POS Software Annual Spending To Surpass $1.7 Billion By 2024, Driven By Vendor App Integrations

POS Software Annual Spending To Surpass .7 Billion By 2024, Driven By Vendor App Integrations

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

Zenith Bank FY 2019 Financial Statement: Fear the Bank’s Staff more than the Yahoo Boys

The Board of Zenith Bank PLC, on Friday, 21st February 2020 released the bank’s audited full financial statement for...
- Advertisement -

Growth of 63% over the next 5 years

- Advertisement -

Hampshire, UK – 21st January 2020: New data from Juniper Research forecasts that the total global annual spend on POS software by retail and restaurant businesses will grow to $1.7 billion in 2024 from $1.1 billion in 2019. This growth will be fuelled by the increasing availability of app integrations, such as Shopify and QuickBooks, as vendors expand and seek to augment their capabilities through partnerships and consolidation.

The new research, POS Software: Key Opportunities, Vendor Analysis & Market Forecasts 2020-2024, identified that forging partnerships will enable connections with third-party platforms; allowing vendors to grow their user base. The research urges vendors to leverage cloud-based systems to integrate with eCommerce platforms; enabling retailers to offer seamless omnichannel experiences. The report forecasts that larger POS software vendors will seek to acquire niche POS software innovators to integrate their disruptive services into their portfolios.

Read:  The PoS Innovation Summit Themed ‘Deepening Financial Inclusion Through Agency Banking’ To hold Tuesday, March 27th

For more insights, download free whitepaper: How POS Software Will Change the Retail Landscape.

China Largest Single Market for POS Software

The research forecasts that China will be a key market for software vendors; accounting for 40% of global revenue by 2024. Chinese retail innovation has traditionally occurred in the online area, rather than in traditional ‘bricks and mortar’ retail, a trend which POS software will alter, by offering eCommerce integrations, enabling a highly effective omnichannel experience.

Read:  Nigeria to process all tourist, business visas in two days

Research author Susannah Hampton explained:China represents a crucial opportunity for POS software vendors to attract smaller businesses, but vendors must quickly seek effective partnerships in the country to gain market share, or risk being bypassed by local POS hardware vendors”.

POS Software will Level the Playing Field in Retail

Read:  THE New Jaguar F-Type

The new study suggests that POS software can be an important enabler for smaller retailers, by granting access to management tools previously only available to large businesses; by 2024, 81% of all POS software will be used in retail. Monetisation will be a crucial issue for vendors, as many payments companies offer some tools free with payments processing. Vendors must ensure that their propositions are highly tailored, to ensure sufficient user appeal.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Coronavirus: It’s Potential Effect on Nigeria’s Economy – Report

On the last day of 2019, the World Health Organisation’s (WHO) China office heard the first reports of a...

Namibia is the First African Country to Export Beef to the US

NAMIBIA'S first consignment of beef to the United States of America has left, after 18 years of extensive negotiations between the two countries. Deputy prime...

Could The Coronavirus affect Manufacturing and the Price Of Solar?

Since 2009 China has been the world’s largest exporter of goods across various sectors. Whilst its key exports are automatic data processing machines, clothing,...

Focus on Customer experience is crucial in healthcare facilities – Report

With the cost of retaining a customer much lower than that of acquiring a new one, customer satisfaction is becoming increasingly important in various...
%d bloggers like this: