According to the Market Statsville Group (MSG), the global dispensary POS software market size is expected to grow at a CAGR of 11.5% from 2022 to 2030.
Point-of-sale in dispensaries software is a type of point-of-sale (POS) system created for pharmacies, drugstores, and dispensaries. Dispensary POS is often used to maintain inventory data for firms to prevent loss by recording all transactions when goods are sold in the retail industry. The factors contributing to the growth of the dispensary POS software market include rising healthcare expenditure in developing countries, growing adoption of cloud technology across industries, increased legalization of medical marijuana and cannabis products for recreational use, and rising demand for point-of-sale solutions that enable retailers to accept secure card payments.The dispensary POS software industry has seen significant growth in recent years as the legal cannabis industry has expanded across North America and other parts of the world.
Global Dispensary POS Software Market Dynamics
One of the key drivers of growth in the dispensary POS software industry is the increasing number of states and countries legalizing cannabis for medicinal and recreational use. This, in turn, increased the demand for cannabis-related products and services, including dispensary POS software. Moreover, the need for advanced and comprehensive dispensary POS software has become more apparent as the industry has evolved. This is due to the increasing complexity of cannabis regulations, which can vary widely between jurisdictions. Dispensary POS software must therefore be able to handle compliance requirements, such as tracking inventory and sales, managing customer data, and ensuring accurate taxation.
Another factor driving growth in the dispensary POS software industry is the increasing technology adoption in the cannabis industry. Many dispensaries seek to improve efficiency, streamline operations, and provide a better customer experience. Dispensary POS software can help with these goals by automating processes, reducing errors, and providing real-time data. Furthermore, as the cannabis industry becomes more established, it attracts investment from traditional financial institutions and venture capital firms. This has led to an influx of capital into the industry, which is being used to develop new technologies and services, including dispensary POS software. Overall, the dispensary POS software industry is expected to continue its growth trajectory in the coming years, driven by the expanding legal cannabis market, increasing adoption of technology, and the need for advanced compliance solutions.
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Scope of the Global Dispensary POS Software Market
The study categorizes the dispensary POS software market based on type and application at the regional and global levels.
By Type (Sales, USD Million, 2017-2030)
Cloud-Based
On-Premises
By Application Outlook (Sales, USD Million, 2017-2030)
Hospital
Pharmacy
Others
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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Cloud-based segment is projected to account for the largest market share, by type
Based on type, the global dispensary POS software market is divided into cloud-based and on-premises. In 2021, the cloud-based segment accounted for the largest market share in the global dispensary POS software market. A cloud-based solution is a web-based business model that enables online data storage and sharing. The fundamental benefit of cloud-based solutions is that they can be accessible in real-time from anywhere in the world as long as there is an Internet connection.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global dispensary POS software market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global dispensary POS software market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia-Pacific. The demand for cashless payment in developing countries, such as India, China, Indonesia, and Vietnam, is increasing market growth. Moreover, the increasing demand for dispensary POS solutions with advanced features among the rapidly growing economies is expected to drive the regional market over the forecast period.
Competitive Landscape - Global Dispensary POS Software Market
The global dispensary POS software market is highly competitive,with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global dispensary POS software market are:
BioTrack
MJ Freeway
Greenbits
Cova POS
IndicaOnline
WebJoint
CannaLogic
MMJ Menu
Nature Pay
Bindo POS
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Recent Developments
In September 2021, BLAZE, an enterprise resource planning and point of sale (POS) platform for legal cannabis, announced that its software now supports BioTrack integration. This integration will allow cannabis businesses to automate compliance reporting in states where Biotrack is the state-mandated track and trace software. This essential compliance integration provides a new, more intuitive interface for cannabis operators and gives them a new alternative for point-of-sale software.
In April 2018, Mvix partnered with MJ Freeway to provide POS-integrated menu boards for marijuana dispensaries. The integration eliminates the need for manual double-entry of data. When a product's price changes or when inventory is low or out of stock, the POS-integrated menu boards are automatically updated in real-time.
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