China key as PoS spending looks set to surpass $1.7bn

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, according to Juniper Research.

This 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.

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, but PoS software will alter this trend by offering e-commerce integrations.

Juniper Research’s Susannah Hampton says: “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.”