Point of Sale Software Market
Point of sale software is used by physical retailers to make sales. Point of sale terminals serve as a cash register where cashiers enter products, record costs, and complete the financial transaction. A customer executes payment for goods or services at a point of sale terminal. Point of sale terminals and systems in a physical store are used to process card payments or a virtual point of sale, such as a computer or mobile electronic device. A point of sale is custom built according to the needs of the retailer.
The software communicates with the inventory to check the balance and other data. Cloud-based intelligent point-of-sale systems are rapidly replacing traditional point-of-sale systems as small retailers invest heavily in upgrading their infrastructure. This has increased the popularity of point of sale systems in recent years. POS software is often compatible with most POS hardware and can be accessed over the Internet. There is a huge demand for cloud-based point of sale systems due to their low cost and convenience.
With increasing digitization, automation and virtualization, the demand for cloud-based software has multiplied. The cloud-based point of sale easily connects to a small physical store, e-commerce store, and occasional trade show or flea market and automatically adjusts inventory.
Impact of COVID-19
The COVID-19 pandemic has had a drastic impact on global SMEs, especially the retail sector, in terms of profitability, liquidity, inefficiency and visibility. It has severely disrupted the sophisticated and automated digital backbone of the industry. Therefore, major vendors are allocating funds to restore the digital back-end of all basic functions, such as invoicing, banking, accounting, taxes, payments, expenses, and cash management, using point-of-sale software.
The pandemic has dramatically reshaped the dynamics of business, introducing new complexities. Small businesses are dealing with much larger product categories, different types of customers, and different platforms than ever before. Managing all of this without a single app is a challenge. Hence, businesses are turning to efficient outlets to conduct the new retail business hassle-free.
Most of the Android-based point-of-sale terminals are made in China, which has been significantly affected due to the pandemic. The shortage of point-of-sale scanning machines to process, as the coronavirus can be transmitted through payment terminal buttons, is hampering market growth. By Tech Technology Corporation advises restaurant owners to keep point-of-sale terminals clean to protect customers and employees from the coronavirus outbreak.
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Shift Consumer Preferences to Cloud POS
There is a growing demand for robust, cost-effective point-of-sale solutions with advanced functionality to handle complex business operation scenarios, such as inventory, customer, payment, invoicing, and employee management. Easy installation, whether on a desktop, laptop or tablet, boosts market growth. Additionally, the growing adoption of cloud-based solutions, such as mPOS software and web-based point-of-sale solutions, is gaining traction among small and medium-sized businesses. Affordability and integration with CRM and other financial solutions are expected to drive the market growth during the forecast period.
Benefits of digital payment security to drive point-of-sale adoption
There is a growing consumer demand for a secure payment process due to the increase in financial frauds in digital transactions. Growing trends in mobility, mobile point-of-sale systems, the advent of cashless transaction technologies and the growth of e-commerce, brick and mortar and online retail practices have increased rates adoption of point-of-sale software. Investors suggest that smart point-of-sale terminals with advanced software infrastructure can reshape the future and give major e-commerce platforms a boost in digital payment processes.
An effective point-of-sale program speeds up payments and easily adapts to business needs. It can be easily adapted to the unique needs of each business. Point of sale systems can be synchronized so that detailed reports can be generated for the top selling products in a store. It enables hassle-free reporting and can be connected to areas of horizontal business process, such as sales, marketing, and finance. This dramatically increased their efficiency, attracting more buyers.
Uncertainties regarding cloud-based offerings and lack of awareness to hamper market growth
Point of sale terminal infrastructure is complex to install and cyber attacks are also increasingly common. Therefore, many organizations are unwilling to invest a large sum in the overall infrastructure, questioning the competence of cloud-based offerings when it comes to security challenges. Many companies have become familiar with on-premises or legacy systems and are reluctant to move to cloud-based POS because of fear of loss of ownership and control. Lack of skilled workers amid COVID-19 and limited awareness of potential risks, such as security and cloud threat, despite massive adoption of point-of-sale terminals in some countries, are limiting market growth
Growth of Cognitive Data Analytics to Drive Market Growth
Point of sale software can capture and analyze complex information about sales, purchases, and customers. Even a simple transaction generates payment terms, methods, a list of products sold and purchased, customer experience ratings, and agent sales data, which will increase the need to deploy more automated systems to manage data in the near future.
The data collected can help cognitive data analytics experts and help companies improve their product line, customer segment and behavior, which has long-term benefits in terms of profitability. The point of sale system helps transform massive customer relationship management (CRM) and customer engagement.
Effective asset management is crucial for long-term businesses
Point of sale software is capable of removing inefficiencies, such as the way of doing business, the workforce, and the customer handling process. Implementing a point of sale eliminates employee reliance on business data management and helps them make an informed and timely decision. There is a growing demand for point of sale terminals to help identify additional, unnecessary, underutilized and obsolete resources and manage them in an ideal way. This leads to greater productivity and a strengthened workforce and helps to increase long-term income for a business.
Growing adoption of POS terminals in various industries in North America to drive market growth
The North American market is largely driven by the growing adoption of point-of-sale terminals in various industries and the presence of giant software vendors. The United States is emerging as a prime segment in the North American point-of-sale software market, followed by Canada and Mexico. North America is one of the early adopters of mPOS and advanced technological infrastructure. Many businesses in the region are focused on providing point-of-sale solutions and services.
Global Payments, a global electronic payment processing (e-payment) company, has launched the Ingenico iCT250 contactless point of sale (POS) terminal built on Ingenico’s Telium2 platform. The iCT250 will help process cardholder payment transactions. It’s built-in contactless processing, a vivid color display, and backlit buttons for high visibility. The region is coveted for its consumer purchasing power, investments in cloud-based applications and configurable multifunctional hybrid POS systems and is expected to grow exponentially during the forecast period.
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Other important aspects of the report:
– The study contains detailed information on the key parameters that are expected to affect the future growth of the market.
– It further examines the driving factors and explains their impact on industry profits.
– The research includes information on the challenges that the market may face in the expected time and their impact on the market space.
GK SE software
PCMS Group Ltée.
Cow Hills Retail BV
VeriFone System Inc.
Casio Computer Co. Ltd.
PCMS Group Ltée.
Toshiba Tec Corporation
Point of Sale Software Market: Segmentation
Fixed point of sale terminals
Mobile point of sale terminals
By end user industry
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