There are a lot of ways that a business can benefit from acquiring and investing in the cloud POS market. Cloud computing services are presenting very simple approaches to buy IT needs from various technology providers. Some of these benefits include improvement of accessibility to critical information and real-time and place, lessening company operational cost, increased scalability, data security, and many more. Cloud computing also allows a business to run any application without the traditional restrictions of being limited to the confines of the corporate firewall. This can help remove collaboration with customers and partners who are also in the cloud.
With the increasing awareness about the advantages associated with the adoption of cloud technology, end-users globally are focusing on adopting cloud-based solutions. End-users across various industry verticals are focusing on transiting to cloud POS, compared to the already adopted client-server terminal.
Cloud POS refers to a system with transactional data, typically associated with retail or hospitality businesses. It is processed and stored in a cloud-based environment rather than on a local server or traditional on-premises hardware. Cloud POS terminal eliminates the need for a server and wires. It enables the flow of traffic, wirelessly, to someone else’s data center. Cloud POS solutions often offer seamless integration with other business software and applications.
As the concept of cloud POS is relatively new, in the respective domain, a restricted adoption of the same has been witnessed in the past few years. It is expected that the global cloud POS market will exhibit a high double-digit growth rate during the forecast period. Cloud POS is a technology of the future and it is already providing strategy and operational advantages. Consumers have increasingly adopted cloud POS systems across various industries because of their agility, cost-effectiveness, and ability to streamline operations.
Increasing Affinity for Adoption of Cloud Technology amongst End-users to Favor Cloud POS Market Growth
The cloud POS market has been flourishing. It is driven by the increasing adoption of cloud technology across various industries, like retail, hospitality, healthcare, entertainment, and more. The increasing affinity amongst the end-users for the adoption of cloud technology across all major domains is expected to be the key driver for the cloud POS market. Cloud POS systems offer several advantages, such as remote accessibility, automatic updates, easy integration with other business systems, lower upfront costs, and scalability. These advantages associated with the adoption of cloud POS assist end-users in adopting cloud POS across the respective industry verticals.
The major factor driving the demand for the adoption of cloud POS is the low operational cost associated with it. The decreasing number of cashless transactions is assisting with the growth of digital payments. With the rise of mobile technology, mobile POS systems leveraging cloud-based infrastructure have gained traction. These systems often run on tablets or smartphones, providing flexibility for businesses to operate from anywhere. This has a direct impact on the growth of the POS market. The Cloud POS market is expected to witness significant growth during the forecast period.
The increasing adoption of cloud POS across small and medium-sized enterprises is governing the growth of the global cloud POS market in terms of value. Retail has been a significant sector driving the growth of cloud POS adoption. Small and medium-sized businesses particularly find cloud-based solutions attractive because of their affordability and ease of use. Cloud POS systems usually operate on a subscription or pay-as-you-go model, reducing the need for extensive hardware investments and maintenance. Small and medium-sized businesses experiencing growth or fluctuations in demand can benefit from Cloud POS systems. Businesses can easily scale up or down as per their needs without significant hardware upgrades.
Adoption of Cloud Migration Services Leading to a Skyward Shift for Businesses
The increasing adoption of cloud computing by businesses globally leads to the expansion of the cloud migration services market. The rise in the adoption of hybrid cloud solutions is driving the global demand for cloud migration services. The rising adoption of cloud computing by healthcare facilities to meet the stringent privacy, security, and compliance standards that govern the industry facilitates the growth of the market. Platform migration is crucial for insurance cloud migration and various businesses. It may involve upgrading from older applications to the latest software platforms or selecting a new platform based on the growing business needs.
Organizations are adopting platform migration to reduce the IT cost of ownership by consolidating the number of platforms in their firms. The growing popularity of hybrid cloud is driving platform migration growth. A hybrid cloud enables organizations to distribute their workload across various platforms to utilize the best of each of them.
Cloud migration service providers offer a range of services tailored to different migration needs. These services include assessment and planning, migration strategy development, data migration, application migration, testing optimization, and ongoing management post-migration. Cloud migration services assist organizations in moving data applications and work clothes from an on-premise environment to a more efficient and secure cloud-based system. Cloud migration service providers offer expertise in understanding the complexities involved in moving diverse workloads to the cloud. They use specialized tools, methodologies, and best practices to ensure smooth and secure migration processes.
