The Global SoftPoS Market size is expected to reach $1.04 billion by 2030, rising at a market growth of 20.0% CAGR during the forecast period.
The usage of POS software across many industries is anticipated to increase with increasing demands for advanced capabilities like employee management analytics, inventory tracking, sales monitoring, customer data management, and reporting. Hence, the Service Based Business segment is poised to acquire more than 20% share of the market by 2030. Diverse company operating scenarios have substantially increased the need for POS systems with improved features and analytics. These tools aid users in efficiently managing business staff, customers, payments, and invoices. The POS software manages various business operations and must be installed on a desktop, laptop, notebook, or tablet with the proper operating system. Some of the factors impacting the market are rising utilization of smartphones, increase in contactless payments and transactions globally and availability of software only on Android phones.
The expansion of the softPoS is being driven by the growing popularity of smartphones. Smartphones are ubiquitous, with a large percentage of the population owning and using them daily. This widespread adoption provides an existing platform for SoftPoS adoption without the need for additional hardware investments. Smartphones provide an intuitive and user-friendly interface for SoftPoS applications. This enhances the overall payment experience for customers and streamlines the payment process for merchants. The various benefits offered by the softPoS and its vendors and the rising penetration of smartphones are expected to drive the market growth. Additionally, after the COVID-19 pandemic, individuals began to favor contactless payment methods. Ensuring secure and dependable payment solutions is crucial in light of the growing cyber threats. Furthermore, the widespread use of contactless payment solutions has been further accelerated by the COVID-19 pandemic. Since 2019, the overall view of tap-and-pay as the most secure, convenient, practical, and quick payment method has grown. Therefore, the rise in contactless payments would increase the need for softPos, which will propel the growth of the market in the coming years.
However, Currently, this technology is only available for Android phones and, thus, only these can accept contactless payment transactions on merchant mobile devices. Although these solutions are acquiring traction among small and large businesses, they are restricted to Android NFC-enabled mobile phones with limited transaction amounts. Some devices may lack the necessary hardware components, thereby restricting the functionality of softPoS applications. Therefore, the availability of this technology for only one OS may restrict the expansion of the market
By enterprise type, the market is categorized into small business and medium business. In 2022, the small business segment held the highest revenue share in the market. Contactless solutions are in high demand among merchants and small businesses due to their low cost, user-friendliness, and complete operational security. SoftPoS solutions offer a range of benefits for small businesses, including flexibility, enhanced customer experiences, and streamlined operations. These advantages can contribute to improved efficiency, increased customer satisfaction, and better business outcomes for small enterprises.
Based on end-user, the market is classified into retail, restaurants/hospitality, service-based business, and others. The restaurants/hospitality segment acquired a substantial revenue share in the market in 2022. A significant factor affecting POS purchases is the growing integration of restaurants with online delivery providers. POS investments are anticipated to be driven by online ordering and delivery, saving restaurants money by avoiding high third-party fees. In addition, contactless payment is becoming increasingly popular in the hospitality industry. Businesses in the hospitality industry have begun deploying self-service kiosks that enable customers to make purchases without interacting with hotel staff.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 246.6 Million |
| Market size forecast in 2030 | USD 1.04 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 20% from 2023 to 2030 |
| Number of Pages | 200 |
| Number of Table | 260 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Enterprise Type, End-User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. Tap-to-phone solutions are increasingly in demand as the retail and e-commerce industries continue to grow and expand, providing users all over the region with safe and secure payment options. In this region, softPoS solutions have gained traction among tech-savvy demographics and younger generations who are more comfortable with mobile technology and digital payment methods.
Free Valuable Insights: Global SoftPoS Market size to reach USD 1.04 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Worldline (Ingenico Group), CM.com N.V., EMI Global Corp (M4Bank), Fime SAS, Wizzit (Pty) Ltd, Tidypay AS, Bindo Labs, Inc., Fairbit LLC, Alcinéo, Asseco Group (Asseco Poland S.A.).
By End-User
By Enterprise Type
By Geography
The Market size is projected to reach USD 1.04 billion by 2030.
Rising utilization of smartphones are driving the Market in coming years, however, Availability of software only on Android phones restraints the growth of the Market.
Worldline (Ingenico Group), CM.com N.V., EMI Global Corp (M4Bank), Fime SAS, Wizzit (Pty) Ltd, Tidypay AS, Bindo Labs, Inc., Fairbit LLC, Alcinéo, Asseco Group (Asseco Poland S.A.).
The expected CAGR of this Market is 20.0% from 2023 to 2030.
The Retail segment is leading the Market by End-User in 2022; thereby, achieving a market value of $407.3 Million by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $377.6 Million by 2030.
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