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[ 176 + Pages Research Report ]U.K. Point of Sale Software Market to surpass USD 62.64 billion by 2031 from USD 17.88 billion in 2021 at a CAGR of 13.36% in the coming years, i.e., 2021-31.
Product Overview
A POS market system enables the business to receive payments from customers and keep track of sales. It sounds simple, but the arrangement can work in different ways, depending on whether you sell online, have a physical storefront, or both. A point-of-sale system can be referred to as the cash register at a store.
Market Highlights
Global U.K. Point of Sale Software market is expected to project a notable CAGR of 13.36% in 2031.
Global U.K. Point of Sale Software to surpass USD 62.64 billion by 2031 from USD 17.88 billion in 2021 at a CAGR of 13.36% in the coming years, i.e., 2021-31. The demand for Point-Of-Sale (POS) software can be attributed to the increase in a cashless economy, demand for mobile POS terminals, and the rising number of payment applications. The U.K. is rapidly affecting a cashless economy, advanced by the COVID-19 pandemic. This is anticipated to surge the application of payment wallets and budget-friendly mPOS terminals, favoring the market growth.
U.K. Point of Sale Software: Segments
Mobile POS segment to grow with the highest CAGR during 2021-31
U.K. Point of Sale Software market is classified on the basis of Application into Fixed POS, Mobile POS. The mPOS terminals segment is anticipated to expand at the highest CAGR of over 10% during the forecast years. The low cost of connection and portability is contributing to the growing demand for mPOS terminals. The rise in the implementation of mPOS terminals amid the COVID-19 pandemic has resulted in the rapidly rising demand for compatible POS software across industries.
Grocery stores segment to grow with the highest CAGR during 2021-31
Based on End-user, global U.K. Point of Sale Software Market fragmented into Grocery Stores, Specialty Stores, Gas Stations. Grocery stores have some huge competition and large chain supermarkets use technology to make their jobs easier. A POS system assists achieve the grocery stores and make checkouts quicker. The grocery store software will aid in better organizing the business and meeting customer expectations.
Market Dynamics
Drivers
The growing interest in non-cash transactions among consumers
Some of the key advantages of going cashless that are fascinating more consumers include safety, growth on saved funds in accounts, improved money management, and elasticity. The capability to make different types of digital payments through banking cards is allowing consumers to choose cashless payment modes. Users can store their card data in digital payment apps or mobile wallets to mark cashless payments. With the rising concerns over the safety of handling cash transactions owing to the COVID-19 pandemic, merchants, as well as consumers, are relying on contact-less payment modes to avoid the risk of getting infected.
The growing interest in POS solutions among small businesses
Small businesses are implementing POS systems to get advantages from the host of benefits related with them. Effective POS systems allow business owners to decrease time spent on business/store administration by offering relevant reports to assist speed-up decision-making, in a timely fashion. The efficient POS systems also help in growing store profitability through effective inventory management. Solutions also enable targeted and personalized marketing campaigns through customer data acquired during sales transactions. As small businesses struggle with management capital expenses, reports produced from POS data can deliver a bird's eye view of the business operations to determine the efficiency of different departments.
Restraint
Data security concerns
Retail POS systems are inclined to security vulnerabilities, such as device faults, skimming, phishing, and software and network weakness. Due to the unsecured networks, hackers can easily penetrate the infrastructure and access valuable records, such as business account data and customer credit card details. Even if the network is well-protected, devices need to be secured too. Hence, selecting technology products with inherent security measures is critical when deploying POS devices. With more advanced technologies being deployed and the growing integrations between the enterprise system, there is a significant rise in threats, such as data thefts and cyberattacks.
U.K. Point of Sale Software: Key Players
Diebold Nixdorf (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Ingenico (France)
Intuit (US)
NCR Corporation (US)
SAP (Germany)
Verifone (US)
PAX Technology (Hong Kong)
Square (US)
Shopify (Canada)
NEC Corporation (Japan)
Toshiba Tec Corporation (Japan)
Epicor (US)
Lightspeed (Canada)
Clover (US)
Elavon (US)
Other Prominent Players
U.K. Point of Sale Software report also contains analysis on:
U.K. Point of Sale Software Segments:
By Application
Fixed POS
Mobile POS
By End User
Grocery Stores
Specialty Stores
Gas Stations
U.K. Point of Sale Software Dynamics
U.K. Point of Sale Software Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
U.K. Point of Sale Software Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 17.88 billion
Revenue forecast in 2031 USD 62.64 billion
Growth Rate CAGR of 13.36% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered End-user, Application and Region
Regional scope U.K.
Key companies profiled Diebold Nixdorf (US), Ingenico (France), Intuit (US), NCR Corporation (US), SAP (Germany), Verifone (US), PAX Technology (Hong Kong), Square (US), Shopify (Canada), NEC Corporation (Japan), Toshiba Tec Corporation (Japan), Epicor (US), Lightspeed (Canada), Clover (US), Elavon (US), and Other Prominent Players