MarketsandMarkets expects the global cloud POS market size to grow from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a CAGR of 22.7%
NEW YORK, Oct. 25, 2018 /PRNewswire/ -- Increasing business mobility, flexibilty, and demand for efficient management of POS terminals across multiple locations to fuel the demand for cloud POS solution and services across the globe
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MarketsandMarkets expects the global cloud POS market size to grow from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a CAGR of 22.7% during the forecast period. A fully featured cloud POS system helps enterprises in inventory tracking, analytics, sales monitoring and reporting, employee management, customer data management, mobile connectivity, and robust integrations. Concerns over security for cloud-based offerings may restrain the market growth.
Training, consulting, and integration segment to hold a larger market size during the forecast period
The training, consulting, and integration services include offering expert advisory services on queries related to cloud POS.Integration and software deployment services play an important role in the cloud POS market by providing custom product development.
Moreover, support and maintenance services include ongoing customer support, feature enhancements, and software upgrades and technical improvements for the existing cloud POS software.
Retail and consumer goods application area to hold the largest market size during the forecast period
Modern retail POS systems provide unified experience, real-time data, and omnichannel execution to users.They allow the user to associate with the technology and give real-time inventory visibility, history of purchases and online browsing, and thus allowing the user to increase the basket size and same store sales.
It is expected that cloud-based POS will continue to proliferate in many industries replacing old cash registers with mobile devices running on cloud-based POS.
Asia Pacific (APAC) to hold the largest market size and to grow at the highest rate during the forecast period
APAC is estimated to hold the largest market size in the global cloud POS market in 2018, and the trend is expected to continue during the forecast period.Rapidly expanding customer base owing to increasing prominence of SMEs and the reduction in total cost of ownership is expected to drive the cloud POS market in APAC.
The booming retail sector and emerging infrastructures in the region would further facilitate the growth of the cloud POS market in APAC.Moreover, the economic growth in APAC is attracting more investments from the cloud POS vendors.
APAC is a potential market for significant growth for cloud POS vendors. Hence, many companies are expanding their reach in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants as follows:
• By Company Type: Tier I: 17%, Tier II: 50%, and Tier III: 33%
• By Designation: C-Level: 33%, D-Level: 50%, and Others: 17%
• By Region: North America: 33%, Europe: 17%, and RoW: 50%
The report profiles the following key vendors:
1. Square Inc (US)
2. Cegid (France)
3. UTC RETAIL (US)
4. Shop Keep (US)
5. PAR Technology (US)
6. Shopify (Canada)
7. B2B Soft (US)
8. Intuit (US)
9. Lightspeed (Canada)
10. Oracle (US)
11. SalonTarget (US)
12. RetailOps (US)
13. Celerant Technology (US)
14. TouchSuite (US)
15. Clover (US)
16. Revel Systems (US)
17. ERPLY (US)
18. Omnico Group (UK)
19. Diaspark (US)
20. Teamwork Retail (US)
21. Jesta I.S. (Canada)
22. One Step Retail Solutions (US)
23. Phorest (Ireland)
24. Poster POS (Poland)
25. Iiko (Russia)
Research Coverage
The report segments the global cloud POS market by service type (training, consulting, integration; and support and maintenance).The tier type includes Tier 1, Tier 2 and Tier 3.
The market by vertical covers retail and wholesale, travel and hospitality, media and entertainment, and transport and logistics. The report also covers the market in the 5 major regions: North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report helps the market leaders/new entrants in the following ways:
1. The report segments the cloud POS market comprehensively and provides the closest approximations of the revenue numbers for the overall market and sub segments across industries and regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on the key market drivers, restraints, challenges, and opportunities.
3. The report also helps stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes new product launches, partnerships, agreements and collaborations, mergers and acquisitions, and expansions related to the global cloud POS market.
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