Cannabis Retail POS Software Market : High-growth Regions to Expand Geographic Footprint
The report covers estimation and study for the cannabis retail POS software market on a global as well as regional scale. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The analysis provides remarkable data from 2016 to 2018 along with estimation from 2019 to 2026 based on revenue (USD Million).
The global cannabis retail POS software market is expected to witness extensive growth and register a significant CAGR over the forecast period. The surging demand for cannabis retail POS software with multiple features including, inventory management, CRM, employee scheduling, and reporting, in addition to the payment process will accelerate the market growth. Moreover, advancement in cannabis retail POS software is providing both large & small-scale businesses with greater flexibility control, and intelligence than before which is anticipated to boost the market during the forecast period.
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Based on the type, the global cannabis retail POS software market has been classified into cloud-based and web-based. The cloud segment is expected to gain high traction over the forecast period on account of its benefits over the physical POS system owing to its multiple functionalities and flexible pricing. The web-based segment accounted for a considerable market share in 2018 and is expected to grow at a moderate CAGR in the coming years owing to the ease of use of the systems and increased efficiency.
The global cannabis retail POS software market is categorized into large enterprises and SME’s which is based on the mode of application. Large enterprise segment has the maximum share and is expected to have a significant growth within the forecast period as large tech companies like Apple, Google, and Samsung are enabling mobile payments for smartphones and providing consumers a more convenient way to make payments.
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Based on the region, Asia-Pacific accounted for the largest market share owing to the projected rise of the digital payments. The North America market is projected to account for a significant market share in the following years and is expected to grow at a strong CAGR during the forecast period owing to the increasing adoption of the POS software system for the consumption of cannabis. The U.S. is the major segment in the North America cannabis retail POS software market owing to the highest consumption of cannabis in the region. The European market is projected to account for a remarkable share in the following years owing to the growing cannabis industry coupled with increased internet penetration and online payment solutions. Moreover, increased acceptance of debit and credit cards has also led to the high demand for the POS software. The Latin America market is growing at a modest pace on account of increasing the legalization of cannabis and low-cost production along with the emergence of the POS software system in the region. The Middle East & Africa region exhibit moderate growth in the cannabis retail POS software market owing to the increasing government investments.
The cannabis retail POS software market is highly consolidated, with major players, including Dispensary POS Software, Cova POS, Dispensary Point of Sale Business Solution, Ample Organics, EntCart, and Flowhub among others. The major strategies implemented by these leading companies in the market are new product launches, mergers & acquisitions, and collaborations. These companies are focusing more on investment in innovations, partnerships, and expansions to increase their market share.
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Cannabis Retail POS Software Market : Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa