The Global Cannabis Industry Software Market is expected to reach USD 2143.60 million by 2027 from USD 962 million in 2020, at a CAGR of 9.42 % during the forecast period. The surging demand for cannabis industry software with multiple features including, inventory management, CRM, employee scheduling, and reporting, in addition to the payment process will accelerate the market growth.
The global cannabis industry software market benefits consumers since it increases transparency across all levels of the supply chain, ensuring accountability from growers, processors, and product producers. For instance, if a batch sample fails inspection, the regulators and producers know to pull that product from circulation and reduce the chances that consumers will be exposed to pesticides, moulds, or other harmful contaminants.
Tracking software ensures products are safe for the consumer and provides transparency to regulators, who know that cannabis producers comply with all laws and pay proper taxes. With many new participants eager to join the cannabis industry, seed-to-sale tracking software ensures that all producers, growers, manufacturers, and distributors maintain proper licensing and safeguard the health and well-being of the end user. With cannabis taxes in states such as Colorado providing significant funding for education and other essential programs, cannabis seed-to-sale technology is an important way to ensure that municipalities and states that allow cannabis sales maintain balanced budgets.
The market players in the global cannabis industry software market includes MJ Freeway, Ample Organics, BioTrackTHC, Entcart, Flowhub, Green Bits, Dauntless, Distru, Flourish, Silverware, SYSPRO, Viridian Sciences, Wilcompute Systems Group.
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.