BANGALORE, India, July 13, 2021 /PRNewswire/ -- The Cloud POS Market is Segmented by Type (Training, Consulting, and Integration, Support and Maintenance), by Application (Retail, Entertainment, Transportation, Healthcare, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published in Valuates Reports Under the Enterprise Technology Category.
The global Cloud POS market size is projected to reach USD 2938.4 Million by 2026, from USD 1247.5 Million in 2019, at a CAGR of 12.9% during the forecast period 2021-2026.
Major factors driving the growth of the global cloud POS market are:
The market will rise as more small firms use cloud-based payment systems for inventory, staff, order, and customer administration.
The need for cloud POS will be fueled by an increase in consumer usage of mobile and contactless payments.
Furthermore, the rising popularity of digital payments is prompting a number of businesses, including retail, restaurants, and healthcare, to implement advanced payment solutions
TRENDS INFLUENCING THE GROWTH OF THE CLOUD POS MARKET
Demand for faster and secure payment transactions across businesses is driving the growth of the cloud POS market. Businesses are turning to cloud POS software to streamline daily operations and gain access to data from anywhere. The program automatically notifies firms of transactions and tasks completed across all sales channels. It also offers useful data analytics, allowing companies to track client behavior and boost profits. To facilitate faster and more secure payment transactions, market participants have created cloud POS software that is compatible with NFC payments.
The increased competition among brick-and-mortar retailers to attract more clients has forced them to implement novel payment systems. Retailers can use cloud POS solutions to manage inventory, improve customer loyalty, increase sales, and streamline their operations. Several major retail firms are implementing cloud POS in their stores to help them extend their operations and manage their billing and other channels. This increase in adoption by retail stores is expected to increase the growth of the cloud POS market.
Technological advancements in cloud POS are expected to increase its adoption and thereby propel market growth during the forecast period. In the last several years, technical improvements have made the cloud POS solution more safe and manageable. Furthermore, these systems incorporate advanced machine learning and artificial intelligence technology, to determine customer behavior, and analyse sales data. This vital information can be used to deliver distinct marketing and promotional suggestions.
Based on type, the support and maintenance segment is expected to be most lucrative.
Based on application, the retail and entertainment segment is expected to be the most lucrative. Cloud POS are being largely used in entertainment sectors such as casinos, movie theatres, theme parks, museums, and sports arenas, and retail outlets to provide flexible and safe transactions.
Based on region, North America is expected to be the most lucrative segment during the forecast period.
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