SMEs dominates the cloud POS Market with more than one-third share of the total market
Latest market study on "Cloud POS Market to 2027 by Component (Solution and Services); Organizational Type (Large Enterprise and SMEs); End-user (Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Transport & Logistics, Healthcare, and Others)– Global Analysis and Forecast", the Cloud POS market is estimated 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 by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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.
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.
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.
The report segments the global Cloud POS market as follows:
Cloud POS Market – By Component
Cloud POS Market – By Organization Size
Cloud POS Market – By End-User
Cloud POS Market – By Geography
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