A point-of-sale (POS) system is a computerized replacement for a cash register. The system has the ability to record and process customer orders, process credit and debit card swipes, and manage inventory. Generally, a POS system has a personal computer as its core, which is provided with specialized Input/output devices and application specific programs. At the POS, merchants calculate the amount of purchase by customers and prepare invoices. It is the point where customers make payments for the goods they have purchased. After the payment is completed, customers are issued printed receipts of the transaction. Cloud-based POS allows for greater flexibility, improved information management, and greater data security.
A cloud-based POS market offers maximum flexibility for a variety of POS environments and the ability to communicate with all POS locations at a single instance. Generally, cloud-based systems operate on client-side hardware while using Internet infrastructure to move data back and forth with a remote server. Furthermore, cloud-based POS market helps in providing real-time transaction processing, sales, returns, and exchanges, with the flexibility to adapt to ever-changing business requirements. In addition, its failover system, Resilient POS, ensures business continuity even in the event of a dropped connection or outage.
A major driver of the cloud-based POS market is technological development in cloud computing. Clouds provide numerous computing resources that can aid organizations, whereas content management systems (CMSs) can provide the right content for the right user. Cloud-based solutions help in reducing the complexity of managing access controls and content classification and retention policies while providing monitoring, auditing, and reporting capabilities of information. Moreover, Software as a Service (SaaS) content management systems offer a cost effective set of tools for content or document management for large as well as small and medium enterprises. Since a SaaS CMS is based on the cloud computing model, the capital expenses that are associated with traditional content management systems are eliminated. Large enterprises as well as SMEs prefer to operate their services on the cloud. Thus, the retail industry has also been enhancing POS systems using cloud computing.
Moreover, many traditional POS suppliers are engaged in developing cloud-based POS software. For instance, global technology company NCR Inc., based in Duluth, launched a cloud-based POS software solution. Th software will be used on touchscreen POS and Apple mobile devices such as the iPhone, iPod Touch, and iPad. Advancements in technology have resulted in a rise in demand for POS terminal solutions. Increase in the adoption of credit and debit cards in transactions is further fueling demand for POS terminals. This, in turn, is driving the cloud-based POS market. The ease of use and high return on investment associated with POS terminals has increased demand for them across various industries such as retail, distribution, health care, and hospitality. However, data security concerns and the probability of card data breaches pose significant challenges to the market.
The cloud-based POS market can be segmented based on component, application, enterprise size, and region. Based on component, the market can be classified into solutions and services. The services segment can be further divided into professional and managed services. In terms of enterprise size, the Cloud-based POS Market can be categorized into small and medium enterprise (SMEs) and large enterprise. Based on application, the cloud-based POS market can be segmented into health care, retail & consumer goods, travel & hospitality, media & entertainment, and transport & logistics.
In terms of region, the cloud-based POS market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is projected to hold a significant share of the cloud-based POS market, due to the invention of various cloud technologies in the region. Asia Pacific is estimated to be a lucrative region of the market due to new developments in cloud computing and significant penetration of the Internet in the region.
Major vendors operating in the cloud-based POS market are Square Inc., Cegid, UTC RETAIL, Shop Keep, PAR Technology, Shopify, B2B Soft, Intuit, Lightspeed, Oracle Corporation, SalonTarget, RetailOps, Celerant Technology, and TouchSuite among others. Leading players in the market are focusing on the introduction of advanced services and solutions in order to strengthen their position and expand their customer base. Companies are extensively investing in R&D operations and are focusing on providing customized services to their customers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.