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Rising digitalization and use of e-payment platforms are driving cloud POS market growth. Cloud-based POS is an adaptable, easy to implement and cost-effective solution compared to traditional POS systems. It is integrated with features like inventory management, customer relationship management, loyalty programs and more. For small-to-medium sized businesses (SMBs), a cloud POS system can ensure enhanced customer experience whilst coping up with rapidly upgrading technology.
U.S. SMEs cloud POS market, by application, 2018 & 2025 (USD Million)
With cloud POS, SMBs can quickly, safely and securely access information using their mobile device. Using tools like data monitoring, inventory tracking, transaction history and more, cloud-based systems can offer enhanced profitability and become an invaluable resource for SMBs.
Notably, cloud POS can be integrated into existing system, increasing security and visibility of restaurant or retail store information. Additionally, it can easily be upgraded, and can track application growth and essential business needs. Product lines, features or stores can also be added to its software. Aided by such profound features, product demand has increased significantly over recent years, expanding cloud POS market size.
Cloud POS market is gaining massive proceeds from the restaurant and hospitality sector. A restaurant cloud POS system is an integral part of daily operations as it helps conduct tasks like billing, ticketing, tax management, invoicing and more. The system aims on delivering superior customer experience and cost control while further growing store revenues and overall profitability.
It enables restaurants to manage orders, make payment, and conduct promotions, and even supports the latest cashless and e-payment platforms that consumers use. The robust use of the system is rather overt from the extensive growth of restaurant POS terminals market as well. Indeed, with growing technological advancements, cloud POS has become a complete restaurant management system providing features like stock and inventory management, detailed reporting and analytics customer relationship management, marketing and more.
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Growing demand and use of e-payment transactions will augment the cloud POS industry share in the restaurant sector. Furthermore, according to a recent study, the number of credit card payments have reportedly grown by 10.2% in the year 2016 to 37.3 billion with a total value of $3.27 trillion, while digital wallets such as Apple Pay and Android Pay are expected represent $503 billion in transactions by 2020. These instances aptly prove that cloud POS market is here to stay.
APAC cloud POS market is growing robustly on account of rapid digitalization and increased use of cashless payments. India’s foodservice sector in particular, continues to grow rapidly on account of rising number of restaurant dining and foreign tourists. Increasing consumer income has made restaurant dining more accessible. International hotel brands have also been expanding their presence in the continent, that has further fostered the regional cloud POS industry size.
With cloud POS, restaurant outlets can acknowledge orders directly to these aggregators. Moreover, with growing technological advancements, the APAC cloud POS is poised to register increased demand in the forthcoming years. Indeed, it has been speculated that the Asia Pacific region will observe a commendably high adoption of restaurant POS solutions, on account of the increase in the usage of POS systems for food delivery. As per estimates, APAC cloud POS market size will register a CAGR of 27% over 2019-2025.
Cloud POS systems are web-hosted solutions that store information on remote servers which can be accessed online. The system is increasingly used in restaurants and retail stores for recording data, taking orders, making bills, managing inventory and more. Reports from Global Market Insights, Inc. estimate cloud POS market to surpass USD 6 billion by 2025.
Author Name : Mateen Dalal