Cashless is King: a Pandemic-Fueled Transition Toward Cashless Payment Options is Expected to Fuel Industry Growth
Facilitating transactions at physical retail locations has proven to be a lucrative business model for Point of Sale (PoS) software developers. During the period, high consumer spending pushed revenue to increase at a CAGR of 7.4% to reach $10.7 billion with 20.9% profit, despite a 0.4% contraction in 2023. Industry operators have benefited from a growing reliance on computers in consumer-facing markets, including retailers, wholesalers and hospitality and food service businesses. The emergence and adoption of new technologies and the changing retail landscape have also benefited revenue growth as companies replace terminals to enable various technology. Near-field communications (NFC), self-checkout counters, sensors, data analytics and the integration of point of sale (PoS) systems with backend software systems have provided the industry with a platform for robust growth. Furthermore, concerted efforts focusing on small businesses have given them similar tools to the largest players, giving them payment systems to run on tablets and even off-the-shelf phones.
This industry develops point-of-sale (POS) software, which manages and facilitates sales at the physical location goods are sold. POS software varies significantly depending on the type of business using it and can provide extended features such as sales analysis and history, appointment scheduling and inventory management.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Block Inc.
- Ncr Corporation
Methodology
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