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Global Cloud POS Market By Component, By Enterprise Size, By Application, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027

·11-min read

The Global Cloud POS Market size is expected to reach $9. 9 billion by 2027, rising at a market growth of 22. 8% CAGR during the forecast period. Cloud-based POS solutions are developed on the quick scale up and down idea of cloud, which allows businesses to add or remove services at any time to meet their needs and those of their customers.

New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cloud POS Market By Component, By Enterprise Size, By Application, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131625/?utm_source=GNW
Businesses only pay for the services they use, saving money on future-proofing and fail-safe mechanisms that conventional on-premises POS systems require. Moreover, the solutions provider will take care of the maintenance and upkeep of cloud-based POS solutions, allowing business owners to focus on their core competencies.

The growth of the market will witness bright prospects as majority of small companies are installing cloud-based payment systems for inventory, staff, order, and customer administration. The need for cloud POS will be fueled by an increase in consumer usage of mobile and contactless payments. In April 2020, 51 percent of customers in the United States used contactless payment, such as mobile wallets and tap-to-go credit cards, according to the MasterCard Contactless Consumer Polling survey. The rising popularity of digital payments is prompting a number of businesses, including retail, restaurants, and healthcare, to implement advanced payment solutions. To improve customer service and stay competitive in the market, these industries are progressively embracing cloud POS solutions.

COVID-19 Impact

Due to the shutdown of business and restaurants, the coronavirus (COVID-19) had a minor influence on Cloud POS market growth in the first two quarters of 2020. Consumers have been driven to acquire vital things online due to strict lockdowns, as it gives them contactless options to shop and pay. According to data from the recent surveys, internet orders increased in March 2020 than March 2019. The business will be encouraged to embrace solutions that integrate mobile ordering and digital payment capabilities as online shopping becomes more popular. Cloud POS systems are helping merchants, business owners, and retailers to efficiently deploy and meet multi-payment & channel needs of managing large-scale inventories and other business processes.

The adverse effects of the COVID-19 pandemic have experienced in other critical economic sectors in several countries, with limitations affecting manufacturing, auto, retail, aviation, and hospitality. As a result, the fast-growing digital payments sector, which is closely linked to the aforementioned industries, has been damaged. Aspects such as Shuttered stores, travel bans, and less discretionary consumer spending (for example, on dining out, movies, and entertainment) have hampered digital payments, thereby slowing down the demand for cloud POS solutions.

Component Outlook

Based on Component, the market is segmented into Solution and Services. These services assist businesses in maintaining successful client relationships by providing ongoing support throughout the course of their operations. Organizations benefit from these services by streamlining the market operations, improving marketing project execution, and maximizing resource utilization. Traditional POS systems often charge a software license cost per register. In contrast to conventional POS system, SaaS is more of a partnership approach in which monthly fee is paid rather than up-front charges. Backups, software, future upgrades, support are included in these monthly payments.

Enterprise Size Outlook

Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Simple tools are provided by these suppliers to SMEs to help them manage people, projects, and assets. These simple tools also assist SMEs in fully utilizing the software that has been delivered. The use of cloud POS solutions among SMEs is likely to rise in the coming years, allowing SMEs to capture a significant market share throughout the forecast period. Additionally, important establishments that stayed open throughout the epidemic, such as pharmacies and supermarket supply stores, had to limit direct interaction with their customers, and many of these stores used cloud POS systems.

Application Outlook

Based on Application, the market is segmented into Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Healthcare, Transportation & Logistics and Others. The media and entertainment application segment would display maximum growth rate during the forecast period. The media and entertainment industries make extensive use of cloud POS solutions. Cloud POS is used at casinos, movie theatres, theme parks, museums, and sports arenas in this industry. It ensures that the entertainment industry is both adaptable and transparent. It also gives improved customer service, which aids in the growth of sales.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would be the fastest-growing region during the forecast years. China, Japan, and India are some of the key countries in the regional cloud POS market. The regional Cloud POS market is predicted to be driven by a rapidly growing customer base, owing to the growing significance of SMEs, as well as a reduction in Total Cost of Ownership (TCO). Low queue times, high levels of security, paperless receipt options, reduced check-out area requirements, and more floor space are all advantages of cloud POS systems that will help drive the regional cloud POS market in the next few years.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Cloud POS Market. Companies such as Lightspeed POS, Inc., Square, Inc., and Shopify, Inc. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Shopify, Inc., Square, Inc., Intuit, Inc., Touchsuite, Revel Systems, Omnico Group, Cegid Group, UTC Retail, and Lightspeed POS, Inc.

Recent strategies deployed in Cloud POS Market

Partnerships, Collaborations, and Agreements:

Jun-2021: Lightspeed teamed up with Ascent360, a Data-Driven Marketing Platform. This collaboration aims to bring point-of-sale and e-commerce data to the world and enable retailers to ingest vital customer data, segment customers, and send customized omnichannel messages, which assist in engaging and retaining shoppers.

Apr-2021: Oracle collaborated with Loop Insights, a provider of contactless solutions and artificial intelligence. Under this collaboration, Loop Insights joined the Oracle Partner Network building a relationship with a provider of POS systems and cloud reporting. The collaboration makes it easy for Oracle’s users to work with Loop and access real-time data, cross-channel marketing opportunities, and multi-location reporting.

Apr-2021: Shopify POS teamed up with ShoppingGives, a B2B social commerce platform. In this collaboration, ShoppingGives released the first donation app for Shopify POS that enable retailers a new avenue to provide their customers a method to make charitable donations with all their in-store purchases.

