The propagation of customized POS and swelling 5G technology and mobile POS are expected to provide opportunities for the cloud POS market growth.
The global cloud POS market size is projected to reach nearly USD 11,893.0 Million by 2028. Besides, it is projected to gather a CAGR of above 21% over the forecast years 2021-2028. The increase in cashless transactions, combined with the increasing demand for e-commerce transactions across many countries, has led to a rise in the POS sector in the cloud. Technology and applications are being created by a variety of organizations to satisfy rising consumer demands. Vendors, such as ERPLY, Shopify, and ShopKeep, concentrate on providing technologically specialized applications that can be used on various hardware platforms. For eg, ERPLY point-of-sale systems operate on iPads, smartphones, tablets, and PCs and integrate mPOS technologies with CRM and Enterprise Resource Planning (ERP). Retailers preferring the standard and on-site point of sale are subject to increased infrastructure costs resulting from technological improvements and do not completely endorse the omnichannel. As a result, cloud-based payment services are gaining traction, prompting tech developers to continually update software based on developments in the business scenario. These developers are designing terminals that are compliant with EMV technology due to the penetration of contactless cards in the industry. Such factors are likely to fuel consumer appetite for Cloud POS.
The report also outlines the various characteristics of the global marketing attribution software industry by assessing the market from value chain analysis. Moreover, the cloud POS market report comprises various qualitative parts of the cloud POS industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The cloud POS market has solid competition amongst the already well-known and new market players. Also, the cloud POS industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the component segment, the market is bifurcated into solutions and services. In the year 2020, the solutions segment gathered the major growth and it is likely to maintain its position during the forecast years. However, the services segment projected to grow at the highest CAGR during the forecast period. This is mainly attributed to its increasing demand as these services allow companies to establish good customer relationships by consistently helping them during their company tenure.
Based on the enterprise size, the market is segmented into small & medium, and large enterprises. The SME segment expected to grow at the highest CAGR during the forecast period. SMEs face three crucial problems in terms of resources, expertise, and scalability. To address these problems, they follow a pay-as-you-go model that provides flexibility to handle their infrastructure as needed. Small to medium-sized businesses also face heavy competition from big enterprises. To achieve a competitive advantage, small and medium-sized businesses embrace cloud-based POS technologies that help them adapt rapidly, make timely decisions, and improve overall business productivity.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the owing to the large presence of vendors and rapid adoption of cloud-based solutions in the region. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028.
The major players of the global Cloud POS market are Square Inc., Cegid, UTC RETAIL, Shop Keep, PAR Technology, Shopify, B2B Soft, and Intuit. Moreover, the market comprises several other prominent players in the Cloud POS market that are Lightspeed, Oracle, and SalonTarget. The Cloud POS market consists of well established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Cloud POS market
Component Overview, 2018-2028 (USD Million)
Enterprise Size Overview, 2018-2028 (USD Million)
- Small and Medium-Sized Enterprises
- Large Enterprises
End-User Overview, 2018-2028 (USD Million)
- Retail & Consumer Goods
- Travel & Hospitality
- Media & Entertainment
- Transportation & Logistics
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America