According to the new research report published by The Insight Partners, titled “POS Software Market - Global Analysis and Forecast to 2027”, the global POS software market was valued at US$ 12.23 Bn in 2018; it is expected to grow at a CAGR of 8.4% during the forecast period, to reach US$ 42.49 Bn by 2027.

In 2018, Asia Pacific accounted for the largest market share, growing at a CAGR of 17.5%

Asia Pacific comprises of the Australia, China, India, Japan, South Korea, and rest of APAC. The region has a more progressive economic outlook with the presence of developing countries such as China, India, and developed county like Japan. The presence of a large number of SMEs, coupled with the rapid expansion of the retail sector, is influencing the adoption of POS software in the region.

The retail in Asian economies is booming at an exponential rate. Owing to rising demand for consumer goods such as home appliances and consumer electronics, many companies are looking ahead to make a significant investment in the Indian retail space — for instance, Walmart Investments Cooperative U. A has spent US$ 37.68 Mn in Wal-Mart India Pvt Ltd. Moreover, the country’s retail industry has witnessed an increase in investments to reach US$ 180.18 Mn in 2018. Additionally, Max Hypermarket India partnered with Auchan Group, a French retail giant, to establish franchise hypermarket stores in India. Both retailing companies have planned to open 12–15 new stores annually across India. Moreover, the ease and speed of transactions offered by POS retail systems, along with personalization as per requirements, have driven their adoption across SMEs.

POS software market is segmented on the basis of the component, deployment type, application, and end user. The on-premise segment led the POS software market, by deployment type, with a share of 55.6% in 2018. The on-premises software is deployed within the company’s IT infrastructure. This software is solely responsible to maintain, upgrade, and perform all operations within the organization. It provides greater protection and security than a cloud computing infrastructure. It is mainly adopted by large and well-established companies that are capable of investing huge capital on maintaining the software

Key findings of the study:

In 2018, inventory tracking segment by application led the POS software market. The software enables the user to control all inventory operations, monitor purchase costs, and quick inventory check. In the case of product-based companies, the chances of human errors in managing inventory are high. Therefore, POS software eradicates the stress of keeping a record of inventories.

China held the largest share in the APAC POS software market in 2018. The number of retail stores such as supermarkets/hypermarkets/grocery stores has increased in the country to address the growing demand of customers. Therefore, the adoption of POS software in Chinese retail stores is expected to rise at an exponential rate.

Some of the key players operating in the global POS software market that are profiled in this research study include AccuPOS Point of Sale, Clover Network, Inc., Dell Inc., Honeywell International, Inc., Infor Inc., Ingenico Group SA, Intuit, Inc., LightSpeed POS Inc., ShopKeep, and Vend Limited.