Cloud POS Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Software and Service); Organization Size (Small and Medium Enterprises and Large Enterprises); Application (Retail, Restaurants, Hospitality, Transportation, & Logistics, Media and Entertainment, Healthcare, and Others) Region/Country.
Global Cloud POS Market is expected to grow at a significant rate of around 20% during the forecast period. Cloud POS is a web-based POS system that is used to process payments over the internet. With the help of could POS, users don’t need cumbersome and expensive servers or expensive software that they have to buy new versions to upgrade. A cloud-based POS system processes all payment transactions and updates online instead of on your local computer.
The growing adoption of cloud POS is mainly attributed to the mobility benefits offered by cloud POS systems. Additionally, cloud POS systems help businesses save operational and functional costs, this is accelerating the market growth during the forecast period. Moreover, the growing internet penetration across countries is expected to drive the market during the forecast period. For instance, according to datareportal, 63.5% of world population is on the internet.
Cegid, Celerant Technology, Clover Network LLC, ERPLY, Future POS, Lightspeed, NCR Corporation, Oracle, PAR Tech, and Revel Systems. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, services category to witness robust CAGR during the forecast period”
Based on component, the market is segmented into software and service. The services segment is expected to grow significantly during the forecast period. The growth of the segment is mainly attributed to the lower costs of cloud POS services. Moreover, the benefits of cloud POS service include flexibility, reduce time to benefit, ease to use, etc. Additionally, the cloud POS services come with maintenance and support as a package which further reduces the cost to the user. Also, the growing trend of subscription-based software renting is also expected to drive the market during the forecast period.
Cloud POS Market Report Coverage
“Amongst organization size, the small and medium segment to witness robust CAGR during the forecast period”
On the basis of organization size, the market is segmented into small and medium enterprises and large enterprises. The small and medium size segment is expected to grow significantly during the forecast period. Small enterprises have very less budgets for buying software licenses. Furthermore, cloud POS vendors have specific tools for individuals and freelancers that help them to customize their software as per their specific need. These tools help SME’s to fully utilize the deployed software.
“APAC to hold a significant share in the market”
APAC is anticipated to grow at a substantial CAGR during the forecast period. The growth in the region is mainly attributed to a rapidly growing consumer base. Furthermore, the growing prominence of SMEs is expected to significantly influence market growth during the forecast period. Moreover, the growing prominence of e-commerce platforms in countries such as India and China is expected to drive the market during the forecast period. For instance, according to e-commerceDB India is the 8th Largest market for e-commerce with a revenue of more than $ 85 billion in 2021.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global cloud POS market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Cloud POS Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global cloud POS market were the three major steps undertaken to create and analyze the adoption of cloud POS in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cloud POS market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the cloud POS market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cloud POS market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a component, organization size, and applications. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cloud POS market. Further, we conducted factor analysis using dependent and independent variables such as component, organization size, and application of Cloud POS. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cloud POS market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cloud POS market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the cloud POS market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global cloud POS market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cloud POS market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, organization size, application in the global cloud POS market.
The main objective of the Global Cloud POS Market Study
The current & future market trends of the global cloud POS market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the cloud POS market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component, organization size, application.
- Define and analysis of the regulatory framework for the cloud POS
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the cloud POS market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the cloud POS market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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