Global Cloud POS Market is majorly driven by increasing adoption of cloud technology across the industries and the increasing need for improved operations in business. However, the rapidly changing nature of technology requiring consistent changes in POS hardware and software. Also, the proliferation of customized POS and surging 5G technology and mobile POS are expected to provide substantial growth opportunity to the key players in this market.
With the increasing customer-centric solutions and services, the demand for cost-efficient and value-added services are increasing. Vendors are highly focused on the upgraded offering and also to minimize the operational costs. Cloud POS solution offers cost-effective services for both business and customers. The features that are driving the cloud POS market are sales management, store operations, order & promotion management, purchase & re-order, secured payments, customer loyalty programs, creating reports and analyzing data in real-time. Moreover, cloud deployment reduces the services cost and enhances service offerings. Vendors of cloud POS market are highly focused on offering advanced solutions and services to its customers and are significantly driving the global cloud POS market.
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Vendors have a huge opportunity by integrating advanced technology such as big data analytics and IoT with cloud POS solutions. Customers have a huge demand for advanced computing technologies. One of the biggest trends to hit POS is the ability to extract valuable information from POS transactions to help business owners make smarter business decisions.
The most prominent region in global cloud POS market in 2018 accounted for Asia Pacific, followed by North America and Europe. South America, and Middle East and Africa held the fourth and fifth position in terms of market shares in Cloud POS market. APAC includes countries such as South Korea, India, China, Japan, Australia, and Rest of APAC. Presence of a large number of retail shops, healthcare centers, cinema theaters, and others has triggered the adoption of cloud POS. The region comprises of several developing economies such as China, India, and Southeast Asian countries.
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The market players present in cloud POS market are mainly focusing on solution enhancements by implementing advanced technologies. By signing a partnership, contracts, joint ventures, funding, and inaugurating new offices across Europe, Asia Pacific, North America, and worldwide permit the company to maintain its brand name globally. The key companies operating in the market includes Square, Inc., Intuit, Inc., Oracle Corporation, Shopify, Inc., Toast, Inc., Vend Limited, AccuPOS, Inc., Clover Network, Inc., LightSpeed POS Inc., and Loyverse POS among others.
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