The Cloud POS (Point of Sale) is web-based POS systems where the transactional information is transmitted through remote cloud services. The end-users of the web-based POS avail this solution through a subscription basis instead of paying for the software. These systems can be easily installed on mobile devices and data can be accessed at any time from any Internet-connected mobile or computer device. The system operates on client-side hardware, and with the help of remote servers the information can be processed & integrated with multiple sales channels.
According to study, “Global Cloud POS Market to reach USD 6.08 billion by 2026” the key companies operating in the global cloud POS market are Cegid Group, Clover Network, Inc, Celerant Technology, EPOS Now, Kounta Holdings Pty Limited, ShopKeep, Future POS, ERPLY, NCR Corporation, and Oracle Corporation. The key players are adopting a partnership program with Information Technology (IT) giants to expand its cloud POS solution that can be compatible with several operating platforms such as mobile, desktop, and tablets. The vendors operating in the market are operating in various regions through partnerships, value-added resellers, and system integrators to enter the untapped markets in the Asia-Pacific region.
Based on the component, the cloud POS market is segmented as software components and services components. The services segment includes support & maintenance and training, consulting, and integration services. Based on organization size, the market is segmented as large enterprises and small & medium enterprises. In addition, based on the application area, the market is segmented as travel & hospitality, retail & consumer goods, media & entertainment, healthcare, and transportation & logistics. The travel & hospitality segment includes staff management, reporting, restaurant & table management, kitchen management, and others. Retail & consumer goods include labor scheduling, inventory management, shelf space management, cash management & checkout, and scale management. Media & entertainment includes in-theatre dining management, cinema operations management, digital signage management, and cash desk management. The healthcare segment includes invoicing, inventory management, and reporting & analytics. Additionally, the transportation & logistics segment includes operations management, vehicle inventory management, payroll management, and operation management.
The cloud POS market is driven by an increase in business mobility & flexibility, followed by improved service delivery and efficient management of POS terminals across multiple locations. However, skepticism regarding cloud-based offerings may impact the market. Moreover, the increase in cashless transactions in different countries and rise in demand for eCommerce transactions in retail & consumer goods applications are key opportunities for the market.
Based on geography, the Asian-Pacific region holds a major share in global cloud POS market owing to the rise in the adoption of various associated services in the region. Whereas, the European and North-American regions are estimated to witness higher growth rate due to the proliferation of cloud computing over the forecast period. In upcoming years, it is predicted that the future of the global market will be bright as a result of growth in investments in cloud technology worldwide coupled with increase in the number of non-cash transactions during the forecast period. The global cloud POS market is valued approximately US $1.29 billion in 2019 and is expected to grow with a healthy growth rate of more than 21.38 % over the forecast period 2019 to 2026.
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