Cloud POS Market Analysis And Forecast To 2031: By Organization Size (SMEs, Large Enterprises), By Component (Software, Maintenance & Support, Consulting & Training), By Application (Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics

Cloud POS Market Analysis And Forecast To 2031: By Organization Size (SMEs, Large Enterprises), By Component (Software, Maintenance & Support, Consulting & Training), By Application (Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare), And Region

The global Cloud POS market was valued at USD 2.6 Billion in 2021 and it is anticipated to grow up to USD 11.4 Billion by 2031, at a CAGR of 16.0% during the forecast period.

Cloud POS refers to a point of sale system that is based on the cloud. This means that all of the data and applications associated with the POS system are stored on a remote server, and accessed via the internet. There are a number of benefits to using a cloud POS system, including the fact that it can be accessed from anywhere, and is much more scalable than a traditional POS system.
Global Cloud POS Market Scope and Report Structure

Market Trends and Drivers
The surge in the utilization of online food delivery services is likely to drive the industry growth. For instance, in December 2021, Zomato Ltd. confirmed a gross merchandise value of around USD 13.5 million compared to approximately USD 10.1 million on the exact date last year. To ensure strong business growth, the market players are implementing cloud POS solutions to gain operational scalability and flexibility offered by cloud computing technology. The rising implementation of cloud POS solutions that enable to link online orders, financial transactions, and inventory efficiently will fuel the market demand.
Market Restraints and Challenges
The key restraints and challenges in cloud POS market are lack of awareness about the benefits of cloud POS among small and medium businesses: Small and medium businesses are often unaware of the benefits of cloud POS systems and this acts as a restraint for the growth of the cloud POS market. High initial investment: The initial investment required for setting up a cloud POS system is high as compared to traditional POS systems. This acts as a deterrent for small and medium businesses who are looking to adopt cloud POS. Lack of skilled personnel: The lack of skilled personnel who can operate and maintain cloud POS systems is another challenge faced by the cloud POS market. Security concerns: Security concerns are also a major challenge faced by the cloud POS market. As cloud POS systems store sensitive data such as customer credit card information, there is a risk of this data being hacked or leaked.
Global Cloud POS Market Segmental Overview
The report analyses the global Cloud POS market based on Organization Size, Component, Application and Region.

Global Cloud POS Market by Organization Size

By organization size, the market is segmented into SMEs, and large enterprises. The large enterprises segment in the held significant market share in 2021 and is estimated to exhibit steady growth through 2031. Introduction of new innovative solutions by companies are propelling the regional business expansion. The industry participants such as Mastercard International Incorporated, NCR Corporation, and Oracle Corporation, are investing in R&D activities to increase their portfolio and target a wide set of customers. In January 2021, Mastercard International Incorporated partnered with NMI & Global Payments Inc. to introduce its live Cloud Tap on Phone with Computer Engineering Group. The software is designed for business of any size and will be hosted on Azure cloud platform. This will support the large enterprises in reducing their maintenance & development costs, while offering robust security features. The advancement in cloud POS solutions will attract more companies to integrate the cloud computing technology with the existing network.

Global Cloud POS Market by Component

By component, the Cloud POS market is classified into Software, Maintenance & Support, and Consulting & Training. The software segment accounted for significant revenue in 2021 driven by the rise in installation of modern digital solutions that enable hassle-free and paperless transactions. The hospitality sector is focusing on replacing legacy systems with advanced cloud POS solutions to ensure customer convenience. Companies in the hospitality sector are focusing on maximizing profitability while streamlining daily operations.

