According to the Market Statsville Group (MSG), the global cannabis retail point of sale software (POS) is estimated to grow at a CAGR of 15.2% from 2022 to 2030. Cannabis retailers and dispensaries often uses POS solutions to sell their products, by staying in compliance with federal and state regulations using POS solutions. Factors, including the integration of various features such as CRM, inventory management, and others, along with rising awareness regarding the cannabis retail point of sale (POS) software over the physical point of sale (POS) system, are estimated to fuel the market’s growth in forthcoming years across the globe. Additionally, the growing internet penetration, online payment solutions, and supportive government initiatives will further pave the way for the market’s growth in the future.
COVID-19 Impact on the Global Cannabis Retail Point of Sale (POS) Software Market
COVID-19 negatively impacted the market’s growth as global lockdowns had affected the manufacturing processes and disrupted supply chains, resulting in a steep downslope of the market amid the pandemic. Further, the people are saving money for future uncertainties, and this factor has drastically affected the demand for cannabis, resulting in low demand for the software from end-users.
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However, with the ease of COVID-19 guidelines, the software turned out to be an effective solution. By using software, minimum contact or social distancing can be practiced, and work is not hampered due to the absence of a workforce. Hence, the COVID-19 initially had a negative impact on the market in the first half of 2020 and supported the market’s growth during the second half of 2020, resulting in a significant COVID-19 impact.
Scope of the Global Cannabis Retail Point of Sale (POS) Software Market
The study categorizes the cannabis retail point-of-sale software market based on type, mode of application, device, and application, at the regional and global levels.
By Type Outlook (Sales, USD Million, 2017-2030)
By Mode of Application Outlook (Sales, USD Million, 2017-2030)
By Device Outlook (Sales, USD Million, 2017-2030)
By Application Outlook (Sales, USD Million, 2017-2030)
- Large Enterprises
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Large enterprise's segment accounts for major market share by application
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On a segmental basis, large enterprises accounted for the major market share in 2021. Large enterprises already have high operational costs, and in addition, inventory management requires an additional workforce which significantly increases the cost of operation and price of cannabis. However, with the adoption of software, the operational cost will be reduced and will offer ease in operations without requiring an additional workforce, thereby catering to the needs of large enterprises. This, in turn, increases the adoption of software in large enterprises, propelling the segment’s growth during the forecast period.
North America dominates the global cannabis retail point of sale (POS) software market
Based on the regional analysis, the North American region will dominate the cannabis retail point of sale (POS) software market in 2021 and is estimated to hold a major market share during the forecast period. Due to the increasing usage of POS software systems for the consumption of cannabis.
Following this, Europe is estimated to show immense growth opportunities due to rapid economic development, technological advancement, and ever-increasing demand for point of sale (POS) solutions with advanced features. Such factors will propel the market's growth across the region.
However, the Asia-Pacific region is estimated to showcase the highest CAGR during the forecasting period. The growth is attributed to the enhanced overall operations and cost-saving benefits.
Key Market Players in the Global Cannabis Retail Point of Sale (POS) Software Market
The global cannabis retail POS software market is concentrated in nature and has a high competitive rivalry. Further, major market players operating in the market adopt various strategies to enhance their customer base and global market presence.
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Major players in the global cannabis retail point-of-sale software market are:
- Waitr Holdings Inc
- Green Bits
- Ample Organics