SoftPoS Market Size & Share, by Enterprise Size (Micro & Small Business, Medium & Large Business), Operating System (Android, iOS); End-Use Industry (Retail, Resturants\Hospitality, Service Based) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5916
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

SoftPoS Market size is expected to reach USD 1 Billion by the end of 2036, growing at a CAGR of 20% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of SoftPoS was USD 250 Million. The rising adoption of SoftPOS solutions by small and medium enterprises will propel the expansion of the market by the end of 2036. By 2027, a rise of 475 percent from 6 million in 2022, will the total number of merchants implementing software-only point of sale (softbox) solutions be, because of the growing utilization of contactless payments. The onboarding technique is DIY-like, and merchants can sign up for SoftPOS in a few minutes, making it simple and intuitive for the merchant to download. Thus, opening the formal payments ecosystem to many retailers quickly. The app assists MSMEs in keeping transaction records and outstanding dues the same way it does traditional diaries.

Another reason behind the massive growth of the market is the increasing prevalence of information technology across the world. Today, there are significantly more people online than there were at the start of the millennium. In terms of broadband access, only half of Americans had home broadband access in 2000. That percentage is higher than 90% as of right now. Some of the most popular technologies today include things like blockchain/cryptocurrency, 5G networks, edge computing, big data, augmented reality, and virtual reality, to name a few. Technology was no longer a recreational item and the new normal had abruptly changed. Many tech companies are still investing in disease and treatment research, but many have also been focusing on healthcare delivery. In recent years, Telehealth has grown in popularity, with many promising young tech companies launching new virtual health options. Chatbots and virtual visits are being used to provide healthcare to people, especially during COVID-19.


SoftPOS Market
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SoftPoS Sector: Growth Drivers & Challenges

Growth Drivers

  • Increasing Usage of Wearable Payment Bands - Internationally, smartwatches and other wearable devices are becoming more popular, with some devices potentially changing the world's use of them. In 2022, an estimated 30.72 million smartwatches were shipped into the nation, up from 4.95 million at the end of 2021. In the pandemic era, changing customer preferences and fintech developments accelerated the demand for wearables. Contactless wearables are the way to go because millennials, Gen X, and Gen Z consumers want safe, quick, and convenient transactions. People use contactless payments to make clothing, accessories, and gadgets that are wearable. The most prevalent types include rings, belts, jackets, fitness trackers, and smartwatches. To connect the device to the consumer's bank account, they use services like Apple Pay, Samsung Pay, and Google Pay.
  • Advancement in Fintech Across the World - The sector prospered even better in 2021, due to a financial system flooded with liquidity and a pandemic-caused increase in digitization. The amount of money raised spiked by 177 percent from the previous year's USD 92.3 billion to the same amount as the number of deals. Additionally, retail customers on the planet now have the same level of confidence in fintechs as they do in traditional banks. The fintech sector is constantly evolving as a result of consumer behavior and technological advancements. In 2023, there will be significant trends in open banking and API integration, blockchain, digital banking and mobile payments, and cybersecurity. 
  • Increasing Obsession on Smart Wearables in the Young Generation - As more healthcare providers become comfortable using them, the wearable technology is likely to reach nearly 440 million units by 2024. These include medical-grade wearables, which are frequently prescribed by healthcare professionals but are increasingly available off the shelf, as well as smartwatches, which are targeted and purchased by consumers. A wide range of devices, from smartwatches to augmented reality glasses, are included in the rapidly expanding field of wearable technology.

Challenges

  • Supported Only on the Android-Based Devices - The only platforms currently supported by software POS systems are tablets and smartphones powered by Android. Only equipment that is Android-compatible is required to accept payments made using SoftPOS technology. This is a welcome development because many Android-based devices have recently appeared on the market. The software for Sunmi, which was developed for Android-based terminals, can be used as a SoftPOS program. In this situation, it is possible to use a smartphone as a payment system. SoftPOS could be a powerful force in developing nations as it strives to reduce the use of cash and increase financial inclusion. However, a few most recent significant events demonstrate that the technology's history is very recent. A pilot-scale user base is still represented by the transaction volumes.
  • Lack of the Ability to Become A “One-Fits-All” Solution
  • Lack of Endurance and Brawn

SoftPoS Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

∼20%

Base Year Market Size (2023)

~USD 250 Million

Forecast Year Market Size (2036)

~USD 1 Billion

Regional Scope

  • North America (North America, Canada, Mexico)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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SoftPoS Segmentation

Enterprise Size (Micro & Small Business, Medium & Large Business)

The organic material segment will grow the most by the forecast period and will hold almost 63% of the softPOS market because of the rising adoption of softPOS solutions by micro and small businesses globally owing to its multiple advantages. The standards to grow and test a SoftPOS solution are given in the Payment Card Industry Contactless Payments which is on the COTS (CPoC) Program protection and test needs documents. A group that will benefit from softPOS is micro-merchants and small businesses that currently can't accept contactless payments. SoftPOS eliminates barriers to contactless payment consent, providing merchants with a convenient and cost-efficient manner to give clients with the payment experiences they want. SoftPOS is an insurgent latest technology that enables merchants to approve card payments straight on their financially off-the-shelf (COTS) device without the requirement for any extra hardware. Thus, this segment will have the biggest share of the softPOS market.

