Jul 13, 2021 (Market Insight Reports) -- (Delaware U.S) Global Market Insights, Inc., reports that the cloud POS market may register over USD 9 billion by 2026. Mounting application in the entertainment sector to propel cloud POS market size by 2026
Driven by rising digitalization and emphasis on multichannel selling among industries, the cloud POS market is expected to grow significantly by 2026. Consumer preference for non-cash transactions is encouraging businesses to shift towards advanced systems to offer flexible and secure payment transactions to customers.
Cloud POS provides convenience in the maintenance of central remote servers for data and other applications. The surge in digital transactions as well as the flourishing global retail and e-commerce sector is boosting the demand for these systems. Availability of cloud POS software compatible with several e-commerce platforms like Magento, Shopify, and BigCommerce is fueling its adoption.
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Cloud POS also allows sales transactions to be processed anytime, anywhere, with any preferred payment method. Large enterprises having a global operational base are integrating cloud POS solutions in order to effectively manage their inventory, based on products which attract more customers.
To cater to rising demand, cloud POS providers are focusing on R&D investments for product innovations. For instance, in 2020, e-commerce platform Shopify launched its fully rebuilt and reimagined Shopify POS for merchants worldwide, including an advanced set of tools made specifically for retail stores.
Based on component, the cloud POS software segment is anticipated to account for a major industry share. Increasing demand for effective management of customer relationships and loyalty in different sectors would favor this growth.
Several cloud POS companies are offering cloud-based management platforms integrated with customer support functions, add-on for loyalty, analytics, inventory management and sales & marketing automation tools, which has substantially fueled platform use in healthcare, retail and travel & tourism sectors. The software enables businesses in these sectors to organize and distribute data to different departments for the improvement of customer experience and retention.
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In terms of application, the entertainment & media sector is projected to experience substantial growth over the forecast period owing to multiple features of cloud POS software, including inventory tracking, discounts, promotions and employee management, easy ticketing & membership options, and detailed analytics & reporting. Cloud POS enables movie theatres, amusement parks, concerts, and sports venues to provide customers the transparency and flexibility in payment transactions. It helps businesses to improve sales performance and enhance customer service.
Geographically speaking, the North America cloud POS market is likely to expand in the upcoming years credited to the widespread expansion of small chain restaurants and retail giants. The presence of full-service restaurant chains like Bloomin' Brands, Wendy's Co., Darden Restaurants, and Dunkin' Brands is having a positive impact on the regional industry. Cloud POS software allows businesses to serve a large customer base as well as improve sales, enhance the customer service experience and manage inventory & accounting.
Globally, companies operating in the cloud POS market include Revel Systems, Inc., Vend Limited, Upserve, Inc., NCR Corporation, Shopify, Square, Inc., Touchsuite, EPOS Now, Toast, Inc., PAR Technology, Lightspeed POS Inc., TouchBistro Inc., and Clover Network, Inc. These firms are taking part in a slew of business strategies such as new product development, R&D investments, mergers & acquisitions to expand their product portfolio, attract a larger customer base and to differentiate their products based on quality and affordability.
Partial Table of contents –
Chapter 2 Executive Summary
2.1 Cloud POS Market 360� synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Component trends
2.1.3 Organization size trends
2.1.4 Application trends
2.1.5 Regional trends
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