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",
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.
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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.
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in-depth TOC on "Cloud
POS Market"
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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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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cloud-pos-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cloud-pos-market.asp
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