Global Market Insights, Inc. has recently added a new report on the cloud POS market which estimates the market valuation for cloud POS will cross US$ 9 billion by 2026. Increasing mobility trends and growing emphasis on multichannel selling among industries are propelling the cloud POS market growth.
The cloud POS software market is projected to hold a major share due to the rising demand for managing customer relationships and loyalty in various industry sectors. The market players offering cloud-based management platform integrated with analytics, customer support functions, inventory management, add-on for loyalty, and sales & marketing automation tools has significantly driven its adoption in various sectors such as retail, travel & tourism, and healthcare. The software allows businesses to organize data and distribute it to different departments for improving customer experience and retention.
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The entertainment & media sector is estimated to witness growth over the forecast timespan. Cloud POS enables businesses, such as amusement parks, sports venues, movie theatres, and concerts, to offer customers flexibility and transparency in payment transactions. The deployment of these systems helps businesses to enhance customer service and improve sales performance. Features, such as easy ticketing & membership options, inventory tracking, detailed analytics & reporting, promotions, and discounts and employee management, have driven the adoption of cloud POS software in the entertainment & media industry.
The North America market size is expected to expand during the forecast timespan due to the widespread expansion of retail giants and small chain restaurants. In December 2020, CordovaCann Corp., announced the expansion of its retail business in Canada by opening of the fourth star buds cannabis store in Ontario for processing online orders from customers.
The presence of several full-service restaurant chains, such as Dunkin‘ Brands, Bloomin’ Brands, Wendy’s Co., and Darden Restaurants, is positively impacting the cloud POS market growth in the region. The software enables businesses to effectively serve a large customer base and enhance sales, manage inventory & accounting, and significantly improve customer service experience.
Some major findings of the cloud POS market report are:
- With the changing customer preferences for non-cash transactions, the businesses are shifting toward advanced systems to provide flexible and secure payment transactions to customers. Cloud POS enables sales transactions to be processed anywhere, anytime, with any preferred method of payment.
- Large enterprises with global operational base are adopting cloud POS solutions to effectively manage their inventory based on products that attract most customers. The software offers convenience in maintaining central remote servers for data and applications.
- The flourishing retail & e-commerce sector globally along with rise in digital transactions is positively influencing the market growth. The availability of cloud POS software compatible with multiple e-commerce platforms including BigCommerce, Magento, and Shopify is driving its adoption in the industry.
- The companies operating in the cloud POS market are investing highly in R&D for product innovations in order to attract large customer base and expand their product offerings. The major players are witnessing intense rivalry and are adopting merger & acquisition strategies to differentiate products on the basis of affordability and quality. In February 2019, NCR Corporation acquired BEC, a provider of hospitality point-of-sale solutions, to expand its hospitality business across the U.S.
- Major market players include Vend Limited, Clover Network, Inc., PAR Technology, Upserve, Inc., Shopify, Revel Systems, Inc., NCR Corporation, TouchBistro Inc., EPOS Now, Lightspeed POS Inc., Square, Inc., Toast, Inc., and Touchsuite.
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Partial chapters of report table of contents (TOC):
Chapter 3 Cloud POS Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1 Payment industry landscape
3.2.2 POS terminals industry landscape
3.2.3 Mobile wallet industry landscape
3.3 Impact of coronavirus (COVID-19) pandemic
3.3.1 Global outlook
3.3.2 Regional outlook
126.96.36.199 North America
188.8.131.52 Asia Pacific
184.108.40.206 Latin America
3.3.3 Industry value chain
3.3.4 Competitive landscape
220.127.116.11 Distribution network
18.104.22.168 Business growth
3.4 Industry ecosystem analysis
3.4.1 Technology/cloud providers
3.4.2 POS manufacturers and software developers
3.4.3 System integrators
3.4.5 Service providers
3.4.6 Distribution channel analysis
3.4.7 End-use landscape
3.4.8 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 NFC-enabled POS terminals
3.5.2 Bluetooth technology
3.5.3 Facial recognition
3.5.4 Impact of IoT and Big Data
3.5.5 Digital & mobile wallets
3.6 Regulatory landscape
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
22.214.171.124 Demand for the cloud systems for inventory and stock management
126.96.36.199 Rise in cashless transactions in several countries
188.8.131.52 Growing demand for the cloud POS from small restaurants in the U.S.
184.108.40.206 Inclination towards online payments in Europe
220.127.116.11 Growing demand for e-commerce transactions in Europe and Asia Pacific
18.104.22.168 Rise in food delivery services in China and India
22.214.171.124 Infrastructure development in Latin America
126.96.36.199 Flourishing retail industry vertical in the UAE
3.7.2 Industry pitfalls & challenges
188.8.131.52 Lack of reliable and advanced infrastructure
184.108.40.206 High security risks
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.