Companies can scale computing resources by employing a hybrid cloud which minimizes the need for significant amounts of cash to handle abrupt searches in demand. A company may rapidly penetrate new markets due to the capability enabled by many cloud service providers to boost infrastructure in multiple global locations. Various companies are moving from private cloud to public cloud migration services for various industries such as retail, automotive, and BSFI among others. Organizations often choose the public cloud due to its cause savings and flexible pricing structure.
Industry-specific Solutions Offered by Cloud ERP to Accelerate Market Demand
Businesses all around the world are focusing on improving their business processes to boost operational efficiency. Businesses are looking for a centralized solution to manage a variety of business activities. This includes finance and accounting, sales and marketing, procurement, and supply chain management. They want to do this while keeping expenses under control. Cloud ERP provides businesses with the flexibility and scalability they need to improve productivity and streamline processes.
Cloud-based ERP systems offer businesses a comprehensive suite of integrated applications. These are hosted on remote servers and accessed via the Internet. The cloud ERP market has been expanding rapidly. This is largely due to the increasing adoption of cloud technology across industries. Cloud ERP systems offer reduced upfront costs, easier implementation, and scalability to accommodate business growth. Cloud ERP suites typically encompass a wide range of modules covering different aspects of business operations. This includes finance, inventory management, procurement, sales, human resources, and reporting. Cloud ERP systems often provide integration capabilities with other software and applications.
Most cloud ERP vendors offer apps such as human capital management or CRM. A few vendors offer a single suite of solutions that meets most of the user’s needs. Big data and analytics create an additional income stream for cloud ERP vendors. As enterprises seek analytics-based solutions, analytical tools are used by professionals globally to improve asset utilization. This also increases operational agility and reliability.
Every business operation generates specialized data in a certain format. Businesses collect enormous amounts of data daily. Enterprises are using analytics-based solutions to draw conclusions and make data-driven decisions. This is to handle such a fluctuating and massive stream of data. This promotes the adoption of cloud ERP systems. The incorporation of modern technologies such as Artificial intelligence and the Internet of Things greatly contributes to the growth of the market. Several sectors including accounting and manufacturing, are deploying AI and other advanced technology-powered solutions to automate common activities.
Regional Contribution to the Growth of the Cloud POS Market
North America Emerging as an Opportunistic Cloud POS Market
Factors such as the dense presence of the cloud POS service vendors in this region propagate growth. There are increasing initiatives for technological advancements in cloud technology and the highly aware population in the region is expected to propel the growth of the cloud POS market over the analysis period. Some technical foundations of cloud computing are expected to create exciting opportunities for deploying the services in the government agencies in these regions. This includes low-cost cloud services, connected and sensing devices, machine learning algorithms, and data analytics.
Asia Pacific’s Contribution to the Growth of Cloud POS Market
The Asia Pacific region is expected to register the fastest growth in revenue generation for the cloud POS market. This is on account of the large population in countries such as India and China. The expansion of the IT sector in developing economies is anticipated to elevate the market demand soon. The presence of various enterprises adopting cloud-based POS solutions, especially across retail transportation and logistics segments is expected to fuel market growth.
Big Cloud POS market players are emphasizing digitalization. They expected to hold a bigger slice of market share than emerging small or mid-size companies. Market Players are increasingly deploying cloud services to improve the data science operations in the region. This is expected to accelerate the growth of the cloud POS market during the forecast period. The rapid increase in the manufacturing IT and telecommunication industries is one of the major factors boosting market growth.
How is the Competition Intensifying in the Cloud POS Market?
The market is extremely competitive with several small and large players. The cloud POS market is highly consolidated with top firms employing techniques such as product innovation to stay ahead of the pack. Many businesses are aggressively seeking out strategic mergers and acquisitions to expand their market dominance. The strategic framework of key service providers is focused on generating high revenues to increase profitability. Several companies are prominent in the cloud POS market. They are providing diverse solutions catering to various industries and business needs. While global players account for a considerable market share, several regional players are also operating across key growth regions.
References-
Forbes- What Is Cloud Point of Sale, And How Is It Different From ‘Traditional’ POS?
Forbes- Myth-Buster: Why There’s No Need To Fear Migrating Point-Of-Sale Systems To The Cloud
