Cloud POS Market size is set to cross USD 10 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing awareness about contactless transaction payment methods globally is driving the cloud POS industry growth. The digital payment gateway applications offer seamless completion of transactions and reduce the overall hassle of carrying cash. For instance, according to the National Payments Corporation of India (NCI), the transaction made from the Unified Payments Interface (UPI) exceeded around USD 100 billion in October 2021.
In 2020, the covid-19 pandemic led to series of lockdown measures, social distancing norms, and travel restrictions, slightly impacting the cloud pos market demand. The outbreak of virus across the workforce resulted in shortage of labor in various sectors. This created challenges for the businesses in terms of completing day-to-day tasks such as inventory and stock management. To tackle the issues, several retailers and restaurant owners are focusing on integrating holistic solutions such as cloud POS that can assist them in remotely monitoring and completing various activities with minimum staff.
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The increasing risks of cyberthreats will fuel the demand for maintenance & support services
The integration of evolving digital solutions into different industries has accelerated the chances of data leaks. To avoid such scenarios, the enterprises are significantly emphasizing on post-deployment services such as maintenance and support. They help the brands in keeping their systems functional, efficient, and updated, thus reducing the chances of cyberthreats.
Browse key industry insights spread across 250 pages with 217 market data tables and 33 figures & charts from the report, “Cloud POS Market Size By Component (Software, Service [Maintenance & Support, Consulting & Training]), By Organization Size (SMEs, Large Enterprises), By Application (Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
The ease of accessibility and affordability offered by cloud POS solutions in SMEs
The rise in the number of SMEs globally adopting advanced cloud technology solutions for scalability and cost-effectiveness will augment the market growth. These companies are depending on comprehensive digital solutions for creating a well-organized ecosystem and reducing the initial set-up cost. To cater to this demand, the technology providers are expanding their market penetration in different regions. The growing usage of advanced technologies by SMEs to ensure business growth will foster the cloud POS market expansion.
Modernizing retail sector using advanced technologies to enhance customer convenience
The retailers are significantly investing in the development of their stores across different locations to improve the customer experience. They are integrating advanced technologies, such as AI, machine learning, cloud computing, and NFC, to improvise the traditional systems to ensure business profitability. The growing focus of brands on upgrading the offline shops to transform into hybrid or fully automated store will stimulate the demand for cloud POS systems for interlinking different aspects of the operations such as inventory and payments.
Telecom and broadband infrastructure development to drive North America cloud POS market
In North America, the governing authorities are introducing new initiatives to increase the availability of affordable, stable, and economical internet connection. For instance, in June 2021, the government of Canada, through the Universal Broadband Fund, announced an investment of above USD 9.5 million in federal funding. Under this program, the administration will support 11 projects that will make high-speed internet reachable to nearly 17 rural & indigenous communities in Ontario.
Such projects will spur the availability of reliable internet services, thereby propelling the utilization of digital platforms for transaction and online shopping. This will encourage the businesses to implement cloud POS solutions to align themselves with the changes in market conditions and manage different parameters through a single platform.
Companies are focusing on strategic partnerships and acquisitions to strengthen their market position
The industry participants are focusing on forming strategic collaborations with other companies to boost their penetration and brand awareness.
The prominent players operating in the cloud POS market include Lightspeed POS Inc., TouchBistro, Inc., Revel Systems, Inc., Shopkeep, Inc., Kounta Holdings Pty Limited, Oracle Corporation, Upserve, Inc., Celerant Technology, Cegid Group, NCR Corporation, Clover Network, Inc., ERPLY, ePOS Inc., Future POS, Phorest Salon Software, Square, Inc., Shopify, PAR Technology, Vend Limited, and Toast, Inc.