Cloud POS Market: Introduction
With the increasing awareness about the advantages associated with the adoption of cloud technology, end-users across the globe are focusing on adopting cloud based solutions. Similarly, end-users across various industry verticals are focusing on transiting to cloud POS, in comparison to the already adopted client-server (conventional POS) terminal.
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Cloud POS is a POS terminal which eliminates the need for a server and wires, as mandated in the traditional client-server POS terminal. Cloud POS enables the flow of traffic, wirelessly, to someone else’s datacenter. Besides this, a decrease in the operational cost is witnessed with the adoption of cloud POS terminals.
As the concept of cloud POS is relatively new in the respective domain, a restricted adoption of the same is witnessed since the past few years. However, the Y-o-Y growth of cloud POS in the respective years is expected to be considerably high. Major traction of cloud POS has been witnessed across countries having resources to implement the same, such as the U.S., the U.K., China, Japan, and Germany. It is furthermore expected that the global cloud POS market will exhibit a high double digit growth rate, during the forecast period.
Cloud POS Market: Dynamics
Increasing affinity amongst the end-users for the adoption of cloud technology across all the major domains is expected to be the key driver for the cloud POS market. The advantages associated with the adoption of cloud POS, such as enhanced simplicity, flexibility, and functioning is further assisting end-users to adopt cloud POS across their respective industry vertical. Besides these factors, one of the major factor driving the demand for the adoption of cloud POS is the low operational cost associated with it. The decreasing cashless transactions is assisting the growth of digital payments. This has a direct impact on the growth of POS market. As a result, cloud POS market is also expected to witness impel during the forecast period.
The increasing adoption of cloud POS across small and medium sized enterprises is witnessed to be the recent trend governing the growth of the global cloud POS market, in terms of value.
However, in contrary to the above situation, a restricted adoption of cloud POS system is witnessed in some of the developing and underdeveloped countries, owing to the lack of awareness about the same, especially in countries lacking the resources necessary for the implementation of cloud POS. This, thus, acts as the primary restraint for the global cloud POS market. In addition to this, vulnerability against cyber-threats and cyber-crimes is another factor hindering the demand of cloud POS.
Cloud POS Market: Segmentation
On the basis of offering, the cloud POS market has been segmented as:
- Solution
- Services Consulting and Training Implementation and Integration Support and Maintenance
As the adoption of cloud POS solution proliferates, a higher demand for its services is expected. Thus, services segment is expected during the forecast period, in the global cloud POS market.
On the basis of industry vertical, the cloud POS market has been segmented as:
- Retail
- Hospitality
- Media and Entertainment
- BFSI
- Transportation and Logistics
- Healthcare
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Cloud POS Market: Market Participants
Some of the key players in the cloud POS market are Square, Inc., Cegid, UTC RETAIL, Shopify Inc., ShopKeep, Poster POS Inc, Lightspeed, RetailOps, Clover Network, Inc. and various others.