Global Cloud Point of Sale (POS) Market is valued at USD 2871.6 Million in 2021 and expected to reach USD 12978.8 Million by 2028 with a CAGR of 23.8% over the forecast period.
Global Cloud Point of Sale (POS) Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028- Increasing adoption of cloud POS from restaurants, rising popularity of digital payments, and growing technological advancement are some of the major factors driving the growth of the Global Cloud Point of Sale (POS) Market.
The point of sale is the time and place where the transaction takes place. Unlike traditional POS, the cloud point-of-sale system processes and stores sales data online which stores the data locally on a computer or on-premise server. The cloud retail location (POS) comprises deals of cloud point of sale (POS) solutions and services by entities (associations, sole merchants, and partnerships) that allude to a web-based point of sale system that empowers company owners to acknowledge payments by means of the internet rather than to utilizing a personal computer. Utilizing cloud-based POS frameworks, operators can save transactions, employees, inventory, and other organization information on a remote server. The cloud point of sale (POS) permits organization proprietors to maintain their organizations proficiently, as the exchanges are made speedier and more secure, and more information is tracked utilizing cloud point of sale (POS) frameworks. Cloud computing providers offer web-based financial services for POS systems, where data is sufficiently supported on a remote vendor server. For many companies, the full benefits of cloud-based POS are obvious security, data storage, and many other software applications can be sent to vendors.
The Covid-19 pandemic slightly affected the cloud POS market attributable to the temporary closure of transportation terminals, restaurants, and retail stores. The government associations forced strict lockdown measures and social distancing guidelines to lessen the overall spread of the virus. This element is empowering the consumers to noticeably utilize cashless methods of payments, for example, digital wallets and credit cards, to stay away from direct contact.
The global cloud point of sale (POS) market is segmented based on the component, organization size, application, and region & country level. Based on components, the global cloud point of sale (POS) market is segmented into services and solutions. By organization size, the global cloud point of sale (POS) market is segmented into large enterprises and SMEs. By application, the global cloud point of sale (POS) market is segmented into retail & consumer goods, healthcare, travel & hospitality, transport & logistics, media & entertainment, and others.
The regions covered in the global cloud point of sale (POS) market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cloud point of sale (POS) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global cloud point of sale (POS) market report cover prominent players like
On May 20th, 2022; NCR Partnership disclosed NCR Salaam Cloud, a cloud-based retail location (POS) arrangement that gives capacities sufficiently enough to come to showcase under the business driving Aloha brand. Aloha Cloud conveys an invigorated user interface (UI), the littlest handheld gadget available, and consistent payment processing with next-day funding of stores, giving operators additional opportunity to focus on running their restaurant, not their innovation.
On August 1st, 2019; Future Group launched a new point-of-sale (POS) system with payment technology company LivQui. The latter, in turn, has partnered with US-based Poynt, a free commerce platform. Poynt and Future Group, through LivQuik Payment Entity, have created a joint venture, SabPe. It has a full-service omnichannel payment technology platform for merchants, banks, and other acquirers in India.
One of the major factors driving the growth of the cloud point of sale (POS) market is the increasing adoption of cloud POS from restaurants. The restaurant sector is underlining on the idea of cloud-based kitchens to catch an enormous client base. Through this, they are growing their market penetration across the region at a low start-up cost. The developing implementation of the virtual kitchen concept will increase the necessity of cloud POS framework for order and revenue management. It helps the restaurants in expanding their client base, benefit, and gross margins. The rising focus on the advancement of cloud kitchen restaurants will additionally improve the business expansion. For instance; as per the news published, on May 25th, 2022; Squirrel Systems launched azure cloud POS for the next generation of restaurants. Squirrel's Full- Service Restaurant version adds the table help capacities occupied restaurants need like transfers across waiters, tables, and departments, as well as sharing of things and divided instalments.
In addition, the rising popularity of digital payments is also boosting the growth of the cloud point of sale (POS) market. Digital payments allude to payments made through mobile money, bank transfers, and payment cards including credit, debit, and prepaid cards. Reducing popularity of cash use, a rising improvement of easy to understand payment portals, and government support for transparent payment passages have helped the usage of digital payments across the globe. For instance; according to Federal Reserve Bank of Atlanta, on February 14th, 2022; number of contactless card payments double that is 1.6 billion payments, up 140 percent to 3.7 billion. Also, as per the RBI Yearly Report 2021, the percentage of digital exchanges altogether non-cash retail payments expanded from 97.0% in 2019-2020 to 98.5% in 2020-21.
Moreover, the growing number of technological advancements is also boosting the market growth. The advancement of inventive technologies like artificial intelligence, IoT, cloud computing, and big data, among others, has also impacted the cloud retail location (POS) as of late. The organizations working in the cloud point of sale sector are progressively focusing on growing technologically advanced systems with more operational and cost-efficiency. For example; as per the news published on August 26th, 2022, Toshiba Tec developed POS platform for U.S. retailers at new Texas hub. Toshiba Tec will develop a common POS platform for retailers, alongside services to be accessible through the framework. The organization will customize systems for clients by adding favoured features by means of the cloud.
However, the lack of reliable & advanced infrastructure may hinder the growth of the global cloud point of sale (POS) market. Despite that, increasing acceptance of cloud-based systems in small and medium-level enterprises may create more opportunities in the global cloud point of sale (POS) market.
Geographically, North America is expected to capture a major share in the global cloud point of sale (POS) market within the forecast period due to the increasing expansion of retail giants and small chain restaurants, the rising presence of several full-service restaurant chains, and the presence of key players in this region. The increasing expansion of retail giants and small chain restaurants is driving the growth of the market in this region. For instance; as per the news published, on January 12th, 2021; CordovaCann was approved to operate cannabis retail in Alberta and provided Canadian retail updates. Therefore, the increasing expansion of retail giants and small chain restaurants has expected to drive the market. Also, the presence of key players is also boosting the growth of the market. For example; in January 2020, Hewlett Packard Endeavor declared the launch of two services named HP Connect with Control center and HP Draw in List to help private companies in the retail and hospitality businesses. These two new Cloud services are intended to grow the features of Point of Sale (PoS) systems in local stores, housing, cafes/restaurants, travel, and other private companies.
The Asia Pacific is the fastest-growing region in the global cloud point of sale (POS) market due to growing adoption of digital transactions, increasing investment in cloud-based POS service providers and rising customer base in this region. For instance; according to India Brand Equity Foundation; in April 2022; there are about 25.5 billion real-time payment transactions in India. India ranks first in the world in terms of the number of transactions by 2020.
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 2871.6 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 12978.8 Million
|Tables, Charts & Figures:
|Square Inc, Cegid, UTC RETAIL, Shop Keep, PAR Technology, Shopify, B2B Soft, Intuit, Lightspeed, Oracle, SalonTarget, RetailOps, Celerant Technology, TouchSuite, Clover, Revel Systems, ERPLY, Omnico Group, Diaspark, Teamwork Retail, Jesta I.S., One Step Retail Solutions, and others.
|By Component, By Application, By Organization Size, By End-User.
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
By Organization Size:
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination interested? please email us email@example.comJOIN US
BrandEssence® Market Research and Consulting Pvt ltd.
124, City Road, London EC1V 2NX
© Copyright 2024-25 BrandEssence® Market Research and Consulting Pvt ltd. All Rights Reserved | Designed by BrandEssence®