amphitheaters, amusement parks, and malls, for better customer experience. During the financial year 2017-2018, the Indian media and entertainment industry grew at the rate of 10.9%. It is expected that the industry will reach USD 39.7 billion by 2023. Furthermore, in the first half of 2018, this industry witnessed investments worth USD 115 million.

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The Middle Eastern and African region is anticipated to make a substantial contribution to the point of sale software market over the forecast timeframe, due to the rising investments made in the region’s technology sector. In 2016, UAE’s technological investments reached USD 799 million from USD 35 million in 2013. These investments are anticipated to rise by 2024. The Latin American point of sale software market is estimated to grow considerably over the forecast time period. In 2015, the Brazilian retail industry was valued at USD 600 billion and contributed nearly 20% toward the national GDP. Technological developments witnessed in Brazil are likely to open new avenues for the point of sale software market in the future.

Certain key players operating in the global point of sale software market are Square, Inc., Shopify, Paysafe Holdings, PayPal Holdings, Inc., uAccept, Clover Network, Inc., Gotmerchant.com, LLC, Harbortouch, eHopper, and TouchSuite, among others.

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This report segments the global point of sale software market as follows:

Global Point of Sale Software Market: Software Setup Segment Analysis

  • Cloud-Based
  • Native

Global Point of Sale Software Market: Product Segment Analysis

  • Mobile POS
  • Terminal POS

Global Point of Sale Software Market: End-User Segment Analysis

  • Retail
  • Government Sector
  • Healthcare
  • Hospitality
  • Media & Entertainment
  • Warehouses
  • Others

Global Point of Sale Software Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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