Cloud POS Market was valued at US$ 4.95 Bn in 2018 and is expected to grow at a CAGR of 21.6% during the forecast period 2019 – 2027, and reach US$ 27.82 Bn in 2027.
Global Cloud POS Market is majorly driven by increasing adoption of cloud technology across the industries and the increasing need for improved operations in business. However, the rapidly changing nature of technology requiring consistent changes in POS hardware and software. Also, the proliferation of customized POS and surging 5G technology and mobile POS are expected to provide substantial growth opportunity to the key players in this market.
Nowadays vendors are integrating real-time transactions with CRM solutions which result in increased sales and revenue of the business. Previous POS solutions were limited by offering basic data regarding customer behavior. POS/CRM integration makes it possible to see which customers are making the biggest impact on sales and whose loyalty is worth pursuing. For instance, Revel Systems integrated its solution with an iPad POS solution with CRM. It enables the business to collect all types of customer data from POS transaction such as name, email, billing and shipping address, loyalty program membership details, and others. The software then helps businesses organize this information and synchronize and distribute it to different departments – marketing, sales, customer service, and technical support – to improve customer experience and acquisition.
Key Players Influencing the Market
- Square, Inc.
- Intuit, Inc.
- Oracle Corporation
- Shopify, Inc.
- Toast, Inc.
- Vend Limited
- AccuPOS, Inc.
- Clover Network, Inc.
- LightSpeed POS Inc.
- Loyverse POS
The advanced technology is growing at a rapid pace owing to the surge in demand in the range of sectors such as retail, travel & tourism, healthcare, including others. The increasing demand for automation, artificial learning, data analysis, enhanced customer services are creating a significant demand for cloud POS market. In a recent scenario, IoT is playing a major role in transforming the entire POS ecosystem driven by more internet-connected devices directly impacting global cloud POS market. The continuous development in infrastructure and improvement in cloud technology is expected to drive the market significantly.
The most prominent region in global Cloud POS Market in 2018 accounted for Asia Pacific, followed by North America and Europe. South America, and Middle East & Africa held the fourth and fifth position in terms of market shares in cloud POS market. Also, Asia Pacific is anticipated to witness the highest CAGR during the forecast period. The APAC region comprises a broad geographical footprint that embeds the large number of industrial and economic growth which foresee huge application of cloud POS. However, only some of the developed countries such as China and Japan have already adopted cloud POS in various application sectors.
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