Cloud Point of Sale Market Synopsis:
Market Research Future reports reveal that the global cloud POS market would reach a valuation of USD 4,226.3 million as expected by 2024, above its recent estimate. The expected rate of growth for the market is calculated to be 21.4% CAGR during the years from 2017 to 2024.
The story for the cloud POS market in past years from now might be about its shift into something exceptional as the growth is happening in the right way. The Cloud Point of Sale Market has already accounted for its most significant share in 2017 due to rising digital transformation. This factor has continued its journey in the present time, due to which the market has witnessed sparking growth. Digital transformation has made a noteworthy impact on the commercial sector, particularly in retail and e-commerce with the help of digital transactions. All these factors have maintained the market of cloud POS to a stabilized one that also has the possibility to expand wisely in the coming years.
Card payments are on the active state as it is increasing rapidly across verticals. On this, the organizations across the globe are investing heavily in maintaining the traditional systems for a flawless process of the transaction. Along with this, the considerable advancements in cloud computing technology have eventually reduced the need for legacy systems that consist of on-site servers, hardware, and high licensing and subscription fees. These factors have assisted the market of cloud POS to a great extent that resulted in substantial growth from the past years.
At the same time, the cloud-based point of sale (POS) further offers greater flexibility in maintaining central remote servers to keep up data and applications. On the other side, a surge in the adoption of efficient management of POS terminals across numerous locations, mounting demand for e-commerce transactions in the retail and consumer goods sectors are also streaming factors that are expected to drive the growth of the cloud POS market in the forecast period.
On the flip side, the factor of lack of infrastructure and high dependence on legacy systems are posing an obstacle to the growth of the cloud POS market during the assessment period.
The COVID-19 pandemic disruption is estimated to transform the Cloud Point of Sale Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the Cloud Point of Sale Market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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Market Key Players:
The prime players actively participating in the global cloud POS market are listed as Oracle Corporation (US), Celerant Technology (US), Square Inc(US), Clover (US), TouchSuite (US), ERPLY (US), Cegid (France), B2B Soft (US), Revel Systems (US), Shopify (Canada), PAR Technology (US), ShopKeep (US), UTC RETAIL (US), esta I.S. (Retail Process Engineering, LLC ) (Canada), JOne Step Retail Solutions (US), Lightspeed (Canada), Intuit Inc (US), RetailOps (US), Omnico Group (UK), SalonTarget (US), Teamwork Retail (US), Diaspark (US), and Phorest (Ireland).
Segmentation of Market:
The global cloud POS market’s segmental analysis has been done over component, organization size, and end-user.
- In terms of component: Solutions and services are the segments included in the analysis. The services segment has been subdivided among consulting services, implementing and integration services, and support and training services.
- In terms of organization size: Small and medium-sized enterprises (SMEs) and large enterprises are the segments.
- In terms of end-user: Transport and logistics, travel and hospitality, retail and e-commerce, healthcare, and others are the segments.
Regionally, the global cloud POS market has been studied for main regions of Europe, Asia-Pacific, the Middle East, and Africa, North America, and South America.
Among these regions, the North America region led the cloud POS market in 2018 after Asia-Pacific and Europe, the Middle East, and Africa. The market expansion in this region is mainly accredited to the software as a service (SaaS)-based POS solution offers that is developed by vendors such as TouchSuite, PAR Technology Corporation, and Square Inc. In fact, the US is the foremost country in the North American market due to robust cloud infrastructure. Besides, the vendors that operate in the US are appreciably adopting partnership programs with the IT giants to deliver high-end cloud POS solutions to the end-users.
The region of Asia-Pacific is also probable to be the fastest-growing regional market in the cloud POS market during the course of the growth period. On the other side, the growing e-commerce sectors such as Flipkart, Alibaba, and Snapdeal along with an increase in digital transactions via card payments, are likely to motivate the cloud POS market during the review period.
Table of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Cloud POS Market, By Component
1.1.2 Global Cloud POS Market, By Organization Size
1.1.3 Global Cloud POS Market, By End User
1.1.4 Cloud POS Market, By Region
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List of Tables
Table 1 Global Cloud POS Market, By Region, 2019–2024
Table 2 North America: Cloud POS Market, By Country, 2019–2024
Table 3 Europe: Cloud POS Market, By Country, 2019–2024
List of Figures
Figure 1 Global Cloud POS Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of The Global Cloud POS Market
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