According to the study, the value is estimated to reach USD 11.8 billion, a notable increase from USD 1 billion in 2023. This growth will be driven by Apple's recent launch of Tap to Pay, which allows smartphones and tablets to accept contactless payments without requiring extra hardware. The low cost of acceptance associated with Soft POS is also expected to lead to increased adoption by small businesses.
This predicts that the number of smartphones using soft POS by 2028 will reach 61 million globally, growing by 683% from 2023. This is due to the launching of Apple's Tap to Pay in markets with a large number of smaller merchants, such as Brazil, France, and the UK. The report also suggests that payment companies should focus on bundling soft POS solutions with other business tools, such as cash flow management, to ensure the success of their products.
In addition to soft POS, the research urges merchants to implement other POS software to unlock centralised sales management, inventory, and customer data, among other things. Market leaders in POS have an extensive list of technology partners, meaning services can be bundled with capabilities such as AI analytics.
According to Juniper Research, with the growing use of SDK integration, small businesses and merchants can access a suite of software such as loyalty & reward schemes and inventory management. In addition, POS software bundles reduce the financial barriers to accessing POS technology, helping businesses readily scale their operations.
Juniper Research has been providing market intelligence and advisory services to the global financial sector for two decades. The company has been retained by many of the world's banks, intermediaries, and providers.
At the beginning of 2024, Juniper published an Apple-related study that found global operator revenue from RCS (Rich Communication Services) business messaging traffic will grow from USD 1.3 billion in 2023, to USD 8 billion in 2025. Likewise, this growth will be largely driven by Apple’s announced support of RCS technology in late 2024.
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