increasing demand for contactless payment options is driving the Point Of Sale Software Market
Technavio analyzes that the Point Of Sale Software Market is expected to grow at a CAGR of 10.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6100.2 million.There are various factors that contribute to the growth of the market.ai_driver_list1
The on-premise segment of the point of sale (POS) software market caters to businesses seeking customizable and secure solutions. Installed locally on a company's servers and hardware, these systems offer enhanced control and flexibility, addressing unique operational requirements. A key advantage is the heightened security, as data is stored locally, minimizing the risk of data breaches linked to cloud storage. Additionally, on-premise POS systems support multi-channel demand, including e-commerce channels, digital payments, mobile wallets, and automated calculations. Inventory tracking is another essential feature, ensuring accurate stock management and seamless transactions.
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Point Of Sale Software Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Point-of-sale (POS) software enables merchants in retail chains, restaurants, hotels, drug stores, auto shops, and other industries to manage sales tracking, inventory data, and sales strategy through advanced features such as cashless transactions, digital payments, mobile wallets, automated calculations, real-time updates, online channels, and system integration. Advanced functionalities include employee management analytics, inventory tracking, dynamic pricing optimization, fraud detection, personalized shopping experiences, and generative AI. Cloud-based POS systems offer enhanced functionality, security, and technology evolution with features like automated calculations, real-time updates, and online channels. Additionally, POS software supports consumer goods sales, retail sales, and various payment methods including mobile payments and digital wallets. Security is a priority with fraud detection and cloud computing technology.
The Point-of-Sale (POS) software market is a segment of the broader application software industry, focusing on solutions that facilitate cashless transactions and provide real-time sales tracking, inventory data management, and advanced sales strategies. This software caters to various business sectors, including retail chains, restaurants, hotels, drug stores, and auto shops. Technavio's market analysis encompasses the revenues of companies providing POS software solutions, encompassing both on-premises and cloud-based offerings. These companies contribute to the global application software market, which falls under the IT software market umbrella, excluding those specializing in interactive home entertainment or systems/database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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