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A point of sale (POS) system is a computerized cash register replacement. The system can track and process customer orders as well as swipe credit and debit cards and manage inventory. In most cases, a POS system is built around a personal computer that is equipped with specialized input/output devices and application-specific software. A cloud-based POS offers the most flexibility for a variety of POS environments as well as the ability to communicate with all POS locations at the same time.
In general, cloud-based systems run on client-side hardware and rely on internet infrastructure to send and receive data from a remote server. Moreover, advancement of cloud computing technology is a major driver of the cloud-based POS market. Furthermore, cloud-based solutions make it easier to manage access controls, content classification, and retention policies while also providing more flexibility. Therefore, surge in demand for cloud-based POS is expected to boost the growth of the market.
The global cloud-based point of sale (POS) market is segmented on the basis of component, type, enterprise size, and region. Based on component, the cloud-based point of sale (POS) market is bifurcated into solutions and service. In terms of type, the market is categorized into fixed point of sale and mobile point of sale. On the basis of enterprise size, the market is divided into large enterprises and small & medium enterprises (SMEs). Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global cloud-based point of sale (POS) industry include Square Inc., Cegid, UTC RETAIL, Lightspeed, Oracle, Intuit Inc., Revel Systems, Omnico Group, Teamwork Commerce, and TouchSuite. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global cloud-based point of sale (POS) market.
Top Impacting Factors
Increased business mobility & flexibility and rise in demand for faster & secured payment transactions across businesses are expected to drive the growth of the cloud-based point of sale (POS) market. In addition, the retail sector is expected to hold the largest market share, thereby propelling the growth of the market. However, growing data theft and rising cyber-attacks on cloud devices hamper the growth of the market. Contrarily, growing demand for e-commerce transactions in retail and consumer goods application is expected to foster the growth of the cloud-based point of sale (POS) market in the coming years.
Increased Business Mobility and Flexibility
Any device with an internet connection can access a cloud-based POS system. This gives one the ability to perceive labor usage percentages, inventory counts, and productivity reports in real time. The data can be instantly updated and accessed from any remote location at any time. This benefit of cloud POS improves business operations flexibility.
Moreover, cloud POS can be set up on a mobile device, allowing users to move around with the equipment. It also has the benefit of allowing users to add more mobile devices to its existing system for increased mobility. Customers can take advantage of the functionality of a mobile POS (mPOS) system with this benefit. Therefore, increased mobility advantage provided by cloud POS deployments is expected to drive the growth of the cloud-based point of sale (POS) market during the forecast period.
Rise in Demand For Faster & Secured Payment Transactions Across Businesses
Businesses are turning to cloud POS software to streamline daily operations and gain access to data from anywhere. The software automatically updates businesses on transactions and tasks completed across all sales channels. It also offers useful data analytics, allowing companies to track customer behavior and boost profits. To enable faster and more secure payment transactions, market players have developed cloud POS software that is compatible with near-field communication (NFC) payments.
Moreover, manufacturers in the cloud-based POS market provide industry-specific software that can be customized to fit the needs of their business. This will allow them to manage their sales, inventory, and payments with a single solution, saving money on the cost of installing multiple systems. Therefore, the rise in demand for software solutions in the cloud POS markets is expected to foster the growth of the market during the forecast period.
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