Operating System (Android, iOS)

The Android segment will have superior growth during the forecast period and will hold around 70% of the revenue share of the softPOS market owing to the rapid use of Android across the world. For instance, a detailed guide for Tap-to-Phone solution developers, including tap-on-Phone PCI standards, certification step details, and other content-related information, has been released by Mastercard. Additionally, a new QIB SoftPOS app accepting any transaction made using contactless methods was just released by Mastercard and Qatar Islamic Bank. The promotion from renowned credit card manufacturers will make the software POS market much more advantageous, and there will be more acquiring companies in 2023. Ingenico, acquired Phos, a provider of software-only point-of-sale solutions. Ingenico's acquisition confirms that the payment industry is more interested in Software POS. Thus, this segment will have the biggest share in the market.

Our in-depth analysis of the global SoftPOS market includes the following segments:

          Enterprise Size

  • Micro & Small Business
  • Medium & Large Business

          Operating System

  • Android
  • iOS

            End-Use Industry

  • Retail
  • Resturants\Hospitality
  • Service Based

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SoftPoS Industry - Regional Synopsis

North American Market Statistics

The softPOS market in the North America region will have the biggest growth during the forecast period with a revenue share of around 80%. This growth will be noticed owing to the rising adoption of contactless payment systems in this region. According to Mastercard Contactless Consumer Polling, more than half (51%) of Americans currently use some form of contactless payment, including mobile wallets like Apple Pay and tap-to-go credit cards. This is in response to the pandemic's initial impact, which has resulted in 51% of Americans saying they have used cash less frequently or not at all. Restaurants, gas stations, and grocery stores are the main US-based merchants adopting contactless payments. Between 2020 and 2023, these sectors have experienced increased contactless usage, accounting for the majority of US contactless transactions.

APAC Market Analysis

The softPOS market in the APAC region will also encounter huge growth during the forecast period and will hold the second position owing to the increasing use of smartphones in the growing economies. In China, there were almost 1 billion smartphone users in 2022. By 2026, the user population was projected to reach around 1.18 billion, according to the forecast. Smartphone and social media use are closely related in these 11 emerging economies: a median of 81% of social media users claim to own or share a smartphone, while a median of 91% of those same countries also use social media or messaging apps.

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SoftPOS Market Size
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Companies Dominating the SoftPoS Landscape

top-features-companies
    • Tidypay
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Worldline
    • Alcinéo
    • Wizzit (Pty) Ltd
    • Bindo Labs Group Limited
    • Fairbit
    • Yazara
    • Asseco South Eastern Europe
    • CM.com
    • Sharp Electronics
    • Fime SAS
    • NEC Corporation
    • NCR Corporation
    • Pax Japan

In-the-news

In The News

  • Tidypay, is cooperating with the dynamic partner, Vectron bringing forth the latest era of persistent, protected, and simple payments in Austria. Their solutions are finally LIVE in the Austrian market and mark a substantial milestone in the Austrian fintech sector, interposing the latest era of convenience with Tidypay GO SoftPOS, protection, and creation for distributors and merchants alike.   
  • Tidypay has partnered with EKM Service, which was founded in Finland in 1982. They aim to assist their merchants utilize personalized solutions for the advantage of their business-by presenting and supporting the best solutions just developed for them. The materials range from updated checkout systems to portable payment terminals.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5916
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising adoption of SoftPOS solutions by small and medium enterprises will majorly drive the growth of the softPOS market.

The market size of the softPOS market is expected to get a CAGR of approximately 20% over the forecast period, i.e., 2024-2036.

The major players in the market are Tidypay, Worldline, Alcinéo, Wizzit (Pty) Ltd., Bindo Labs Group Limited, Fairbit, Yazara, Asseco South Eastern Europe, CM.com, Sharp Electronics, Fime SAS, NEC Corporation, NCR Corporation, Pax Japan.

The android segment is anticipated to reap the largest market size with almost 70% by the end of 2036 and demonstrate substantial growth scopes.

The market in the North America region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
SoftPOS Market Report Scope
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