Sarasota, FL -- (SBWIRE) -- 04/26/2019 -- According to the report, the global point of sale software market accounted for USD 12.9 billion in 2017 and is expected to reach USD 30.9 billion by 2024, at a CAGR of 13.3% between 2018 and 2024.

Point of sale (POS) system is a combination of hardware and software that allows vendors to accept card payments. The costs incurred with the installation of POS systems vary based on business size and various terms and conditions. The market trends are making businesses to shift from traditional usage of magnetic stripe readers to mobile payments.

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The growing preference for smartphone usage globally is anticipated to drive the point of sale software market in the future. Various retailers are offering services for cashless payments. In 2016, the number of Smartphone users was 2.1 billion as compared to 1.86 billion in 2015. Thus, the retailers are adopting POS solutions to simplify their services and payment options to make them in-line with the smartphone users. In 2018, Walmart announced its strategic partnership with Microsoft to utilize their cloud-based solutions to simplify shopping. All these factors are anticipated to drive point of sale software market over the forecast timeline.

Massive investments made in healthcare technology are predicted to propel the point of sale software market globally in the upcoming years. AI-based POS systems, such as ePaisa, are adopted by healthcare professionals to help their staff offer personalized services, improve staff productivity, and reduce labor costs. In 2017, the overall U.S. healthcare investments made in the IT sector were USD 7.1 billion as compared to USD 2.8 billion in 2013. Furthermore, in 2016, the Chinese medical device market reached USD 53.6 billion, witnessing a 20% rise as compared to 2015. Furthermore, governments of various developing countries, such as India and China, are taking initiatives to promote the use of technology in public transport, government services, etc.

The point of sale software market is segmented based on software setup, product, and end-user. By software setup, the market is bifurcated into cloud-based and native. Mobile POS and terminal POS comprise the product segment of this global market. Terminal POS is anticipated to dominate the market in the future, due to the increasing technology expenditure in the government sector. The end-user segment comprises retail, government sector, healthcare, hospitality, media and entertainment, warehouses, and others. The retail sector is projected to grow notably in the upcoming years, owing to the rising investments made in the technology sector.

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Europe is anticipated grow considerably in the point of sale software market over the forecast timeframe. The growth is anticipated to the increasing adoption of cashless payments by various sectors. UK, France, and Germany are expected to make significant contributions to the regional market over the estimated timeframe. The Middle East and Africa region is anticipated to hold a significant share of the point of sale software market by 2024, due to the increasing adoption of IoT in Saudi Arabia and UAE, among other economically developed countries in the region.

Certain key players operating in the global point of sale software market are Square, Inc., Shopify, Paysafe Holdings, PayPal Holdings, Inc., uAccept, Clover Network, Inc., Gotmerchant.com, LLC, Harbortouch, eHopper, and TouchSuite, among others.

This report segments the global point of sale software market as follows:

Global Point of Sale Software Market: Software Setup Segment Analysis

Cloud-Based
Native

Global Point of Sale Software Market: Product Segment Analysis

Mobile POS
Terminal POS

Global Point of Sale Software Market: End-User Segment Analysis

Retail
Government Sector
Healthcare
Hospitality
Media & Entertainment
Warehouses
Others

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Global Point of Sale Software Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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