The global Cloud POS market valued at US$ 4.95 Bn in 2018 and is expected to grow at a CAGR of 21.6% during the forecast period 2019 – 2027, and reach US$ 27.82 Bn in 2027.
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.
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The major 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.
Currently, many of the sectors are opting for cloud POS solutions to enhance their services. It helps companies to adopt a proactive approach in order to respond appropriately and cost-effectively to the operations without causing any delay. The enterprises are considering cloud POS solutions for managing various activities such as inventory management, real-time data analysis, multi-store management, analytics, and others. On the basis of organization type, global cloud POS market is segmented to small & medium enterprises and large enterprises.
Cloud POS vendors are offering customized solutions for small and medium enterprises. Cloud POS is witnessing more demand from retail and restaurant segment. SMEs faces challenges such as poor visibility, opportunity loss, manageability issues, delayed information, time wastage, and prolonged checkout. Vendors offer customized cloud POS for SMEs with features to address the above-mentioned challenges, i.e. bird’s eye view, know your customers, track multiple stores, easy scalability, automated inventory management, user-friendly solution, and others. The cloud POS market for SMEs is expected to witness high growth during the forecast period.
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Also, the advantages provided by cloud POS vendors are enough to attract large enterprises to integrate the cloud POS solution into their organizations. Converse to the belief that cloud POS would primarily benefit the small and medium scale enterprises, the recent trend shows that large enterprises have adopted cloud POS at a greater pace as compared to SME’s. Integration is essential for cloud POS and large enterprises are aware of the high cost of integrations with the existing systems and maintaining it.
Asia Pacific holds the dominant share in the cloud POS market. The region comprises of early adopters of large population base and huge number of developing economies. Moreover, the government in this region are taking several initiatives such as to promote digitalization. The growth of cloud POS in this region is driven by high demand for enhanced customer experience and smooth digital payments.
The increasing demand for automation, efficient labor management, inventory management, loss prevention, reporting, and analytics are creating a huge demand for cloud-based POS solutions. The US is a major global leader in technology and associated equipment and controls. Most of the demand for cloud POS comes from the retail segment. This scope is facilitating the services to its customers, thereby creating a substantial market for the same at present, which is projecting a positive growth on the cloud POS market.
A cloud POS is a web-based software as a service (SaaS) model utilizing enterprise cloud technology. Whereas services are the various support offered to the customers such as professional services and managed services. Over the years the demand for cloud based system is expected to achieve substantial growth rate. This is majorly because the Cloud POS offers enhanced flexibility, scalability, and security to its users.
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The report segments the global Cloud POS market as follows:
Cloud POS Market – By Component
Cloud POS Market – By Organization Size
- Large Enterprise
Cloud POS Market – By End-User
- Retail & Consumer Goods
- Travel & Hospitality
- Media & Entertainment
- Transportation & Logistics
Reasons To Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Cloud POS market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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