Selbyville, Delaware, March 15, 2022 (GLOBE NEWSWIRE) --
The cloud point of sale (POS) market is anticipated to surpass USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the growing inclination toward online payments.
The interoperability and remote accessibility offered by cloud POS solutions will propel the market growth. Players provide various features, such as online ordering & contactless payments, advanced reporting & business intelligence, labor scheduling, inventory management, and HR services, to manage the payroll in their offerings. The software interlinks different business activities on a single device, enabling owners to increase overall productivity. In addition, the introduction of new software in the market will further propel the industry growth.
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A growing focus on improving the customer experience in the entertainment & media business will drive the demand for cloud POS systems. For instance, Oracle Corporation offers a comprehensive solution for stadiums including in-seat ordering, self-service kiosks system integration, mobile applications, real-time data alerts, and contactless entry systems. This helps them to reduce overcrowding scenarios and assists them in allocating resources to remove bottlenecks. Technological benefits of the solution will boost utilization and deployment in the existing systems and propel the industry growth.
The Europe cloud POS industry is expected to surge, which is credited to the rising penetration of internet services across the region. According to Eurostat statistics, in 2021, the share of European Union (EU) households with internet access grew to around 92%. In addition, broadband internet access used by nearly 90% of the households in 2021 in the EU. This data indicates the growing utilization of the internet for different activities including online banking, video-on-demand, and online shopping. The rising internet adoption will encourage retailers, transportation hubs, and healthcare facilities to integrate cloud POS solutions to digitalize their services and enhance the overall experience of the customer.
Some major findings of the cloud POS market report are:
- The developing retail sector adopting advanced digital technologies to increase store efficiency will propel the demand for cloud POS services. The solution allows administrations to remotely monitor several operational activities of the store.
- The rising utilization of online food delivery applications will propel the cloud POS market growth. Restaurant owners are integrating cloud-based solutions to manage multiple orders, transactions, and delivery details from a unified platform. These solutions offer valuable insights about their operations.
- Growing investments in the development of IT & telecom infrastructure will increase the availability of stable and affordable internet connections globally, thus boosting the utilization of digital platforms for different services including payment and stock management. This factor will support the cloud POS market growth.
- The increasing number of expansion plans among technology providers will drive the demand for cloud POS solutions. Companies are entering new potential markets to grow their market presence. This will boost the availability of solutions to a broad set of enterprises and support software deployment.
- The rising demand for cloud systems for stock and inventory management will fuel the industry growth. Companies from the e-commerce and logistics & transportation sectors are integrating comprehensive technologies to streamline their daily activities and increase profitability.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cloud POS industry 360° synopsis, 2018 - 2028
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
Chapter 3 Cloud POS Industry Insights
3.1 Introduction
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Industry ecosystem analysis
3.4 Investment portfolio
3.5 Patent analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Demand for the cloud systems for inventory and stock management
3.8.1.2 Rise in cashless transactions in several countries
3.8.1.3 Growing demand for the cloud POS from small restaurants in the U
3.8.1.4 Inclination towards online payments in Europe
3.8.1.5 Growing demand for e-commerce transactions in Europe and Asia Pacific
3.8.1.6 Rise in food delivery services in China and India
3.8.1.7 Infrastructure development in Latin America
3.8.1.8 Flourishing retail industry vertical in the UAE
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of reliable and advanced infrastructure
3.8.2.2 High security risks
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
