The increasing prevalence of e-commerce and cashless transactions in the retail and consumer goods industries are a major factor attributable to the growth of the market.
According to TechSci Research report, “Global Cloud Point of Sale (PoS) Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Cloud Point of Sale (PoS) is anticipated to project robust growth in the forecast period with a CAGR of 25.58% through 2028, The cloud point of sale (PoS) is a web-based solution that allows the processing of payments via the internet. This system stores transaction processing data in the cloud. The solution’s capability to access it anytime and anywhere through the internet drives its adoption. The increasing prevalence of e-commerce and cashless transactions in the retail and consumer goods industries is a key factor driving the market’s growth.
Because of better customer service delivery, the cloud PoS system is gaining momentum in the retail and e-commerce industries. The increased emphasis on multi-channel selling, combined with mobility trends, is expected to drive the expansion of the cloud PoS market. Certain factors, such as increased emphasis on business process optimization, globalization of e-commerce, and growth in cashless transactions, drive the rate of automation adoption in retail, entertainment, hospitality, and other such industries. PoS systems are driving the growth in automation in the retail sector. Increased benefits, such as cheaper upfront costs, data security, flexibility, and scalability, drive the market demand for cloud PoS terminals.
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Based on End-user Industry, Retail Segment to Dominate the market during the forecast period. The retail sector’s growing adoption of advanced digital technology to improve store efficiency will drive demand for cloud PoS services. The system enables store administrations to monitor a variety of operational activities remotely. The significant players in the market are adopting new technologies and launching new cloud-based PoS services. In May 2022, NCR Corporation, an enterprise technology supplier, unveiled NCR Aloha Cloud, a cloud-based point of sale (POS) solution that provided robust capabilities to come to market under the industry-leading Aloha brand.
Retailers worldwide dealt with COVID-19 and consequent labor shortages, supply chain concerns, and increased customer expectations. In January 2022, NCR Corporation and Google Cloud collaborated to help turn these obstacles into opportunities. With their strategic partnership, NCR and Google Cloud introduced additional platforms and cloud capabilities, including AI and machine-learning solutions. The partnership provided retailers with best-in-class tools and unparalleled flexibility to deliver exceptional in-store customer experiences. Mobile POS systems are gaining traction due to global mobility patterns and a growing emphasis on multichannel selling. With the emergence of cashless transactional technology, the adoption rate of cloud PoS has increased due to the requirement for sales and inventory synchronization, improved customer experience, and retention.
Based on Region, North America is Expected to dominate the market. The United States dominates the PoS terminal industry in North America. For many years, various PoS terminals have been used in outlets around the country, increasing the demand for replacement with new technology. Hardware sales, digital PoS, cloud subscriptions, and mPoS transactions are on the rise in North America, with anything from futuristic hand-held tablets with payment terminals to sleek all-in-one equipment. The payment methods across the region are improving with the updating trends. In 2020, credit cards were North America’s most commonly used Point of Sale payment method, accounting for 38.60% of all PoS payments. It is also expected to be the most popular PoS payment option in North America in 2024, accounting for 38.40% of payments. Digital and mobile wallet payments are expected to account for 15.5% of PoS payments by 2023, mirroring a global trend toward digital wallet payments.
Key market players in the Global Cloud Point of Sale (PoS) Market are following:-
- Block, Inc.
- Intuit Inc.
- Shopify Inc.
- Lightspeed POS Inc.
- Clover Network, Inc.
- Vend Limited
- Toshiba Global Commerce Solutions
- Seiko Epson Corp.
- Samsung Electronics Co. Ltd
- Micros Retail Systems Inc. (Oracle)
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“The global Cloud Point of Sale (PoS) market is being driven by several key factors. Cost-effectiveness is a major driver as cloud PoS systems offer businesses a more budget-friendly alternative to traditional on-premises solutions. Scalability is another driver, allowing businesses to easily expand or contract their PoS capabilities to match their needs. Real-time data and analytics provide businesses with valuable insights, while mobility and flexibility enable transactions and operations from virtually anywhere. Integration capabilities streamline processes and enhance efficiency, and enhanced security measures make cloud PoS systems a reliable choice for businesses. Additionally, the shift to subscription-based pricing models offers affordability and predictability in operational costs. As these drivers continue to shape the market, cloud PoS systems are becoming increasingly essential for businesses looking to stay competitive and adaptable in the ever-evolving retail and service industries..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Cloud Point of Sale (PoS) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Hardware and Software & Services), Type (Fixed Point of Sale and Mobile Point of Sale), End-user Industry (Entertainment, Hospitality, Healthcare, Retail, and Other), By Region, Competition 2018-2028 has evaluated the future growth potential of Global Cloud Point of Sale (PoS) Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Cloud Point of Sale (PoS) Market.
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