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Cloud POS Market Worth $3.73 Billion by 2023
[October 03, 2018]

Cloud POS Market Worth $3.73 Billion by 2023

CHICAGO, October 3, 2018 /PRNewswire/ --

According to the new market research report "Cloud POS Market by Component, Organization Size, Application Area (Retail and Consumer Goods, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Cloud POS Market size is expected to grow from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period.

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A cloud-based POS system can be accessed from any device with an internet connection. This provides the flexibility for real-time viewing of labor usage percentages, inventory counts, and productivity reports. Furthermore, advantages such as efficient management of various outlets across locations have contributed significantly to the growing demand for cloud POS solutions.

Support and maintenance service segment to grow at the highest CAGR during the forecast period 

The Cloud POS Market by service has training, consulting and integration; and support and maintenance segments. The support and maintenance service segment is expected to grow at a higher rate during the forecast period. Support and maintenance services include support related to the implementation and use of the solutions provided by cloud POS vendors. Maintenance services facilitate upgrades to existing systems and help in solving product issues. Business functions are dynamic; hence, the security aspect related to them needs to be updated in line with the required changes. Support and maintenance services form an integral part of implementing cloud POS solutions, as these solutions need frequent updates and patches to its solutions.

Browse and in-depth TOC on "Cloud POS Market" 

46 - Tables  

33 - Figures  

111<> - Pages  

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SMEs segment to grow at a higher rate during the forecast period 

The SMEs segment is expected to grow at a higher CAGR in the Cloud POS Market by organization size during the forecast period. SMEs face 3 critical challenges in capital, skills, and scalability. To overcome these issues, they adopt the pay-as-you-go model that offers the flexibility to manage their infrastructure as per their requirement. SMEs also face intense competition from large enterprises. To gain a competitive edge, SMEs adopt cloud-based POS solutions that help them in respond quickly, making timely decisions, and enhancing overall business productivity.

APAC to dominate the global Cloud POS Market during the forecast period 

The global Cloud POS Market by region covers North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is estimated to hold the largest market size in 2018, owing to the large presence of vendors and rapid adoption of cloud-based solutions in the region. The market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the increasing awareness and adoption of cloud POS solutions for cost-effective and scalable business operations.

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The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global Cloud POS Market. Major vendors in the Cloud POS Market include Square, Inc. (US), Cegid (France), UTC RETAIL (US), Shop Keep (US), PAR Technology (US), Shopify (Canada), B2B Soft (US), Intuit (US), Lightspeed (Canada), Oracle (US), SalonTarget (US), RetailOps (US), Celerant Technology (US), TouchSuite (US), Clover (US), Revel Systems (US), ERPLY (US), Omnico Group (UK), Diaspark (US), Teamwork Retail (US), Jesta I.S. (Canada), One Step Retail Solutions (US), Phorest (Ireland), Poster POS (Poland), and iiko(Russia).

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About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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