Cloud POS Market to Witness Stunning Growth | Intuit, Oracle, Shopify
Updated · May 27, 2023
Published Via 11Press : The most recent market research report from HTF MI on the global cloud POS market analyses the risk side, points out opportunities, and makes use of tactical and strategic decision-making support. The analysis offers details on market trends and developments, growth catalysts, technologies, and the evolving Cloud POS Market investment structure. Square Inc. (US) and Cegid (France) are two of the major players featured in the report. Shopify (Canada), UTC RETAIL (US), ShopKeep (US), PAR Technology (US), B2B Soft (US), (US) Intuit Canada’s Lightspeed ODBC (US) Retailors (US) and Salon Target (US).
What is Cloud POS?
- A cloud-based POS is one that handles all financial transactions online and stores sales data rather than on your personal computer and server. Cloud POS can be advantageous for retailers with both online and physical locations who want to set up a neater, more contemporary register and reduce wait times by collecting payments from several places. It can be simple for eCommerce business owners to sell at pop-up shops, artisan fairs, trade displays, and farmers’ markets thanks to the dependability, versatility, and simplicity of a cloud POS.
- Indian eateries are using cloud-based Point of Sale (POS) systems more and more frequently. They are the most dependable and cost-effective options for restaurants of all shapes and sizes. Modern approaches make business owners feel more confident dependability and adaptability considering their goals. If you are considering technologies for your restaurant that are affordable, secure, or user-friendly, the cloud-based POS system is the best option. As a result, there are now a rising number of Point-of-Sale restaurants.
- A cloud-based POS system makes data for profitable sales and growth available. Every purchase needs to be monitored and documented. A restaurant owner can use the data to analyze what menu items are the most well-liked by customers. They can create specialized marketing plans employing this customer behavior and demographic data. Non-technical persons could find cloud computing intimidating. For restaurants of all sizes, these effective solutions ensure a success percentage of 100%. This technology will help the company run more efficiently and safely. Revenue growth and elevated client happiness come next.
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|Unit||Value (USD Million)|
|Key Companies Profiled||Square Inc (United States) Cegid (France) UTC RETAIL (United States) Shop Keep (United States) PAR Technology (United States) Shopify (Canada) B2B Soft (United States) Intuit (United States) Lightspeed (Canada) Oracle (United States) SalonTarget (United States) RetailOps (United States)|
- The report includes a thorough analysis split by the study’s main application areas (retail and consumer goods, travel and hospitality, media and entertainment, transportation and logistics, and healthcare), as well as by the study’s important geographic regions. Due to new techniques used by companies in the Cloud POS market, it is anticipated that the rivalry would get even more fierce in the upcoming years. The Cloud POS research report delivers information on the competitive landscape and the product/service offerings of top firms to assist customers in increasing their revenue shares in the sector. In order to maximize the benefits of growth potential, this Cloud POS market study also proposes techniques that competitors can use and emphasizes key areas they should concentrate on.
- Square Inc. (US), Cegid (France), UTC RETAIL (US), ShopKeep (US), PAR Technology (US), Shopify (Canada), B2B Soft (US), Intuit (US), Lightspeed (Canada), Oracle (US), Salon Target (US), and Retailors (US) are only a few of the prominent companies included in the research. At every stage of the creation of a POS system, security should be considered. It has access to personally identifiable information (PII), such as complete names, credit card numbers, phone numbers, ID numbers, emails, social security numbers, etc., because it is software that processes payments and stores data. The security of these kinds of data may be compromised by inadequate security procedures. Because POS systems are well-known and convenient targets for hackers and are used by many different sorts of merchants,
Cloud POS Market Segment:
- Small and Medium-Sized Enterprises
- Large Enterprises
- Retail and Consumer Goods
- Travel and Hospitality
- Media and Entertainment
- Transportation and Logistics
- Malware like Dexter, Skimmer, Backoff, Poseidon, or Dupo can penetrate devices, track and copy sensitive data (mostly credit card information), and send it to scammers’ command centers, making traditional POS systems susceptible to malware attacks.
- Although the Cloud POS is a one-stop shop for all retailers and businesses, regulatory agencies, and the rules that the Cloud POS system must abide by emphasize security as their top concern.
- Since small and medium businesses make up 70% to 80% of the market, cloud POS would gain more by providing services to these businesses. The major players provide capabilities in the cloud POS system that are industry-specific, for example, some rivals provide their own payment method. The leading players are putting their efforts into increasing engagement and developing new uses while developing a new customer relationship model with a 100% cloud offering.
- Seeking to offer specialized or specialist services in the following five markets: finance, human resources, retail, CPAs, and entrepreneurial sectors. The participants accelerate their rate of global expansion and continue to follow their acquisition strategy.
Thanks to the Software as a Service (SaaS) business model, cloud POS systems now operate considerably more effectively and benefit food and beverage enterprises more. Using a cloud POS system allows businesses to significantly reduce human error and improve retail inventory management through automation.
- Sales and inventory data are electronically synchronized and saved as soon as a payment is received, allowing for better inventory control at retail outlets. A cloud-based POS system streamlines transactional operations for customers in several ways, including by offering multiple payment options and the option to save their preferred method within the system, automatically sending invoices via the customers’ preferred channel or method once more, and ensuring that pick-ups and drops go as smoothly as possible.
Market Growth Drivers:
The development of web-based point-of-sale systems that enable payment processing over the Internet is a result of a rise in online payment transactions and infrastructure. The expansion of e-commerce companies encourages the use of more cloud-based brand sales and filter sales channels.
- To increase speed, multiple-point transactions and payments are made. The cloud POS systems enable integrations for all these payment options, particularly while localizing with the most popular payment methods available. These include payment apps, credit cards, debit cards, mobile wallets, and more.
- Consumers increasingly choose to communicate with businesses via smart gadgets. There are several ways to communicate with businesses when using Bring Your Own Device (BYOD) and any POS system that is cloud-based. For instance, a growing number of customers decide to conduct independent product research using a smart device rather than conversing with a waiter or other staff member.
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Cloud POS is particularly susceptible to cyber-attacks due to a system security weakness. The operating system is out of date, making it an easy target for hackers. Cloud-based point of sale (POS) systems can only be used online or on mobile devices.
- This can be a problem if there is erratic internet connectivity. Costs are, of course, the primary problem with training, but it is a subject worth looking into separately. Staff workers must receive training on using new systems every time one is implemented. Enforcing usage and making it clear that it is required for the work is also vital. For the application of Cloud POS, there are additional expenses for training and time.
Key Highlights of the Global Cloud POS Market Study:
- Market CAGR from 2022 to 2028, the anticipated projection period • Detailed information on the market drivers accelerating the adoption of cloud POS in the upcoming years. • Extensive Information on Future Trends and Shifting Consumer Behaviour in Cloud POS • A forecast of the size of the global cloud POS market and its share of the parent market, broken down by type, application, and nation.
- A broad view of customer demand in the Cloud POS Industry
- Uncover the market’s competitive landscape and in-depth information on various players
- Comprehensive information about factors that will challenge the growth of Cloud POS players
Transformation and Important Triggers:
Due to the convergence of several key triggers, such as:
- Significant changes in the technology and cost structure of the cloud POS market;
- A turning point in globalization;
- Difficulties associated with regulatory compliance;
- A significant slowdown in developed economies;
- The emergence of new forms of competition in the cloud POS market;
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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