The global point of sale software market size is expected to reach USD 19.56 billion by 2028, registering a CAGR of 9.5% over the forecast period, according to a new report by Grand View Research, Inc. Over the last few years, the restaurant industry has witnessed an uptick, largely favored by improving economy. However, restauranteurs are still facing challenges that could potentially hamper their performance as well as revenue. Moreover, the pandemic has hit the business substantially as countries went into lockdowns and travel & tourism came to a sudden halt. This, in turn, impacted the point of sale (POS) software business for the short term.
In addition, restaurant operators also face challenges in terms of complexities associated with order management while delivering the food on time and ensuring outstanding customer service. To meet the changing customer requirements and decrease the food as well as operational costs, restaurant operators are relying heavily on innovative technologies like restaurant software solutions that range from an all-in-one business management system to standalone POS terminals. The need to offer rapid and high-quality service to the customers while enabling easy guest management at restaurants is creating a pool of opportunities for market incumbents.
The industry is slowly making in-roads with the integration of technologies, such as cloud and artificial intelligence, with an aim to improve the existing ecosystem and help restaurants build an efficient work environment. The availability of these new technologies in one system helps restaurant operators to focus on their core competencies, thereby generating a profitable business output. Although the pandemic has hit the business negatively, an increase in demand for online orders is expected to favor the market growth over the next couple of years. Apart from restaurants, the industry is also expected to garner substantial profits from industries, such as retail and hospitality. The need for contactless payment options in the current scenario will play a vital role in driving POS software demand in the near future.
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The global POS software market was valued at USD 9.26 billion in 2020. The business still has potential as the need for contactless payment options is on a rise amidst the pandemic
The on-premise segment emerged as the preferred choice in 2020. Data security and the need to lower data exposure to third-party sources is expected to upkeep segment growth over the next few years
The demand for POS software in Asia Pacific is estimated to register a CAGR exceeding 11.0% from 2021 to 2028
The increasing digitization of business activities in countries like India, Malaysia, Singapore, Japan, and South Korea is expected to favor regional market growth. Moreover, the pandemic has been largely responsible for paving way for digital transformation in these economies, thereby creating opportunities for IT software & service providers.
Grand View Research has segmented the global point of sale software market on the basis of application, deployment mode, organization size, end-user, and region:
Point Of Sale Software Application Outlook (Revenue, USD Million, 2016 - 2028)
Point Of Sale Software Deployment Mode Outlook (Revenue, USD Million, 2016 - 2028)
Point Of Sale Software Organization Size Outlook (Revenue, USD Million, 2016 - 2028)
Small and Medium Enterprise (SME)
Point Of Sale Software End-user Outlook (Revenue, USD Million, 2016 - 2028)
Point Of Sale Software Regional Outlook (Revenue, USD Million 2016 - 2028)
List of Key Players of Point Of Sale Software Market
Clover Network, Inc.
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