Cloud Point of Sale Market Overview
In the year 2022, the Cloud Point of Sale (POS) Market was esteemed at USD 5.8 Million. As indicated by MRFR investigation, the market is projected to develop at a CAGR of 19.40% during the figure time frame. Digital technology has helped to enhance the commercial sector across the world. It helps e-commerce and retail businesses to provide better services to their customers. But, the rising cases of cyber-attacks and data theft will hamper the market growth. Also, the rising need for maintaining safety is increasing the use of cashless payments.
Its compatibility with smartphones and other wireless devices will promote the Cloud Point of Sale (POS) Market. Factors such as the rising demand for better optimization of business and the growing adoption of new technologies are driving the market. The Point of Sale is a system that is used to track the orders of customers. It is flexible and with easy controls and retention policies. Various cloud POS market players are now offering their best solutions to restaurants to increase their profits.
The POS systems are largely built in China, but due to the outbreak of the COVID-19 disease, the market was largely affected. Along with that, the shortage of swipe machines among the retail stores is also a major factor for the slow growth. It is further evaluated that the coronavirus disease will also affect the shopping behaviour of people. As a result, the increase in contactless payment can open various opportunities for people to enhance transaction speeds, secure payments, etc.
The rising use of digital platforms is considered among the crucial driving factors of the Cloud Point of Sale Market. As a result, the rise in the use of digital platforms for payments and money transfer is increasing at a rapid speed. Also, the cloud point of sales improves flexibility and mobility with help for safe and fast transactions.
As the use of digital technology is rising, the cases of several cyber-attacks and frauds are also increasing. When transferring to the on-cloud systems, the enterprises are still concerned about control and ownership. Also, the lack of advanced infrastructure and reliance on legacy systems will slow down the Cloud Point of Sale Market Growth.
The on-cloud POS systems can be integrated with mobile devices which has an internet connection. It helps the user to keep track of productivity reports, inventory management, on a real-time basis. Along with that, it also provides important data analytics that allows the companies to track the behavior of consumers and enhance their services. It will also help them with the management of sales, payment, through a single system.
One significant challenge for the Cloud Point of Sale (POS) Industry is the huge lack of awareness. Also, the absence of standardization can make it difficult for enterprises to develop the market. Especially in the developing countries, people still don't have much knowledge of the wireless payment. Thus, it will be challenging for the market to overcome this problem in the upcoming years.
According to the Cloud Point of Sale (POS) Market Forecast by MRFR analysis, the market will record exponential growth during the forecast period 2021-2028. It is estimated that the Compound Annual Growth Rate (CAGR) will be 24.5%. The market value will also touch up to USD 6 Billion by the end of the forecast period.
It is estimated that the retail sector will hold the largest growth in the upcoming period. The Software as a Service (SaaS) provides cost-effective tools for the management of both large and small enterprises. Even the restaurants are also largely adopting POS solutions to improve the management of sales and operations. Thus, the value chain will further improve the Cloud Point of Sale (POS) Market Sales.
Cloud Point of Sale Market Segments are divided into end-user, component, and organization size. On the basis of end-user, the cloud point of sale market is further segmented into E-Commerce and Retail, Logistics and Transport, Hospitality and Travel, Healthcare and Others.
On the basis of components, the cloud point of sale market is segmented into services and solutions. The services segment is further classified into Training and Support Services, Integration and Implementing Services, and Consulting Services.
On the basis of organization size, the cloud point of sale market is bifurcated into Medium and Small Enterprises and Large Enterprises.
The Cloud Point of Sale (POS) Market Size on the basis of geography is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America will dominate the market in the forthcoming years. It is because it offers one of the best cloud infrastructures for the industry. Also, the presence of eminent key players is fuelling the overall growth.
However, the Asia-pacific region will grow at the fastest CAGR during the forecast period. The growing e-commerce sectors and companies such as Flipkart, Amazon, Alibaba, etc. are escalating the cloud point of sale market growth. Additionally, they also promote cashless payment through card and digital transactions.
There are several players in the market using several strategies t improve their brand portfolio. By various tactics such as product launches, market analysis, partnerships, acquisitions, collaborations, they can enhance their services. Some of the top Cloud Point of Sale (POS) Market Top Players are as follows-
The report overview of the Cloud Point of Sale (POS) Market Analysis is as follows-
Report Score and Segmentation
The score of the Cloud Point of Sale (POS) Market Research Report is to highlight the growth and strength of the market. It also gives information about the opportunities, challenges, etc. Also, the information in this report is collected from primary and secondary sources. This report also gives information on the contribution of the key players.
|Market Size||USD 5.8 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Services|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||quare Inc(US) Celerant Technology (US) TouchSuite (US) Clover (US) Revel systems (US).|
|Key Market Opportunities||The on-cloud POS systems can be integrated with mobile devices which has an internet connection.|
|Key Market Drivers||The rising use of digital platforms is considered among the crucial driving factors of the Cloud Point of Sale Market.|
The cloud point of sale market is expected to reach a signficant market value of USD 5.8 billion by 2030.
The global cloud point of sale market is maturing at a whopping 19.40% CAGR over the review period of 2022-2030.
A few signi ficant players of the global cloud point of sale market are Square Inc(US) , Celerant Technology (US), TouchSuite (US), Clover (US), Revel systems (US), among others.
The solution segment is expected to drive market growth over the review period.
The retail and e-commerce segment is likely to witness the highest demand in the cloud point of sale market.
The SME segment is slated to witness higher growth over the assessment period.