New York, US, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Cloud POS Market information by Organization Size, by Components, by End user and Region – forecast to 2027” market to reach USD 6 billion, growing at a compound annual growth rate of 22.5% by 2028.
Market Scope:
The global cloud POS market is growing exponentially, witnessing significant market demand. Over the past couple of years, cloud-based POS systems have been exploding in popularity across the retail and hospitality industries. The adoption of cloud POS solutions across industries is happening even rapidly. Besides, the demand for efficient management solutions is rising continually.
Dominant Key Players on Cloud POS Market Covered are:
- Jesta I.S. (Retail Process Engineering LLC - Canada)
- Diaspark (US)
- Square Inc. (US)
- ERPLY (US)
- ShopKeep (US)
- One Step Retail Solutions (US)
- Shopify (Canada)
- TouchSuite (US)
- Cegid (France)
- Phorest (Ireland)
- UTC RETAIL (US)
- RetailOps (US)
- Oracle Corporation (US)
- B2B Soft (US)
- Celerant Technology (US)
- Teamwork Retail (US)
- SalonTarget (US)
- Clover (US)
- Revel Systems (US)
- Intuit Inc (US)
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Market USP Exclusively Encompassed:
Market Drivers
Cloud-based POS systems allow storing transaction, inventory, employee and other business data on a remote server. Transactions are faster and safer and track more data. The surge in cashless transactions and the spurring rise in the e-commerce sectors together have led the cloud POS market to greater heights in a short time. Cloud POS solutions are increasingly being introduced to fulfill every need and demand of the customers.
Automated distribution management, billing routines, and financial transactions are key advantages of cloud POS solutions. Cloud POS systems also allow operators to manage their business remotely, accessing their point-of-sale from any location. Technological upgrades and growing digitization promote the need to have POS solutions incorporated into every business. Therefore, cloud POS markets worldwide are garnering significant traction.
Also, the increasing focus of industries on improving their operational and business processes boosts the cloud POS market size efficiency. Increased uptake of cloud computing and cloud-based applications and software as a service (SaaS)/ on-demand software boosts market revenues. Cloud POS solutions provide business owners the opportunity to operate more competently and effectively.
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Segmentation of Market Covered in the Research:
The market is segmented into components, organization size, end-users, and regions. The organization size is bifurcated into small & medium-sized enterprises (SMEs) and large enterprises. The component segment is bifurcated into solutions and services (consulting services, support & training services, implementing & integration services, and other services).
The end-user is bifurcated into travel & hospitality, retail & e-commerce, transport & logistics, healthcare, and others. The region segment is bifurcated into the Americas, Asia Pacific, Middle East & Africa, Europe, and others.
Regional Analysis
North America dominates the global cloud POS market. The extensive presence of cloud infrastructure and end-user base impacts the market growth positively. Vendors in the region constantly indulge in partnership programs offered by IT giants to offer high-end cloud POS solutions catering to a higher number of end-users.
Besides, technological advances and growing numbers of businesses across the region drive the market demand, leading to higher adoption of Cloud POS solutions. With the large presence of key cloud POS solution providers and higher POS penetration, the US and Canada accounts for sizable shares in the regional market.
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COVID-19 Impact on the Global Cloud POS Market
While the pandemic disrupted many key industries worldwide, it significantly boosted the cloud POS revenues. The pandemic disruption changed buying patterns of consumers from in-store to online/virtual purchases. Besides, social distancing mandates encouraged contactless payment systems.
With this shift towards online shopping and constrained spending, vendors were encouraged to develop innovative payment processing systems. Social distancing mandates forced many companies to transform their business operations entirely, bridging the gap between sellers and purchasers.
Many business owners have already embraced sophisticated solutions that offer more than payment collection options. On the other hand, small businesses saw major challenges, which further re-established the significance of a point-of-sale (POS) system. The pandemic crises are expected to continue to change the retail sector notably, and the cloud POS market is likely to witness interesting opportunities in 2022 and beyond.
Competitive Analysis
The cloud POS market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches. Key industry players also make significant investments in research and development activities and expansions.
For instance, recently, on Nov.16, 2021, EVO Payments, Inc. (the US), a leading global provider of payment technology integrations, announced a partnership with Oracle to enable access to Oracle’s Xstore POS, Simphony POS, and Opera to enhance checkout experience for hospitality and retail merchants.
EVO offers proprietary market integrations to Oracle’s on-premises and cloud-based E-Business Suite ERP solution, with both integrations serving to enable digital B2B payments and automate accounts receivable. Also, this global agreement with Oracle would enable EVO to offer acquiring services to existing Oracle software customers and its hospitality & retail merchants.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