Apr-2021: Revel Systems joined hands with Paytronix Systems, the most advanced digital guest experience platform. This collaboration aimed to integrate Paytronix’s loyalty platform with the Revel Systems cloud-based point of sale (POS) and business platform. Restaurants & retailers, which have implemented Revel Enterprise, can instantly access the full Paytronix Rewards platform that includes online ordering/delivery management, loyalty, and stored value.

Apr-2021: Intuit QuickBooks Online collaborated with Scantranx Technologies, Inc., a Cloud Based Omnichannel Retail solution. Under the collaboration, the QuickBooks Online integrated into the Retail Platform for helping the companies to be more productive and save cost in the difficult time.

Mar-2021: Square partnered with Menufy, a provider of online and mobile meal ordering capabilities to restaurant customers in the US. This partnership aims to assist companies to boost their digital order volume. The restaurant owners, which utilizes a Square for Restaurants point-of-sale (POS) system with Menufy would get the advantage from streamlined workflows, enhanced web visibility, and decreased technology costs.

Sep-2020: Omnico came into partnership with GHS, a software company. This partnership aimed to integrate Omnico’s improved point-of-sale & guest engagement software with GHS’ expertise in casino loyalty, marketing, and provide management solutions.

Aug-2020: Intuit’s QuickBooks Point of Sale 19.0, one of the leading point of sale solutions partnered with Webgility, an ecommerce software platform. Through this partnership, Webgility’s software helped the sellers to raise profits and productivity by combining their ecommerce transactions directly to QuickBooks Point of Sale 19.0.

Jun-2020: Cegid entered into collaboration with Shiseido, a Japanese multinational cosmetic and Personal Care Company. Under this collaboration, Shiseido implemented Cegid software as the foundation for expanding their retail business, which further provides omnichannel sales, in-store operations, order & inventory management, and loyalty all in a single easy-to-use platform.

May-2020: Cegid came into collaboration with Regatta, an English family-owned outdoor and leisure clothing company. In this collaboration, Regatta migrated to the cloud with the Cegid Retail solution, which enables Regatta to free up time for IT staff members, decrease storage costs and enhance data security by shifting from on-premises infrastructure to cloud.

Acquisitions and Mergers:

Jun-2021: Lightspeed acquired Ecwid and NuORDER. This acquisition aimed to expand Lightspeed omnichannel strategy, with Ecwid allowing companies to develop digital stores and reach customers all over digital platforms.

Mar-2021: Lightspeed announced the acquisition of VendLimited, a cloud-based point-of-sale and retail management software company. Through this acquisition, Lightspeed would strengthen its global retail base and also reinforce it as a leading global omnichannel retail platform for SMEs.

Jan-2021: Lightspeed signed an agreement to acquire Gastrofix, a quickly-growing market leader for cloud-based POS hospitality software in Germany. This acquisition would help Lightspeed to bring two high-performing, supporting teams together to help European merchants in migrating to the cloud.

Dec-2020: Lightspeed took over Upserve, provider of the restaurant management platform. Through this acquisition, Lightspeed would expand its presence in the restaurant sector by offering the most advanced commerce platform to high-performing businesses across the globe.

Sep-2020: Intuit QuickBooks has acquired TradeGecko. TradeGecko is now known as QuickBooks Commerce. Following the acquisition, TradeGecko’s inventory & order management system has been integrated with QuickBooks’ suite of financial, reporting, payment, & accounting tools that would help the product sellers in running and expanding their business, all in single powerful platform.

Product Launches and Product Expansions:

Jul-2021: Cegid unveiled a new in-store, omnichannel point-of-sale (POS) solution known as Shopping. This software aims to empower store associates by enabling them to provide users a wide variety of omnichannel services. In addition, this software unwraps the actionable intelligence about a customer’s online journey before their visit.

Sep-2020: Intuit unveiled QuickBooks Commerce, a new platform. This platform focuses on consolidating sales channels into single central hub for product-based small businesses. In addition, the platform enables companies to access and combine sales channels, manage orders & fulfillment, avoid out-of-stocks, sync inventory, and generate profitability insights.

Jun-2020: Lightspeed introduced new eCommerce features as SMBs digitally transform their businesses. These features would fulfill the evolving requirements of retailers and restaurants by making multi-channel shopping touchpoints.

May-2020: Shopify unveiled Shopify POS to merchants across the globe. The Shopify POS showcases the power of omnichannel for companies by bringing in-person & online sales in one place. In addition, Shopify POS would assist merchants to be flexible & resilient during the challenges of their business and the ever-changing retail landscape ahead.

Apr-2020: Shopify introduced a mobile shopping assistant app known as Shop. This app is available for free on the iOS and Android app stores. In addition, the app leverages Shopify’s one-click Shop Pay checkout feature, earlier known as Shopify Pay, to manage transactions, and start to track the status of online orders.

Mar-2020: Shopify released built-in support for 3D models & video. This feature enables merchants to upload 3D models or videos to their product pages without requiring any custom code or a third-party app.

Scope of the Study

Market Segments covered in the Report:

By Component

• Solution

• Services

By Enterprise Size

• Large Enterprises

• Small & Medium Enterprises

By Application

• Retail & Consumer Goods

• Travel & Hospitality

• Media & Entertainment

• Healthcare

• Transportation & Logistics

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Oracle Corporation

• Shopify, Inc.

• Square, Inc.

• Intuit, Inc.

• Touchsuite

• Revel Systems

• Omnico Group

• Cegid Group

• UTC Retail

• Lightspeed POS, Inc.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06131625/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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