According to the new market research report "Cloud POS Market by Component, Organization Size, Application Area (Retail and Consumer Goods, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Cloud POS Market size is expected to grow from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period.
A cloud-based POS system can be accessed from any device with an internet connection. This provides the flexibility for real-time viewing of labor usage percentages, inventory counts, and productivity reports. Furthermore, advantages such as efficient management of various outlets across locations have contributed significantly to the growing demand for cloud POS solutions.
Support and maintenance service segment to grow at the highest CAGR during the forecast period
The Cloud POS Market by service has training, consulting and integration; and support and maintenance segments. The support and maintenance service segment is expected to grow at a higher rate during the forecast period. Support and maintenance services include support related to the implementation and use of the solutions provided by cloud POS vendors. Maintenance services facilitate upgrades to existing systems and help in solving product issues. Business functions are dynamic; hence, the security aspect related to them needs to be updated in line with the required changes. Support and maintenance services form an integral part of implementing cloud POS solutions, as these solutions need frequent updates and patches to its solutions.
SMEs segment to grow at a higher rate during the forecast period
The SMEs segment is expected to grow at a higher CAGR in the Cloud POS Market by organization size during the forecast period. SMEs face 3 critical challenges in capital, skills, and scalability. To overcome these issues, they adopt the pay-as-you-go model that offers the flexibility to manage their infrastructure as per their requirement. SMEs also face intense competition from large enterprises. To gain a competitive edge, SMEs adopt cloud-based POS solutions that help them in respond quickly, making timely decisions, and enhancing overall business productivity.
APAC to dominate the global Cloud POS Market during the forecast period
The global Cloud POS Market by region covers North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is estimated to hold the largest market size in 2018, owing to the large presence of vendors and rapid adoption of cloud-based solutions in the region. The market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the increasing awareness and adoption of cloud POS solutions for cost-effective and scalable business operations.
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global Cloud POS Market. Major vendors in the Cloud POS Market include Square, Inc. (US), Cegid (France), UTC RETAIL (US), Shop Keep (US), PAR Technology (US), Shopify (Canada), B2B Soft (US), Intuit (US), Lightspeed (Canada), Oracle (US), SalonTarget (US), RetailOps (US), Celerant Technology (US), TouchSuite (US), Clover (US), Revel Systems (US), ERPLY (US), Omnico Group (UK), Diaspark (US), Teamwork Retail (US), Jesta I.S. (Canada), One Step Retail Solutions (US), Phorest (Ireland), Poster POS (Poland), and iiko(Russia).
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