Global Cloud POS Market is majorly driven by increasing adoption of cloud technology across the industries and the increasing need for improved operations in business. However, the rapidly changing nature of technology requiring consistent changes in POS hardware and software. Also, the proliferation of customized POS and surging 5G technology and mobile POS are expected to provide substantial growth opportunity to the key players in this market.
The global Cloud POS market valued at US$ 4.95 Bn in 2018 and is expected to grow at a CAGR of 21.6% during the forecast period 2019 – 2027, and reach US$ 27.82 Bn in 2027.
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Increasing need for enhanced service delivery is expected to drive cloud POS market
With the increasing customer-centric solutions and services, the demand for cost-efficient and value-added services are increasing. Vendors are highly focused on the upgraded offering and also to minimize the operational costs. Cloud POS solution offers cost-effective services for both business and customers.
The features that are driving the cloud POS market are sales management, store operations, order & promotion management, purchase & re-order, secured payments, customer loyalty programs, creating reports and analyzing data in real-time.
Top Key Vendors profiles in this Report includes, Square, Inc., Intuit, Inc., Oracle Corporation, Shopify, Inc., Toast, Inc., Vend Limited, AccuPOS, Inc., Clover Network, Inc., LightSpeed POS Inc., and Loyverse POS among others.
Moreover, cloud deployment reduces the services cost and enhances service offerings. Vendors of cloud POS market are highly focused on offering advanced solutions and services to its customers and are significantly driving the global cloud POS market.
A cloud POS is a web-based software as a service (SaaS) model utilizing enterprise cloud technology. Whereas services are the various support offered to the customers such as professional services and managed services. Over the years the demand for cloud based system is expected to achieve substantial growth rate. This is majorly because the Cloud POS offers enhanced flexibility, scalability, and security to its users.
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The end-user segment is classified as Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Transportation & Logistics, Healthcare, and Others. Each and every end-user industry has its specific needs and challenges.
Some industries are highly focused on simplified operational activities, while others focus on customer satisfaction. Irrespective of the industry, two aspects remain constant, i.e. keeping operating costs under control as well as keeping the best operating condition of the assets.
Global Cloud POS Market – By Component
Global Cloud POS Market – By Organizational Size
• Large Enterprise
Global Cloud POS Market – By End-user
• Retail & Consumer Goods
• Travel & Hospitality
• Media & Entertainment
• Transportation & Logistics
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This post was originally published on Industry Updates Daily