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The cloud point of sale (POS) is a web-based solution that allows processing payments via the internet. The cloud POS system stores transaction processing data in the cloud. The cloud POS solution's capability to access it anytime and anywhere through the internet drives the adoption of a cloud-based point of sale solution. The growing proliferation of electronic-commerce and cashless transactions in the retail and consumer goods industries is one of the key factors driving the market growth. The cloud POS solution is gaining traction across the retail and e-commerce industry due to the improved customer service delivery. The growing emphasis on multi-channel selling coupled with mobility trends is likely to propel the cloud POS market growth. With the technological advancements, the cloud-based POS solution is evolving to make the solution more secure and easily manageable from the past few years. This factor would be further impact positively to the market growth.
The consistent growth in the demand for smartphones and strong internet connection supports mobile and contactless payments among consumers. With the growing acceptance of online or cashless payment methods, the cloud point of sale (POS) market would experience unprecedented demand. The COVID-19 global pandemic has further escalated the demand for contactless payments to maintain safety and cleanliness. According to the survey conducted by Mastercard International Incorporated in April 2020, 79% of people worldwide have started using contactless payments during the COVID-19 pandemic time. Thus, the growing acceptance of digital payments promises several end-users, such as restaurants, hotels, retail, and healthcare industries, to deploy cloud-based point of sale (POS) solutions to offer a superior customer service experience. The integration of a cloud-based POS system with customer support functions, analytics, inventory management, and sales & automation tools has significantly propelled the adoption.
The cloud POS solution enables owners to record and track the transaction or purchase histories and essential data required to increase profits. Thus, cafes or restaurants are increasingly adopting cloud point of sale (POS) solutions to simplify sales tasks and customer engagement operations.
Key Market Driver -
• Growing demand for e-commerce and online payment methods would be likely to drive the market
Key Market Restraint -
• High security concerns are responsible to limit the adoption
The key players operating the global cloud point of sale (POS) market include Cegid Group, Celerant Technology, Clover Network, Inc., EPOS Now (ePOS Inc.), ERPLY, Future POS, Kounta Holdings Pty Limited, Lightspeed POS Inc., NCR Corporation, Oracle Corporation, PAR Technology, Phorest Salon Software, Revel Systems, Inc., Shopify, Shopkeep, Inc., Square, Inc., Toast, Inc., TouchBistro, Inc., Upserve, Inc., Vend Limited, and among others.
The global cloud POS market encompasses numerous, well-established, international, and domestic players. These vendors are adopting a new, forward-thinking strategic solutions and services that help them to stay competitive in the overall market. Several market players are adopting ultimate business strategies such as new product launches to strengthen their global market position. In February 2019, Upserve, Inc. announced the launch of an integrated, cloud-based point of sale solution named ‘Upserve Tableside Mobile POS and Upserve Workforce solution.’ The new solution aimed to deliver workforce tools, inventory solutions, and POS solutions to manage restaurant operations. Strategic partnerships and collaboration are key strategies that vendors are adopting to expand their business and product portfolio.
North America is anticipated to hold a significant share in the global cloud POS market due to the high demand forcloud-based services. The region is technologically advanced, which supports the adoption of advanced solutions and services. The United States and Canada are frontrunning countries in accepting contactless payment methods, supporting market growth across the region. The United States-based retailers are highly adopting online payment solutions, which further drives cloud-based POS system adoption. Cafes, restaurant owners in the United States rely on online transactions, which further impacts the market growth.
Similarly, Europe is also likely to register a remarkable growth rate due to its significant mobile POS industry developments. The integration of cutting-edge technologies such as biometrics in point of sale POS drives the growth of the cloud POS solution market.
The Asia-Pacific region is probable to register the highest growth during the forecast years. The growth is mainly attributed to the large presence of prominent vendors. Progressive acceptance of cloud-based services in the region again supporting the cloud-based POS market growth. With the surge in cloud payment services, countries including Singapore, China, India are likely to exhibit significant growth over the years. As per the survey accompanied by the United Overseas Bank (UOB), in November 2019, about 65% of small and medium enterprises in Singapore have adopted automation and cloud-based solutions, particularly accounting and customer relationship management. Thus, the cumulative adoption of cloud-based solutions among the Asean SMEs would drive the cloud POS market growth across the region.
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