As per the report by Global Market Insights, Inc. “Worldwide POS Software Market was valued USD 7 billion in 2022 and will surpass a revenue collection of USD 31 billion by 2032 with an annual growth rate of 15% between 2023 to 2032.”

The significant strides in the retail industry along with the increasing consumer spending capabilities have largely contributed to the higher volume of transactions and payments. Consequently, there is a stronger need for streamlining the retail operations as well as automating the transaction process whilst tracking important sales data. To that end, the POS software market is expected to witness massive momentum in the near future. 

In addition to processing customer transactions as well as accepting payments, point-of-sales (POS) software assists in updating inventory levels for retail establishments. In fact, it also comprises helpful tools, such as inventory management, sales reporting, and integrated loyalty programs. In light of their various benefits, leading technological entities are engaging in numerous inorganic strategic ventures for increased global penetration. Stating an example, in August 2022, Toshiba Tec opened a U.S. hub in Texas, Dallas for developing and marketing the point-of-sale software for retailers.

Mentioned below are some prominent end-user industries that will infuse a positive scenario for the growth of this industry space

Restaurants

POS software is calling for significant deployment in restaurants for limiting manual labour and simplifying operations whilst processing transactions. Using a single point of sale system, hotel owners and managers are now able to easily manage all the restaurant operations associated with orders, bookings, inventory, and cash flow. To illustrate, Digirestro is an increasingly adopted digital restaurant POS system enabling hotels, restaurants, and cafe managers to smoothen their workflows and operations. 

The advent of cloud technology is also supporting the demand for humble POS systems for complete restaurant management. The increasing integration of the software with various third-party applications, including online ordering, E-wallets, table reservations, and loyalty programs is also adding to the industry development. 

Healthcare

The POS software market will witness significant expansion from the healthcare sector, given its increasing adoption for managing bills, invoicing, accounting, order taking, and delivery, among other applications. Equipped with a high-class touchscreen display, the POS systems offer the best touch response as well as good screen resolution for ensuring smooth readability. In recent years, mobile point of sale (MPOS) technology has grown extensively favoured as it offers faster inventory count and asset tracking in stores, supports checking-in registration counters, and provides inpatient care within hospital wards for medical supervision.

Retail

Of late, the demand for retail POS software is picking up a significant pace as it enables the retail staff to deliver higher service levels as well as build customer loyalty in omnichannel scenarios. Using this technology, retail businesses are now able to find information about products, accept payments, and create sales orders, whilst expeditiously delivering receipts. The software also provides information to the customers on product availability and pricing. There has also been a considerable influx of various advanced POS solutions for delivering functionality to manage inventory and customer profiles. 

The advent of various new technologies is expected to make way for innovative POS terminals in a host of industries for minimizing human error when it comes to pricing adjustments. Increasing strides in POS innovation for providing hoteliers with compiling guest profiles and the benefits of payment option flexibility are other trends driving the growth of the POS software market.