DUBLIN--(BUSINESS WIRE)--The "Cloud Point of Sale (PoS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Cloud Point of Sale (PoS) Market is expected to register a CAGR of 24.2% during the forecast period of 2021 - 2026.
Companies Mentioned
- Square, Inc.
- Intuit Inc.
- Shopify, Inc.
- Vend Limited
- Clover Network, Inc.
- Lightspeed POS Inc.
- Toshiba Global Commerce Solutions
- Seiko Epson Corp.
- Samsung Electronics Co. Ltd.
- Micros Retail Systems Inc. (Oracle)
- Hewlett Packard Enterprise
- Panasonic Corporation
- NEC Corporation
Key Market Trends
Retail Segment is Expected to Hold Major Share
- Cloud-based POS applications follow a subscription-based model typically, sometimes without a long-term contract, the cost of which covers benefits such as licensing, customer support, data hosting, and software updates. Businesses usually pay per touchscreen device using the software. Subscription plans are flexible, and therefore, one can change the number of devices or cancel any time. For instance, in September 2019, NCR Corporation announced that Northgate Gonzalez Market had deployed NCR Emerald, the next-generation, cloud-enabled point-of-sale (POS) platform offered on a subscription basis for grocery retailers.
- With the increasing mobility trends across the world and the growing emphasis on multichannel selling, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, cloud POS has witnessed an increase in the adoption rate owing to the need for sales and inventory synchronization, improved customer experience and retention. For instance, according to U.S. Census data released in February 2020, eCommerce is on a steady upward trajectory.
- The sales reporting, inventory, financial management, and customer analytics features, which cloud POS facilitate, assist the businesses to address the customer retention issues. Therefore, the need for customer retention and competition growth of the industries promote the growth of POS terminals. Moreover, Cloud POS eliminates data storage and security issues along with software maintenance issues as the data is handled by the POS vendor at a remote and secure location.
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Lockdown as a result of coronavirus has resulted in the closure of non-essential businesses around the world. This has eliminated millions of small retailers' ability to sell in-person. These closures might change the small retail landscape. This could provide opportunities to Cloud PoS vendors to further penetrate the customer base in the small retail industry.
North America is Expected to Hold Major Share
- The United States is a significant segment in the North American POS terminal market. For several years, various types of POS terminals have been used in outlets in the country, thus boosting the need for replacement with updated technologies. Hardware sales, digital POS, cloud subscriptions, or mPOS transactions, from futuristic hand-held tablets with a payment terminal to sleek all-in-one machines, are on the rise across North America.
- There is a high demand for new touch screen hardware, fully loaded Cloud Point of Sale (POS) software along with small and medium-sized merchant demand leading to a significant change in the POS industry of the region.
- With cloud-based apps on the rise and expected to replace machine resident programs in the future, robust reliable and proven hybrid multi-function configurable POS systems, like POS-n-go, will meet the business needs of small and medium-sized merchants and restaurants across North America. Most of the convenience retailers in North America depend on NCR POS hardware and software.
- Recently, Lightspeed POS announced the initial availability of Lightspeed Payments for hospitality merchants in the United States and retailers in Canada. The company is eliminating the need for a separate payments provider so that new and existing Lightspeed customers can benefit from Lightspeed Payments' direct integration with the commerce platform that saw its merchants growing faster than industry averages in 2019.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Increasing cashless transaction
4.4.2 Increased Business Mobility and Flexibility
4.5 Market Restraints
4.5.1 Lack of Infrastructure, and High Dependence on Legacy Systems
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Hardware
5.1.2 Software & Services
5.2 By Type
5.2.1 Fixed Point of Sale
5.2.2 Mobile Point of Sale
5.3 By End User Industry
5.3.1 Entertainment
5.3.2 Hospitality
5.3.3 Healthcare
5.3.4 Retail
5.3.5 Other End User Industries
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ljsc2r
