New research has shown that retail and restaurant businesses globally are likely to spend US$1.7 billion annually on POS software by 2024.
The new data from forecasting consultancy Juniper Research projects that the growth will occur following increased availability of app integrations on e-tail platforms such as Shopify and QuickBooks, prompting retailers to partner with online trading services.
The research, released as POS Software: Key Opportunities, Vendor Analysis & Market Forecasts 2020-2024, suggests that vendors should leverage cloud-based systems to integrate with e-commerce platforms, enabling them to offer seamless omnichannel experiences.
It also forecasts that China will be a key market for software vendors; accounting for 40 per cent of global revenue by 2024.
“China represents a crucial opportunity for POS software vendors to attract smaller businesses,” said researcher Susannah Hampton, “but vendors must quickly seek effective partnerships in the country to gain market share, or risk being bypassed by local POS hardware vendors”.