U.K. Point Of Sale Software Industry Overview
The U.K. point of sale software market size was valued at USD 549.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028.
The demand for Point-Of-Sale (POS) software can be attributed to the rise in cashless economy, demand for mobile POS terminals, and increasing number of payment applications. The U.K. is rapidly moving toward a cashless economy, furthered by the COVID-19 pandemic. This is expected to increase the usage of payment wallets and budget-friendly mPOS terminals, favoring the market growth. Moreover, mobile and tablet-based POS terminals are more economical for small and medium-sized businesses and the availability of affordable iOS and Android compatible software is driving the adoption of POS software over the forecast period.
Gather more insights about the market drivers, restrains and growth of the U.K. Point Of Sale Software Market
A POS system has become a vital tool for many businesses in the U.K. to manage long queues and provide quick payment facilities. Initially, POS terminals with compatibly integrated software facilitated cashless payment transactions. However, upgrades in POS software offer multiple functions such as employee management, loyalty and gift card management, inventory management, everyday sales tracking, and insights on popular products and sales trends.
The add-on POS functions help scale the business competitively and manage multiple location information for a holistic view of sales and other functions. The U.K. restaurant industry has more widely adopted POS solutions to run the business. The average cost of POS software ranges between USD 79 to USD 150 per month while the hardware is a one-time investment starting at nearly USD 799. The cost of software usually increases for retailers as they need multiple functions for a successful business operation. The robust online retail industry in the U.K. and the increased offline retail space has further bolstered the demand for POS terminals and their software.
The country witnessed severe setbacks due to the COVID-19 pandemic, which led to the temporary shutdown of businesses across the retail, restaurant, hospitality, and other industries. While BFSI and healthcare sectors continued to operate amid the pandemic, owing to the necessity of attending patients and keeping the economy running, retail and restaurant industries suffered heavy revenue loss in 2020, which led to a decline in the sales of POS terminals and subsequently impacted the POS software demand during the year. Hence, the industries shifted to using alternative POS solutions such as mPOS and mobile wallets for payment transactions. While restaurants upgraded their software to provide online food sales and delivery, small retailers started promoting their business online and using compatible POS solutions to facilitate sales. This support of POS software in online sales, tracking, and payments helped businesses thrive during the pandemic. With the third wave in action and the looming fourth wave in the U.K., business owners are opting for POS software, which is continuously being upgraded with features to support online sales and transactions without the physical presence of the customer.
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- Mobile POS Terminals Market – The mobile POS terminals market has gained traction over the past few years owing to increased deployments in large retail chains across a wide number of store formats and regional markets. For example, Apple, Home Depot, Nordstrom, Urban Outfitters, and Gucci are some of the large retailers and early adopters of mPOS terminals.
- Point Of Sale Software Market – The global point of sale software market size was valued at USD 9.26 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028. The COVID-19 pandemic negatively affected several business sectors including retail, restaurant, travel, and entertainment, subsequently affecting the profitability of point of sale (POS) software vendors.
U.K. Point Of Sale Software Market Segmentation
Grand View Research has segmented the U.K. point of sale software market based on application, deployment, organization size, and end-user:
U.K. POS Software Application Outlook (Revenue, USD Million, 2016 – 2028)
- Fixed POS
- Mobile POS
U.K. POS Software Deployment Outlook (Revenue, USD Million, 2016 – 2028)
U.K. POS Software Organization Size Outlook (Revenue, USD Million, 2016 – 2028)
- Large Enterprises
U.K. POS Software End-user Outlook (Revenue, USD Million, 2016 – 2028)
Market Share Insights
- March 2021: Enactor Limited, which provides PoS and mPoS retail store software, collaborated with Retail247 Consulting Ltd to leverage its technical expertise in integration, business analysis, and implementation capabilities for delivering curated software within time and budget.
- January 2020: Vend partnered with Klarna, a global payment provider, to provide more flexibility in payment options. Vend is also a preferred retail POS software vendor of the British Independent Retail Association.
Key Companies profiled:
Some prominent players in the U.K. point of sale software market include
- Square Inc.
- PayPal Inc. (iZettle)
- NCR Corporation
- Revel Systems
- iiko UK & Europe
- Clover Network Inc.
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