Retail Segment is Expected to Dominate the Global Cloud Point of Sale (PoS) Market
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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