The global cloud point-of-sale [POS] market was valued at US$4.95 billion in 2018 and is expected to grow at a compound annual growth rate [CAGR] of 21.6% through 2027, and reach $27.82 billion in 2027, according to Reporterlinker (www.reportlinker.com).
Global cloud POS market is majorly driven by increasing adoption of cloud technology across the industries and the increasing need for improved operations in the business, adds the research group. 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, according to Reporterlinker.
Nowadays vendors are integrating real-time transactions with CRM solutions which result in increased sales and revenue of the business.Previous POS solutions were limited by offering basic data regarding customer behavior.
Reporterlinker says POS/CRM integration makes it possible to see which customers are making the most significant impact on sales and whose loyalty is worth pursuing.For instance, Revel Systems integrated its solution with an iPad POS solution with CRM.
It enables the business to collect all types of customer data from POS transaction such as name, email, billing and shipping address, loyalty program membership details, and others. The software then helps businesses organize this information and synchronize and distribute it to different departments – marketing, sales, customer service, and technical support – to improve customer experience and acquisition.
Reporterlinker says the advanced technology is growing at a rapid pace owing to the surge in demand in the range of sectors such as retail, travel & tourism, healthcare, including others.The increasing demand for automation, artificial learning, data analysis, enhanced customer services are creating a significant need for cloud POS market.
In a recent scenario, IoT is playing a significant role in transforming the entire POS ecosystem driven by more internet-connected devices directly impacting global cloud POS market. The continuous development in infrastructure and improvement in cloud technology is expected to drive the market significantly.