Increasing business mobility, flexibility, and focus on efficient management of POS terminals across multiple locations are expected to spur the demand for cloud POS offerings across the globe. The global cloud POS market size is expected to grow at a CAGR of 22.7% during the forecast period, to reach USD 3.73 billion by 2023 from USD 1.34 billion in 2018.
The cloud POS market includes major vendors, such as 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). These players have implemented various growth strategies to expand their global presence and increase their market share. Key players, such as Shopify, Clover, and Lightspeed, have majorly deployed new product launches and partnerships/collaborations to expand their product portfolios and grow further in the cloud POS market.
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Shopify, founded in 2004 and headquartered in Ontario, Canada, is a leading provider of a cloud-based, multichannel commerce platform designed for SMEs. Shopify’s POS mobile application enables merchants to sell their products in a physical or online setting. Shopify’s software offers merchants the capability to run their business across all sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. The company caters its solutions to over 609,000 merchants in approximately 175 countries. The company has focused on developing and nurturing partnerships with major vendors. For instance, in October 2017, Shopify announced a partnership with DHL Express to add DHL Express as a new international carrier to help small businesses access global markets.
Square, Inc. offers innovative cloud POS solutions and provides a range of payment management solutions to customers across the globe. The company’s software portfolio includes POS, dashboard, analytics, deposits, invoices, virtual terminal, gift cards, eCommerce, appointments, payroll, employee management, location management, inventory, and other solutions. The company provides business solutions for table service, counter service, bars and lounges, coffee shops, bakeries, food trucks, retail, apparel, groceries, beauty professionals, salons and spas, and others. Square, Inc. has offices in San Francisco, New York, Atlanta, St. Louis, Kitchener-Waterloo, Dublin, London, Toronto, Melbourne, and Tokyo. The company has focused its strategic efforts on developing innovative products to cater to its customers’ requirements. For instance, in August 2018, Square announced an update on its chip card reader to enable faster processing of card payments. The company has also executed its inorganic growth strategy through acquisitions. For instance, in April 2018, Square, Inc. acquired Zesty to strengthen and scale its growing corporate ordering business.
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
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