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Cloud-based POS Market - Segmentation By Component (Solutions and Services), Enterprise Size (Small and Medium Business and Large Enterprise), Application (Healthcare, Retail and Consumer Goods, Travel and Hospitality, Media and Entertainment, and Transportation and Logistics) and Region- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2028

Published: March, 2023
ID: 10078
Pages: 150
Formats: report pdf report excel report power bi report ppt

Cloud-based POS Market Size, Share, Growth (2023-2028)

cloud POS market was estimated at $ 2.34 billion in 2023 and is determined to be worth $ 4.73 billion in 2028.

overview:

The cloud-based point-of-sale (POS) solution enables efficient management of point-of-sale terminals in multiple locations. In addition, this solution improves the provision of services to its clients. These advantages are expected to stimulate demand for the solution. The increasing adoption of e-commerce transactions in retail and consumer goods applications and the increasing number of cashless transactions have further fuelled demand for this solution worldwide. The Cloud POS solution has undergone technological advancements in recent years, which has made the solution more secure and easier to manage. Also, this solution is integrated with technologies such as advanced machine learning and artificial intelligence. The solution analyzes sales data to determine customer behavior to focus on promotional and marketing initiatives.

Recent Developments

  • In September 2018, Shopify published about the launch of its new Shopify app store. App Store is a collection of free and premium applications that extend the functionality of Shopify online stores.

  • In August 2018, Square, Inc. announced an update to its smart card reader to allow faster processing of card payments.

  • Lightspeed introduced an integrated iOS solution during July 2018 to support retailers and restaurants. The solution supports better business management, from planning finances and organizing work schedules to simplifying transactions between merchants and customers.

  • In July 2018, ShopKeep announced a partnership with credit card processing company Gravity Payments to offer its point of sale software for Gravity's seamless payment processing service.

  • In April 2018, Square, Inc. acquired Zesty to strengthen and grow its growing corporate order business.

Impact of COVID-19 on Cloud-based POS Market:

Due to the coronavirus pandemic, android-based point-of-sale systems, which are manufactured almost exclusively in China, are the most affected. In addition, there is a shortage of sliding machines to process digital payments at points of sale. The coronavirus can be transmitted through the buttons on the payment terminal. However, COVID-19 is expected to have a significant impact on buyer behaviour. Therefore, contactless payments can offer merchants and issuers the opportunity to improve payment security, transaction speed, and the customer experience. Therefore, the growth of the contactless payments market during the forecast period is expected to provide further opportunities for providers in the market under study.Blocking due to the Coronavirus has resulted in the closure of nonessential businesses. This has eliminated the ability of millions of small retailers to sell in person. While these government-imposed closings are temporary, their duration is skeptical of the measure. Similarly, these closings could change the landscape for small stores once all of this is over, providing opportunities for Cloud PoS service providers in the retail industry.

Cloud-based POS Market Growth and Trends:

  • Cloud-based point-of-sale applications follow a subscription model, typically, sometimes without a long-term contract, the cost of which covers benefits such as licensing, customer support, data hosting, and upgrades. Businesses typically pay for a touchscreen device using software. Subscription plans are flexible, so the number of devices can be changed or cancelled at any time. For example, in September 2019, the NCR Corporation announced that Northgate González Market had implemented NCR Emerald, the next-generation subscription cloud point-of-sale (POS) platform for grocery retailers.

  • With the increasing mobility trends around the world and the growing emphasis on multi-channel selling, mobile point-of-sale systems are gaining ground. With the advent of cashless transaction technologies, Cloud POS has seen an increase in adoption rate due to the need to synchronize sales and inventory, improve customer experience and build loyalty.

  • Sales reporting, inventory, financial management, and customer analytics capabilities, which facilitate business opportunities in the cloud, help businesses solve customer retention issues. Hence, the need for customer loyalty and the growth of competition from industries are driving the growth of point of sale terminals. Additionally, Cloud based PoS eliminates data storage and security issues as well as software maintenance issues, as the PoS provider manages the data in a remote and secure location.

Cloud-based POS Market Drivers and Market Restraints:

Factors like the increased emphasis on optimizing business processes, the globalization of e-commerce, and the growth of cashless transactions are driving the adaptive rate of automation in industries such as retail, entertainment, hospitality, and others. In the retail industry, the rise in automation is dominated by PoS systems. With higher benefits such as lower upfront costs, data protection, customization and scalability, demand for the cloud-based PoS market is expected to increase in various end-user industries.The technological development in cloud computing is one of the main drivers of the cloud-based point-of-sale market. Clouds provide many computing resources that can help organizations, while content management systems (CMS) can deliver the right content for the right user. Cloud-based solutions help reduce the complexity of managing access controls and content retention and classification policies, while providing information monitoring, auditing and reporting capabilities.

However, concerns about data security and the likelihood of data breaches pose significant challenges for the worldwide market.

GLOBAL CLOUD-BASED POS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022– 2028

Base Year

2022

Forecast Period

2023-2028

CAGR

xx%

Segments Covered

By Component, Application, Company Size, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Square Inc., Cegid, UTC RETAIL, Shop Keep, PAR Technology, Shopify, B2B Soft, Intuit, Lightspeed, Oracle Corporation, SalonTarget, RetailOps, Celerant Technology and TouchSuite and Others.

Cloud-based POS Market Segmentation:

The cloud-based point of sale market can be segmented by

  • component

  • application

  • company size

Global Cloud-based POS Market By Component:

solutions

services

The services segment can be divided into professional and managed services.

By Company Size:                      

small and medium businesses (SMBs) and large enterprises.

By Application:

 the cloud-based point-of-sale market can be segmented into healthcare, retail and consumer goods, travel and hospitality, media and entertainment, and transportation and logistics.

Cloud-based POS Market Regional Analysis:

  • North America,

  • Europe,

  • Asia-Pacific,

  • Middle East & Africa,

  • Latin America

 North America is expected to hold a significant share of the cloud-based point-of-sale market, due to the invention of various cloud technologies in the region. The Asia-Pacific is estimated to be a lucrative market region due to new developments in cloud computing and significant internet penetration in the region.

The United States is an important segment of the North American cloud-based point-of-sale terminal market. For several years, various types of point of sale terminals have been used in points of sale across the country, increasing the need for replacement with updated technologies. Sales of hardware, digital points of sale, cloud subscriptions or mPOS transactions, from futuristic portable tablets with payment terminals to sleek all-in-one machines, are on the rise in North America.

Key market players:

  1. Square Inc.,

  2. Cegid,

  3. UTC RETAIL,

  4. Shop Keep,

  5. PAR Technology,

  6. Shopify,

  7. B2B Soft,

  8. Lightspeed,

  9. Oracle Corporation,

  10. SalonTarget,

  11. RetailOps,

  12.  

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