Cloud POS Market Research Exclusive Report is expected to grow at a CAGR of 21.6% during the forecast period 2019 – 2027, and reach US$ 27.82 Bn in 2027 - Square, Intuit, Oracle, Shopify, Toast, Vend
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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Increasing need for enhanced service delivery is expected to drive cloud POS 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.
US leads the Cloud POS market in North America region
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 end-user segment is classified as Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Transportation & Logistics, Healthcare, and Others. Each and every end-user industry has its specific needs and challenges. Some industries are highly focused on simplified operational activities, while others focus on customer satisfaction. Irrespective of the industry, two aspects remain constant, i.e. keeping operating costs under control as well as keeping the best operating condition of the assets. The cloud POS helps diverse end-user industries to manage inventory, provide payment platforms, analyze customer data, and others. The retail & consumer goods segment is expected to dominate the cloud POS market in 2018.
Many well-known as well as third-party service providers are present in the market to provide various types of customized POS solutions to its customers. The larger firms are adopting the strategy of acquiring and collaborating with various companies to enhance its capabilities and expand its footprint in different geographies. 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. Few of the recent developments are listed below:
- 2019: LightSpeed POS Inc. introduced a streamlined checkout solution of small and medium enterprises, targeting the "favorite local businesses.
- 2018: Shopify expanded its presence in Germany by providing the merchants with fully integrated Shopify payment platform.
- 2018: Toast, Inc. announced its partnership with Jamba juice, this partnership aimed to provide Jamba Juice with its cloud based, mobile and centralized POS platform.
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Global Cloud POS Market – By Component
Global Cloud POS Market – By Organizational Size
• Large Enterprise
Global Cloud POS Market – By End-user
• Retail & Consumer Goods
• Travel & Hospitality
• Media & Entertainment
• Transportation & Logistics
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