Larger POS software vendors are expected to acquire niche POS software innovators for further integration
According to Juniper Research, the total global annual spending on POS software by retail and restaurant businesses will grow to $1.7 billion in 2024, compared to $1.1 billion in 2019.
The research reveals that the establishment of partnerships will enable connections with third-party platforms, thus allowing vendors to expand the user base. The vendors are being urged to leverage cloud-based systems for integration with e-commerce platforms. That would enable retailers to offer seamless omnichannel experiences.
China is believed to be a major market for software vendors as it’s accounting for 40% of global revenue by 2024. Chinese retail innovation has occurred in the online area, rather than in traditional ‘bricks and mortar’ retail. The POS software will change that tendency by offering e-commerce integrations and enabling an effective omnichannel experience.
As to smaller retailers, POS software can provide them access to management tools previously only available to large businesses. The study unveils that by 2024, 81% of all POS software will be used in retail.