Cloud Point of Sale (POS) Market Overview
Cloud Point of Sale (POS) Market Size was valued at USD 3.49 Billion in 2021. The Cloud Point of Sale (POS) industry is projected to grow from USD 4.74 Billion in 2022 to USD 14.76 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.25% during the forecast period (2022 - 2030).
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.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cloud Point of Sale (POS) Market Trends
Organizations can reduce operational and functional costs with the use of cloud POS systems
The foundation of cloud-based POS systems is the idea of easy scaling up and down; services may be added or removed at any time by the company depending on their requirements and those of their customers. Businesses just pay for the services they use, saving money on the fail-safe mechanisms and needs for future-proofing that traditional on-premises POS demands. Additionally, the solutions provider will take care of the maintenance and upkeep of cloud-based POS solutions, so company owners won't need to worry about these POS systems operating constantly.
Cloud Point of Sale (POS) Market Segment Insights
Cloud Point of Sale (POS) Services Insights
The market segmentation, based on Services, includes Training and Support Services, Integration and Implementing Services, and Consulting Services. The Training and Support Services segment holds the majority share in 2021 of the market. By utilizing cutting-edge Point-to-Point Encryption (P2PE) technology, the POS systems additionally protect against risks relating to the safety and security of sensitive cardholder/payment data. In addition to administration, gateway, and maintenance services, POS services also offer payment services.
Cloud Point of Sale (POS) Organization Size Insights
Based on Organization Size, the market segmentation includes Medium and Small Enterprises, Large Enterprises. The Medium and Small Enterprises segment is estimated to account for the largest share of the market. Vendors of cloud POS systems provide special solutions for freelancers, small and medium enterprises. One of the most significant criteria for small and medium enterprises is cost-effectiveness, thus certain particular vendors may meet their needs. These suppliers provide SMEs with simple solutions that make it very easy for them to manage people, projects, and assets.
Cloud Point of Sale (POS) Vertical Insights
Based on Vertical, the market segmentation includes E-Commerce and Retail, Logistics and Transport, Hospitality and Travel, Healthcare, and Others. The E-Commerce and Retail segment dominated the market in 2021. Demand for cloud PoS services will increase as advanced digital technology is being adopted by the retail sector to increase shop productivity. The solution gives store administrators the ability to remotely monitor a range of operational operations.
Figure 2: Cloud Point of Sale (POS) Market, by Organization Size, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cloud Point of Sale (POS) Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market. It is because it offers one of the best cloud infrastructures for the industry. Numerous PoS terminals have been in use at retail locations around the nation for a long time, which has increased demand for their replacement with new technology. In North America, the sales of hardware, digital point-of-sale (PoS), cloud subscriptions, and mobile point-of-sale (mPoS) transactions are increasing. These products range from stylish all-in-one devices to futuristic handheld tablets with payment terminals.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CLOUD POINT OF SALE (POS) MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Asia-pacific region will grow at the fastest CAGR during the forecast period. The growing e-commerce sectors and companies such as Flipkart, Alibaba, and Amazon. are escalating the cloud point of sale market growth. Additionally, they also promote cashless payment through card and digital transactions.
Cloud Point of Sale (POS) Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development such as new product releases, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Cloud Point of Sale (POS) industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Cloud Point of Sale (POS) industry to benefit customers and expand the market sector. Major market players, including Oracle Corporation, Square Inc (Block Inc), Intuit Inc, Shopify, Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Oracle is a corporation that offers cloud-based applications and platform services. It works in three divisions: Cloud and License, Hardware, and Services. Through its cloud and licensing products, the Cloud and License business advertises, sells, and delivers a variety of enterprise applications and infrastructure technologies. The Hardware division includes hardware support as well as enterprise hardware solutions and related software such as Oracle Engineered Systems, servers, storage, industry-specific hardware offerings, operating systems, virtualization, and management. Consulting and advanced customer service are included in the Services section.
Intuit is a technology firm that creates business and financial management software. It provides TurboTax, QuickBooks, Turbo, and Mint, which are used for company administration and payroll processing, as well as personal financial and tax preparation and filing. ProSeries and Lacerte, tax preparation products designed for professional accountants, are also available from the business. Intuit's customers include small and medium-sized enterprises, financial institutions such as banks and credit unions, individuals, and accounting professionals.
Key Companies in the Cloud Point of Sale (POS) market include
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Oracle Corporation
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Square Inc (Block Inc)
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Vend Limited
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Lightspeed POS Inc
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B2B Soft
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Cegid
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PAR Technology Corp
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UTC RETAIL
Cloud Point of Sale (POS) Industry Development
September 2022: Square, Inc. (now known as Block, Inc.) released its Tap to Pay capability on iPhone to millions of retailers across the United States. The functionality, which was accessible within the Square Point of Sale iOS app, enabled businesses of all sizes to accept contactless payments straight from their iPhones, without the need for extra hardware and at no additional cost to the seller.
Cloud Point of Sale (POS) Market Segmentation
Cloud Point of Sale (POS) Services Outlook
Cloud Point of Sale (POS) Organisation Size Outlook
Cloud Point of Sale (POS) Vertical Outlook
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E-Commerce and Retail
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Logistics and Transport
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Hospitality and Travel
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Healthcare
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Others
Cloud Point of Sale (POS) Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Cloud POS Market Highlights:
