iCrowdNewswire Dec 29, 2020 12:40 PM ET
The cloud POS market 2020 had clinched a valuation of USD 1,046.0 million in 2017 and is all set to touch a valuation of USD 4,226.3 Million by 2024, confirms Market Research Future (MRFR). The market expansion rate can be 21.4% between 2017 and 2024 (assessment period), estimates MRFR. We will provide covid-19 impact analysis with the report, offering an in-depth appraisal of the market following the coronavirus disease outbreak.
The COVID-19 impact on the global economy has been brutal, however the pandemic has somehow been a profitable event for cloud providers, given the rising number of customers adopting remote work environment as well as automated back-end IT systems. The cloud platform services industry has even managed to profit massively in the first half of 2020. While there is no doubt that SARS-CoV-2 has left a debilitating impact on the economies across the world, studies reveal that it has had a slightly positive effect on the cloud point of sale market. Cloud giants such as Microsoft, Amazon, IBM and Google have noted strong financials with massive sales of Infrastructure-as-a-Service in early 2020, post the pandemic outbreak. Therefore, it is safe to assume that the POS market share can witness better growth in the coming period.
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Considering the long term and short term impact of the novel corona virus, the entertainment industry has been noted as the biggest gainer since the inception of the lockdown period. The shutting down of movie theatres has steered people towards alternatives like Amazon Prime Video and Netflix, with a significant jump in app downloads across regions. Since cloud-based point of sale offers high flexibility while maintaining data as well as applications on central remote servers, the current lockdown scenario further boosts its demand in the SARS-CoV-2 era.
Primary Inducers and Key Deterrents
Surge in cashless transactions along with the rise in e-commerce transactions across the world has led the cloud POS market to greater heights in a short time. Apps as well as software are increasingly being introduced by companies to fulfill every need and demand of the customers. Players such as Shopify, ShopKeep and ERPLY are working on developing advanced solutions that can be deployed on several hardware platforms. To illustrate, ERPLY’s cloud point-of-sale system can work on smartphones, iPads, PCs and tablets, making it a big hit among consumers.
Retailers that use conventional and on-premise POS systems are faced with high expenses with respect to maintenance and upgradation of the technology. This is where cloud POS has gained immense favor among retailers, further compelling software developers to technically enhance their software with respect to the evolving market scenario. Developers are also coming up with terminals that can be integrated with EMV technologies in conjunction with the increasing use of contactless cards in the market. These factors are deemed to work in favor of the cloud POS market in the approaching years.
- The cloud POS market has been considered for component, organization size as well as end user.
- The components included in the research are solutions and services. The types of services described in the report include consulting services, support and training services and implementing and integration services.
- The size range of the organizations that deploy cloud POS are small & medium-sized enterprises (SMEs) as well as large enterprises. Since cloud POS is quite affordable, it is a sought-after commodity in SMEs and therefore observes an impressive demand.
- The notable end users in the worldwide market are travel and hospitality, retail and e-commerce, transport and logistics, healthcare, and more.
The cloud POS industry is spread across the primary regions of Europe, South America, North America, MEA or the Middle East and Africa and APAC or Asia Pacific.
In 2018, the most bankable market for cloud POS belonged to North America, with Europe, APAC and MEA trailing behind. The United States (US) is the top-performing market in the region, on account of the extensive cloud infrastructure and the vendors constantly indulging in partnership programs with IT giants in a bid to offer high-end cloud POS solutions to cater to higher number of end users.
However, it is APAC that can emerge as the fastest expanding market for cloud POS market over the appraisal period. The thriving e-commerce sector in India and China such as Flipkart, Snapdeal and Alibaba, along with the surge in digital transactions using cards has bolstered the growth of the cloud POS market in the region. The significantly expanding customer base as a result of the rising number of SMEs, combined with the reduction in total cost of ownership can lead to better business growth in the ensuing period. The flourishing retail industry coupled with the improving infrastructures across the region also adds to the industry’s strength.
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Some of the most prominent contenders in the cloud POS industry are Diaspark (US), Jesta I.S. (Retail Process Engineering, LLC ) (Canada), ERPLY (US), Square Inc(US), ShopKeep (US), Shopify (Canada), One Step Retail Solutions (US), TouchSuite (US), Phorest (Ireland), Cegid (France), UTC RETAIL (US), Oracle Corporation (US), RetailOps (US), B2B Soft (US), Teamwork Retail (US), Celerant Technology (US), SalonTarget (US), Revel systems (US), Clover (US), Intuit Inc (US), Omnico Group (UK), PAR Technology (US), Lightspeed (Canada), to mention a few.
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