Global Cloud POS Market by Application

The application segment of the market is bifurcated into Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare, and others. The restaurant segment captured significant market share in 2021. The restaurant sector is emphasizing on the concept of cloud-based kitchens to capture a large customer base. Through this, they are expanding their market penetration across the region at a low startup cost. The growing implementation of the virtual kitchen concept will augment the requirement of cloud POS system for order and revenue management. It assists the restaurants in increasing their customer base, profitability, and gross margins. The rising focus on the development of cloud kitchen restaurants in the UAE will further enhance the industry expansion.
Geographical Analysis of Global Cloud POS Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific Cloud POS market revenue is poised to grow significant CAGR during the forthcoming years. The stay-at-home regulations imposed during the pandemic further boosted the utilization of e-commerce platforms and digital payment technologies. For instance, as per the Flipkart December 2021 report, the company witnessed a 47% year-on-year customer growth from the Tier 3+ cities in this past calendar year. This indicates the shift in consumer purchase habits in fashion, electronic, books, groceries, and medicine categories. To effectively cater to the increasing demand, several stakeholders in the ecosystem, such as merchants, vendors, and service providers, are focusing on integrating the cloud POS solutions into their system.
Major Players in the Global Cloud POS Market
The key players in the Cloud POS market Amazon Web Services, Inc., Broadcom, Dell Technologies, Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Micro focus, Microsoft Corporation, Oracle Corporation, and Rackspace Technology. among others.
COVID-19 Impact
The coronavirus pandemic slightly impacted the cloud POS market in the first half of 2020, owing to the temporary closure of transportation terminals, retail stores, and restaurants. The government organizations imposed the stringent lockdown measures and social distancing regulations to reduce the overall spread of the virus. This factor is encouraging the customers to prominently use cashless modes of payments, such as digital wallets and credit cards, to avoid direct contact.

The COVID-19 pandemic has changed the business landscape wherein end-users are compelled to use modern point of sale technology. Upgraded POS solutions to fac

ilitate online orders & payments and unified analytics would help understand & meet new customer expectations, adapt to market change, prepare for future lockdowns or similar situations, and improve the ability to sell both online and in-store. The retail, packaged food service, and other businesses opted for online sales channels (e-commerce) to cater to consumer needs during the pandemic by offering contactless product delivery at the doorstep. POS vendors leveraged this opportunity to upgrade solutions for retailers and restaurateurs to enable their management of both online and in-store sale information and payment option. The market vendors found new growth avenues by capturing the changing demand scenario. However, the restricted movement and ban on non-essential services affected the end-user revenue growth, consequently impacting the demand for POS systems and compatible software
Recent Developments

In June 2021, Toast acquired xtraChef, which provides customized back-office automation for inventory management and accounts payable. The acquisition is aimed at enhancing the Toast POS solution for managing restaurant financial health
In March 2021, Lightspeed acquired Vend Limited, a cloud-based retail management software vendor based in New Zealand. The acquisition was aimed at strengthening the company’s customer base in the retail sector and establishing a strong foothold as a global Omni channel retail platform that can be integrated with POS for small- and medium-sized businesses.
In December 2020, Lightspeed had also acquired Upserve, which catered to the restaurant sector for payment solutions.

Frequently Asked Questions
Q1. How big is the Cloud POS market?

Ans. The global Cloud POS market was valued at USD 2.6 Billion in 2021 and it is anticipated to grow up to USD 11.4 Billion by 2031, at a CAGR of 16.0% during the forecast period.

Q2. What is the Cloud POS market growth rate?

Ans. The growth rate of the Cloud POS market is 16.0%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Cloud POS market in 2021.

Q4. Which segment accounted for the largest Cloud POS market share?

Ans. By application, the restaurant segment accounted for the largest Cloud POS market share.

Q5. Who are the key players in the kidney stones management market?

Ans. The global Cloud POS market report includes players such as Square, Inc., Cegid, UTC RETAIL, Shopify Inc., ShopKeep, Poster POS Inc., Lightspeed, RetailOps, Clover Network, Inc., and Oracle Corporation, among others.

Q6. What are the factors driving the Cloud POS market growth?

Ans. The major factors driving the growth of the market are increased demand for contactless payment options came as a respite, creating a favorable scenario for market players.

Q7. What are the key growth strategies of Cloud POS market players?

Ans. The key growth strategies of Cloud POS market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Cloud POS market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Cloud POS market during the forecast period.

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