The NA and EMEA POS Software Market Size was $6,553.1 million in 2021 and is anticipated to expand at a CAGR of 12.7%, generating a revenue of $21,140.1 million by 2031.
Impact Analysis of COVID-19 on the Point-of-sale software Market
Prior to the outbreak of COVID-19, the digital payments landscape observed a considerable growth across various end-use industries mainly retail, hospitality, and e-commerce. However, there was high number of attacks observed prior to the pandemic on PoS terminals, eventually affecting the overall POS industry. The spending patterns have resulted in leveraging point of sale attacks again. As per the secondary sources, HydraPoS and AbaddonPoS were the most widespread malware families in 2019, accounting for major share of all detections. Owing to this, the POS industry followed a considerable growth in the pre-pandemic levels. However, when the pandemic hit, the number of attacks decreased sharply compared to the previous year from roughly 8000 in 2019 to 5000 in 2020. This factor has severely hampered the growth of NA and EMEA POS Software market share in the pandemic period.
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NA and EMEA POS Software Market Analysis
The healthcare industry in the U.S. is massive and healthcare spending accounted for over 19.7% of total spendings in 2020. Innovative technologies have played a major role in transforming the healthcare sector in North America. The POS software finds a range of applications in the healthcare industry as it is widely used by healthcare practitioners for handling patient consultations, billing, email marketing, leads, and inventory management. Moreover, with the POS software, the patient’s details including medical history, consent forms, and consultation fees can be managed. In addition, with the help of POS software, healthcare professionals can get information regarding patients’ meals as it can maintain the patients’ data with accuracy. With the help of mobile POS, patients can make payments anytime. Each detail of patients’ health can be tracked by the POS software. In addition, the online transactions and patients’ data are secured due to the use of cloud-based POS.
The POS system can automate inventory management without the need for human intervention. For instance, one can set an alarm or notification when inventory drops to a certain number. Hence, when inventory drops below a certain number, the inventory manager receives a notification and the manager can place the order instantly. POS software helps in managing payroll in hospitals that can keep a track of staff performance, track their working hours, generate scheduled emails for employees, and others. All these factors are anticipated to boost the popularity of point-of-sale software in North America.
The time-consuming process for rectifying technological issues in case of any breakdowns such as software or the hardware is anticipated to be the key factor that is anticipated to hamper the NA and EMEA POS Software market opportunity growth in the near future.
However, the growing popularity of data analytics in the POS software that can manage the consumers’ purchase history, personal details, and preferences is anticipated to drive the market demand. With the help of data analytics feature of POS, companies can track declined payment transactions and order returns Moreover, with this feature, the companies can get details of the employees that generate the highest sales. Cloud-based POS software ensures that the customers’ data is safe, up-to-date, and secured. This makes it easier for small as well as large enterprises to keep a track of their customers. Hence, such technological advancements boost data analysis, increase mobility, improve flexibility, and provide security. These factors are anticipated to drive excellent opportunities in the market.
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NA and EMEA POS Software Market Segmentation
The point-of-sale software market is segmented on the basis of application, deployment mode, organization size, end user, and region.
The application segment is further classified into Fixed POS and Mobile POS. Between the two, the mobile POS segment is expected to expand at the fastest CAGR during the forecast period. Mobile POS has gained huge popularity as this technology is evolving, which is paving the way for more businesses to move beyond traditional POS software. Hence, an electronic point-of-sale terminal (POS terminal) or cash register can be wirelessly replaced by an mPOS (mobile point-of-sale), which is a smartphone, tablet, or specialized wireless device. For companies that process transactions on the go, mPOS is helpful. For instance, any company, from retailers to food trucks, which interact with clients from locations other than their physical location would find mPOS helpful.
The deployment mode segment is bifurcated into cloud and on-premises. Cloud segment is anticipated to grow at the fastest CAGR during the forecast period. The growth is driven due to the rapid adoption of cloud-based POS software, retail stores can efficiently process customer orders, eliminating the need to keep multiple product records. In addition, cloud-based POS platforms can work online as well as offline. All offline transactions are automatically synchronized with the stores once you get back online. Hence, data is secured and is available in the real time. Furthermore, some cloud-based POS software offers business analytics features using which the stores can review sales, track business performance, and can check customer profiles.
The end user segment is fragmented into restaurants, retail, hospitality, healthcare, media & entertainment, and others. Among these, the restaurants segment accounted for the highest market share in 2021. Technology advancements in the restaurant industry and the surge in need for software for restaurants, such as those used for inventory control, table management, invoicing, and payment are expected to support the market growth. Recent improvements in order processing techniques have allowed restaurant proprietors to streamline their order administration. The POS Software monitors inventory, verifies meal delivery schedules, and notifies users when a product’s supply is getting low or may be out of stock.
The industry is expanding as people have become more aware regarding cloud-based restaurant management systems, particularly in emerging countries. North America currently holds a dominant position in the restaurant point of sale software industry due to the existence of developed countries such as the U.S. and Canada. Strong economic growth, an increase in the number of market vendors, and rise in investments in the region are responsible for the region’s dominating position. Another crucial factor influencing the region’s growth is the prevalence of technological advancements in IT infrastructure. As IT infrastructure examines the impact of domestic and localized market players and opportunities in terms of emerging revenue pockets; regulatory changes, product approvals, strategic choices, product launches, geographical expansions, and technological innovations in the market boost the market growth.
The organization size segment is further categorized into small & medium enterprises and large enterprises. Between the two, the large enterprises segment accounted for the highest market share in 2021. In the POS software market, the rise in electronic payments related to growing digitalization and the requirement to provide hassle-free service to end customers on a real-time basis are the primary factors driving the expansion of the POS software market. Vendors of POS software are primarily focused on offering innovative solutions and services to their customers. A number of key factors boosting the growth of the POS software market include increase in the use of smartphones, tablets, & other smart handheld devices, changing payment options such as the increase in the use of debit cards, credit cards, & other digital payment wallets, and government support for the development of high-speed networks such as 3G, 4G, & 5G.
In the period of ongoing technological advancements, it is projected that POS software would be incorporated into new technologies for the benefit of a wide range of companies. One of the potential parts of the biometrics POS software market is machines that can be equipped with a biometric card or module. The demand for creating authentication options for mobile POS transactions has therefore increased. However, during the forecast period, these factors are anticipated to dominate the North America POS software industry.
By region, the market is analyzed across North America and EMEA. Between these, the EMEA point of sale software market is expected to hold major market share during the forecast period owing to rise in adoption of POS software and increase in the technological advancements. These factors are anticipated to boost the EMEA point of sale software market share during the forecast period.
Key Players in the NA and EMEA POS Software Market
Some of the leading NA and EMEA POS market players are
· NCR Corporation
· GK Software SE
· Oracle Corporation
· Diebold Nixdorf
· Toshiba Corporation
· Enactor Limited
· Enactor Limited
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