Point of Sale Software – Stable and Easy Billing for the Future

Introduction

Point of sale software is being significantly used by retailers to conduct sales, carry out cashless transactions, keep track of inventory records, and improve sales strategy across retail chains, restaurants, hospitality, drug stores, and automotive shops among others. A POS system functions as a cash register where cashiers input the products, tally the cost, and conduct the financial transaction. POS solutions can be custom-built according to the customer's needs. Cloud-based point-of-sale Point of Sale Software is highly popular as it can be directly accessed from the internet and is compatible with most POS hardware. Low cost of cloud-based POS systems is also the major driving factor of the market among smaller retailers, and restaurateurs. Advantages including robustness, cost-effectiveness, advanced functionality and analytics are expected to propel POS software market growth during the forecast period

Key Highlights

• In November 2019, NCR Corporation, world's leading enterprise technology provider of software, hardware and services acquired POS Solutions, the leading point-of-sale and restaurant solutions provider, bringing POS Solutions into the NCR family to increase its capabilities to serve its customers in thriving local restaurant markets
• In August 2018, Square, Inc., an American financial services, merchant services aggregator, and mobile payment company upgraded its chip card reader to enable faster processing of card payments. The Upgradation makes Square’s Reader and Register platforms significantly faster than standard card-reading technology for EMV cards. Square achieved its new speed, by its collaboration with MasterCard and Visa to implement their Quick Chip technology
• In July 2018, Lightspeed, a provider of POS solutions for retailers and restaurateurs launched an integrated iOS solution for them. The solution supports better business management, planning finances and organizing work schedules to simplifying merchant-to-customer transactions
• In July 2018, ShopKeep, a cloud-based iPad point of sale system partnered with the credit card processing company, Gravity Payments, to offer its POS software for Gravity’s transparent payment processing service. Gravity is the first third-party partner to ShopKeep that provides its software to 25,000 independent retailers and restaurants. This partnership will help the company to directly bundle and resell its platform with its new wholesale initiative

Competitive Players

1. GK Software SE
2. Agilysys Inc.
3. Aptos Inc.
4. PCMS Group Ltd.
5. Infor Inc.
6. NCR Corporation
7. Cow Hills Retail BV
8. Ingenico SA
9. VeriFone System Inc.
10. Panasonic Corporation
11. PAX Technology
12. Casio Computer Co. Ltd.
13. Toshiba Tec Corporation

Recent Developments

• September 2023- POSaBIT Systems Corporation (the "Company" or "POSaBIT") (CSE: PBIT; OTC: POSAF), a leading provider of point-of-sale software and financial technology, announced the full launch of POSaBIT POS 2.0, the latest generation of the Company's groundbreaking point-of-sale system.
• March 2024- Follett Higher Education selected GK Software as their POS provider, improving the customer experience for over six million students.
• January 2024- Agilysys offered On-Site Premiere POS Service for exceptional fan experiences at the Australian Open Tennis Tournament.
• February 2024- Salling Group accelerated speed to market with Infor's cloud-based PLM.

Segmentation

1. By Component
   1. Hardware
   2. Software
   3. Services
2. By Type
   1. Fixed Point of Sale Terminals
   2. Mobile Point of Sale Terminals
3. By End-User Industry
   1. Entertainment
   2. Hospitality
   3. Healthcare
   4. Retail