Cloud POS Market Forecasts to 2030 – Global Analysis By Type (Fixed Point Of Sale and Mobile Point Of Sale), Component (Services and Solution), Organization Size, End User and By Geography

Cloud POS Market Forecasts to 2030 – Global Analysis By Type (Fixed Point Of Sale and Mobile Point Of Sale), Component (Services and Solution), Organization Size, End User and By Geography

According to Stratistics MRC, the Global Cloud POS Market is accounted for $4.29 billion in 2023 and is expected to reach $17.98 billion by 2030 growing at a CAGR of 22.7% during the forecast period. A web-based point-of-sale system termed a ""cloud POS"" allows businesses to conduct consumer transactions and oversee daily operations online. It comprises a variety of hardware, software, and service-based technologies that regulate the transaction process during the sale of a good or service. Cloud POS does away with the need for large, expensive servers, effectively maintains POS terminals across multiple locations, and enhances customer support.

According to the survey conducted by Master card International Incorporated in April 2020, 79% of people worldwide have started using contactless payments during the COVID-19 pandemic time.

Market Dynamics

Driver

Increased flexibility and mobility

Any device with an internet connection can use a cloud-based POS system. The ability to monitor labour utilisation percentages, inventory counts, and productivity data in real time is made possible by this. The information is constantly up-to-date and accessible from any remote place. Additionally, it also offers the benefit of expanding your system with additional mobile devices for greater mobility. Customers can take advantage of this benefit by using a mobile POS system's capabilities. The improved mobility advantages offered by these installations expand the market growth.

Restraint

Lack of awareness and standardisation

The lack of worldwide system standardisation and low customer knowledge of the same pose the biggest challenges to the cloud POS market. The main difficulties facing providers of cloud POS systems are gaining consumer acceptance and successfully developing vertical markets. Although most consumers are unaware of the possibilities on the market, they are in need of a workable cash substitute. Additionally, consumers in industrialised nations shy away from utilising wireless payment cards due to security concerns; consumers in poor nations are largely uninformed of wireless payment technologies.

Opportunity

Low operational costs

Businesses save money by only paying for the services they actually use instead of the fail-safe safeguards and requirements for future-proofing that traditional on-premises POS requires. The solutions provider will also handle the maintenance and upkeep of cloud-based POS solutions, so business owners are not concerned about these POS systems running continuously. With cloud-based POS systems, businesses can operate with a smaller internal IT team, saving on the training and payroll costs related to maintaining a full-size IT department as required by on-premises POS solutions. Vendors and solution providers handle the maintenance, performance, and upkeep of cloud-based POS systems, which enhances market growth.

Threat

Exponential rise in cyberattacks

Modern intricate IT security environment is making cyberattacks more frequent on annually. Regarding security issues, many organisations have doubts about the general competence of cloud-based products. IT professionals who are used to working with on-premises POS systems frequently worry when switching to cloud-based POS because they worry about losing ownership and control. Another common misconception is that cloud-based POS is not yet developed enough to meet IT security requirements. Additionally, despite a surge in cloud-based POS acceptance, organisations are still not very aware of possible concerns including cloud security and malware.

Covid-19 Impact

During the pandemic, organisations encountered difficulties working with vendors, carrying out on-site installs, and aligning IT resources. As a result, the adoption and deployment of CIEM solutions were delayed. Organisations now confront new issues with managing user access and entitlements in a distributed environment as a result of the growing adoption of remote work. The sudden shift to remote work arrangements taxed the capacity of current entitlement management procedures and created concerns regarding data security.

The small and medium-sized enterprises segment is expected to be the largest during the forecast period

The small and medium-sized enterprise segment is estimated to hold the largest share, due to the largest growth is expected for SMEs during the forecast period. Vendors of cloud POS systems offer customized options for freelancers, small enterprises, and individuals. One of the most essential needs for small enterprises is cost-effectiveness, so there are some specific suppliers who may meet their needs. These suppliers provide SMEs with simple tools that make it very easy for them to manage people, projects, and assets. These simple tools also assist SMEs in fully utilizing the installed software. In the upcoming years, SMEs are anticipated to increasingly deploy cloud POS systems.

The transport and logistics segment is expected to have the highest CAGR during the forecast period

The transport and logistics segment is anticipated to have lucrative growth during the forecast period. With cloud POS, we can oversee the operations while on the road from any location with an internet connection. Logistics managers who may need to oversee many different places or track shipments in real-time will find this to be particularly useful. All the data, including sales, inventory, and customer data, has been centralized using cloud POS systems. This gives logistics managers up-to-the-minute data and thorough reports, enabling them to make data-driven choices to streamline operations and pinpoint problem areas.

Region with largest share

North America commanded the largest market share during the extrapolated period due to the high demand for cloud-based services, North America is predicted to account for an important portion of the worldwide cloud POS market. The adoption of innovative products and services is supported by the region's advanced technological framework. In terms of accepting contactless payment methods, the United States and Canada are leading nations, encouraging regional market expansion. The use of cloud-based POS systems is further fuelled by the swift adoption of online payment options by American shops. Online transactions are essential for American cafe and restaurant proprietors, which has an impact on market expansion.

Region with highest CAGR

Asia-Pacific is expected to witness profitable growth over the projection period. The increasing number of established companies is mostly responsible for the expansion. The region's increasing use of cloud-based services is further fostering the expansion of the cloud-based POS market. Countries like Singapore, China, and India are projected to have enormous development in the next few years due to the boom in cloud payment services. The expansion of the cloud POS market in the region will be fueled by the Asian SMEs' combined adoption of cloud-based solutions.

Key players in the market

Some of the key players in the Cloud POS Market include Oracle Corporation, Celerant Technology, Square Inc., Clover, Cegid, Touch Suite, Revel systems, Cegid, ERPLY. Shopify, PAR Technology, B2B Soft, UTC RETAIL, Salon Target, Intuit, Retail Ops, Omnico Group Dias Park and Ascent360.

Key Developments

In September 2022, Square, Inc. (now known as Block, Inc.) introduced millions of vendors across the United States to its Tap to Pay feature on iPhone. The feature, available within the Square Point of Sale iOS app, allowed merchants of all sizes to accept contactless payments directly from their iPhones, with no additional hardware requirement and at no additional costs to the seller.

In June 2021, Ascent360 announced an app store connected with Light speed to bring PoS and e-commerce data to life. Because of the combined power of these technologies, businesses were able to absorb critical consumer data, segment customers, and provide personalized omni channel communications to engage better and retain customers.

Types Covered
• Fixed Point Of Sale
• Mobile Point Of Sale

Components Covered
• Services
• Solution

Organization Sizes Covered
• Small and Medium-Sized Enterprises
• Large Enterprises

End Users Covered
• Healthcare
• Retail and E-Commerce
• Transport and Logistics
• Media and Entertainment
• Travel and Hospitality
• Other End-Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements