Dublin, Jan. 12, 2022 (GLOBE NEWSWIRE) -- The "Global Cloud POS Market By Component, By Enterprise Size, By Application, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
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. 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 Analysis
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.
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.
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 is expected to 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.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is expected to 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.
Cardinal Matrix - Cloud POS Market Competition Analysis
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.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2017, May - 2021, Jun) Leading Players
Chapter 4. Global Cloud POS Market by Component
4.1 Global Cloud POS Solution Market by Region
4.2 Global Cloud POS Services Market by Region
Chapter 5. Global Cloud POS Market by Enterprise Size
5.1 Global Large Enterprises Cloud POS Market by Region
5.2 Global Small & Medium Enterprises Cloud POS Market by Region
Chapter 6. Global Cloud POS Market by Application
6.1 Global Retail & Consumer Goods Cloud POS Market by Region
6.2 Global Travel & Hospitality Cloud POS Market by Region
6.3 Global Media & Entertainment Cloud POS Market by Region
6.4 Global Healthcare Cloud POS Market by Region
6.5 Global Transportation & Logistics Cloud POS Market by Region
6.6 Global Others Cloud POS Market by Region
Chapter 7. Global Cloud POS Market by Region
Chapter 8. Company Profiles
8.1 Oracle Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.1 Recent Strategies and Development:
18.104.22.168 Partnerships, Collaborations, and Agreements:
22.214.171.124 Product Launches and Product Expansions:
8.1.2 SWOT Analysis
8.2 Shopify, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
126.96.36.199 Partnerships, Collaborations, and Agreements:
188.8.131.52 Product Launches and Product Expansions:
8.3 Square, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Product Development Expenses
8.3.5 Recent Strategies and Development:
184.108.40.206 Partnerships, Collaborations, and Agreements:
220.127.116.11 Product Launches and Product Expansions:
18.104.22.168 Geographical Expansions;
8.4 Intuit, Inc.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
22.214.171.124 Partnerships, Collaborations, and Agreements:
126.96.36.199 Product Launches and Product Expansions:
188.8.131.52 Acquisition and Mergers:
8.5.1 Company Overview
8.6 Revel Systems
8.6.1 Company Overview
8.6.2 Recent Strategies and Development:
184.108.40.206 Partnerships, Collaborations, and Agreements:
220.127.116.11 Product Launches and Product Expansions:
8.7 Omnico Group
8.7.1 Company Overview
8.7.2 Recent Strategies and Development:
18.104.22.168 Partnerships, Collaborations, and Agreements:
8.8 Cegid Group
8.8.1 Company Overview
8.8.2 Recent Strategies and Development:
22.214.171.124 Partnerships, Collaborations, and Agreements:
126.96.36.199 Product Launches and Product Expansions:
188.8.131.52 Acquisition and Mergers:
8.9 UTC Retail
8.9.1 Company Overview
8.9.2 Recent Strategies and Development:
184.108.40.206 Partnerships, Collaborations, and Agreements:
8.10. Lightspeed POS, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent Strategies and Development:
220.127.116.11 Partnerships, Collaborations, and Agreements:
18.104.22.168 Product Launches and Product Expansions:
22.214.171.124 Acquisition and Mergers:
For more information about this report visit https://www.researchandmarkets.com/r/1clp2y
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