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
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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.
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CLOUD POS MARKET SHARE ANALYSIS
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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Cloud POS Market Segments
Cloud POS Market by Type
- Training, Consulting, and Integration
- Support and Maintenance
Cloud POS Market by Application
Major Key Players in the Cloud POS Market
- UTC Retail
- PAR Technology
- B2B Soft
- UTC Retail
- Omnico Group
- Teamwork Retail
- Jesta I.S.
- Celerant Technology
- One Stop Retail Solutions
- Revel Systems
- POSter POS
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– The global Retail POS Terminals market size is projected to reach USD 28910 Million by 2027, from USD 19480 Million in 2020, at a CAGR of 6.8% during 2021-2027.
– The global Contactless Payments market size is projected to reach USD 23410 Million by 2027, from USD 10260 Million in 2020, at a CAGR of 12.0% during 2021-2027.
– The global Wireless POS Terminal market size is projected to reach USD 11640 Million by 2027, from USD 7336.7 Million in 2020, at a CAGR of 8.0% during 2021-2027.
– Smart POS Market contains segmentation By Type (Portable, Desktop, Other), By Application (Retail, Restaurant, Hospitality Industry, Others)
– Smart Mobile POS Market contains segmentation By Type (Handheld, Desktop), By Application (Retail, Restaurant, Hospitality, Other)
– POS Software Market contains segmentation By Type (DOS System, Linux System, UNIX System, Windows System), By Application (Hotel, Retail, Entertainment, Health Care, Warehouse, Other)
– Restaurant POS Software Market contains segmentation By Type (On-premise, Cloud based), By Application (FSR (Full Service Restaurant), QSR (Quick Service Restaurant), Others)
– Restaurant POS Terminals Market contains segmentation By Type (Fixed POS Terminals, Mobile POS Terminals), By Application (FSR, QSR, Bars & Pubs, Cafes & Bistros, Other)
– Pharmacy POS Software Market contains segmentation By Type (Cloud-based, Web-based), By Application (Hospitals, Health Systems)
– Cannabis Retail POS Software Market contains segmentation By Type (Cloud-based, Web-based), By Application (Large Enterprises, SMEs)
– Liquor Store POS Software Market contains segmentation By Type (Cloud-based, Web-based), By Application (Large Enterprises, SMEs)
– The global Smart Retail market size was USD 14.250 Billion in 2020 and it is expected to reach USD 30.730 Billion by the end of 2026, with a CAGR of 13.7% during the forecast period 2020-2026.
– The global Retail Analytics market size is projected to reach USD 4517.3 Million by 2026, from USD 2471.1 Million in 2019, at a CAGR of 9.0% during 2021-2026.
– The global Retail Automation market size is projected to reach USD 16000 Million by 2026, from USD 10190 Million in 2019, at a CAGR of 6.2% during the forecast period 2021-2026
– The global AR in Retail market size is projected to reach USD 5535.2 Million by 2026, from USD 1544 Million in 2019, at a CAGR of 20.0% during 2021-2026.
– Global big data analytics in retail market size was valued at USD 4.43 Billion in 2019 and is projected to reach USD 17.85 Billion by 2027, growing at a CAGR of 20.4% from 2020 to 2027
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