The global U.K. Point Of Sale Software Market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hotels witnessed a shutdown and revenue loss. Although the overall POS terminal market is witnessing a decline in demand, the need for POS software to continue running an online business and the adoption of mobile POS aggregated the POS software market growth in the U.K.
The U.K. government realized the application of the
POS systems and mentions them in its schemes. For instance, the “Point of Sale
VAT Retail Scheme" in the U.K. requires retailers to apply appropriate VAT
for calculating the tax on retail sales. The retailers use the EPOS system to
help distinguish between goods sold at different rates of VAT. Moreover,
government entities are adopting POS solutions to avoid payment processing
challenges while handling varied compliance and accountability obligations. Streamlining
public-sector payments to reduce the administrative burden is expected to
continue to boost the sale of POS terminals and their solutions across the
government sector. Additionally, encouragement from the government to adopt
cashless payment has been instrumental in fueling the adoption of POS solutions
across the retail, restaurant, hospitality, entertainment, and healthcare
sectors.
Fast food restaurants have also created shopping apps
that help consumers obtain product information, order, and pay using the
application. The retailers use POS software at their end to facilitate the
management of the online sale and transaction details. Burger King, KFC,
Subway, Dominos, Pizza Hut, and McDonald's are some fast-food chains that added
payment functionality in their apps for greater convenience. Other merchants
have adjusted their retail points to accept payment via mobile wallet apps such
as PayPal, Google, Lemon, Geode, Square Wallet, Venmo, Chirpify, PayToo, and
Ziddu. These payment methods have recently gained more traction owing to the
need for using cashless payment and limit the spread of COVID-19. This
advancement in POS payment applications is expected to augment the demand for
POS software among end-users in the country.
Related Press Release@ U.K. Point Of Sale Software Market Report
U.K. Point Of Sale Software
Market Report Highlights
- The U.K. POS software market is expected to expand at a significant
CAGR of 8.1% from 2021 to 2028. POS software turns POS terminals into the
most multifaceted systems owing to their diverse features for managing
every aspect of a business. The year-on-year growth can be attributed to
increasing awareness and adoption of mPOS across various industries such
as retail, hospitality, restaurant, and healthcare
- The mobile POS segment is expected to register the highest CAGR
over the forecast period. The segment growth can be attributed to mPOS
software implementations across industries to conduct financial
transactions, manage inventory, track sales information, and facilitate
rewards for improving business function and customer experience
- The hospitality segment is expected to expand at the significant
CAGR from 2021 to 2028 as POS systems with compatible software at hotels
can act both as a standalone system or can be integrated with the property
management solution to provide a complete hotel technology solution
- NCR Corporation; Revel System Inc.; Oracle; Lightspeed; and
ShopKeep are some of the prominent market players. Their large ecosystem
of technology and channel partners and distributors has been instrumental
in helping them grow
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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