South Africa Hospitality Point Of Sale Software Market Worth $109.0 Million By 2028
The South Africa Hospitality Point Of Sale Software Market size is anticipated to reach USD 109.0 million by 2028, registering a CAGR of 5.7% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The adoption of modern payment methods and the need to manage orders, inventory, customers, employees, and accounting information are the factors driving the demand for POS software. Moreover, the growing hospitality industry in South Africa is providing an impetus to the rising demand for hospitality POS solutions. The other factor expected to drive the demand is the need for tracking and managing online food orders and delivery facilities to sustain and grow the business.
South Africa’s hospitality industry has upcoming opportunities and possibilities for growth. However, the COVID-19 pandemic is expected to halt the pace of growth as the third wave of COVID-19 is expected to hit the country, which may lead to a strict lockdown. The country faced severe impacts of the COVID-19 in 2020 when the government imposed restrictions including on restaurants and hotels. The lockdown in 2020 majorly affected the restaurant and hotel business as foreign and domestic tourism declined in South Africa. The adverse effect on the hospitality industry growth due to restrictions on international flights, opening of hotels and restaurants, and movement of people, subsequently led to a decline in the number of existing customers and new purchases of POS software subscriptions.
Consumers are resorting to online delivery and payment methods. The restaurants can operate their businesses by following government guidelines for food delivery. Furthermore, staycations became a trend in South Africa when the government relaxed the lockdown restrictions, which allowed the hotels to generate significant revenue when the tourism industry witnessed a decline in the country. These new trends in the hospitality industry have further helped the POS vendors to understand changing scenarios and offer a suitable solution. The POS vendors are expecting a boost in the demand for hospitality POS solutions post the COVID-19 pandemic as the consumers confined to their homes are yearning for travel and re-exploring restaurants for the dining experience. Thus, a boost in the hospitality business post the pandemic is expected to trigger the demand for POS solutions and contribute to the market growth over the forecast period.
Related Press Release@ South Africa Hospitality Point Of Sale Software Market Report
South Africa Hospitality Point Of Sale Software Market Report Highlights
- The expected boost in the travel, tourism, hotel, and restaurant sector post the pandemic is expected to contribute to the overall market growth
- The mobile POS terminal (mPOS) segment is expected to register the highest CAGR over the forecast period. The increasing demand for mPOS terminals owing to affordability, portability, ease of usage, and payment is increasing the demand for hospitality POS solutions for mPOS terminals
- The demand for fixed POS terminal compatible software was the highest in 2020, accounting for more than 60% of the total market share. The large enterprises investing in owning fixed POS terminals to ensure data security and control over terminals installed at the premises are driving the high demand for desktop Windows-compatible POS software solutions
- The key vendors operating in the market are AdaptIT; NCR Corporation; Square Inc.; TouchBistro; Sapaad; and Lightspeed