Cloud POS Market: Current Analysis and Forecast (2022-2028)

Cloud POS Market: Current Analysis and Forecast (2022-2028)

Cloud-based point-of-sale (cloud-based POS) is a kind of point-of-sale system where data is obtained from a distant cloud service for transaction processing. The term point of sale (POS) generally refers to the location where transactions take place, such as at a cashier's kiosk or a hostess’s desk (or side table) at a restaurant. The growing adoption of cloud POS is mainly attributed to the growing demand for smartphones around the world. Furthermore, the cloud POS solutions can be accessed from anywhere and anytime via the internet which is expected to drive the market during the analysis time period.

The Cloud POS Market is expected to grow at a steady rate of around 20% owing to the growing demand for cloud systems for inventory and stock management, coupled with the growing trend of cashless transactions.

The growing adoption of cloud POS is mainly attributed to its wide variety of features such as flexibility (can be accessed from anywhere), lower cost, inventory count, and productivity reports. Furthermore, the consistent demand for smartphones and consumer electronics around the world. For instance, according to bankmycell in 2020, there are more than 6 billion active smartphones across the globe.

• Based on component, the market is segmented into software and service. The service segment is expected to grow significantly during the forecast period. The growth of the segment is mainly attributed to the lower costs of cloud POS services. Moreover, the benefits of cloud POS service include flexibility, reduce time to benefit, ease to use, etc. Additionally, the cloud POS services come with maintenance and support as a package which further reduces the cost to the user. Also, the growing trend of subscription-based software renting is also expected to drive the market during the forecast period.
• On the basis of organization size, the market is segmented into small and medium enterprises and large enterprises. The small and medium size segment is expected to grow significantly during the forecast period. Small enterprises have very less budgets for buying software licenses. Furthermore, cloud POS vendors have specific tools for individuals and freelancers that help them to customize their software as per their specific needs. These tools help SMEs to fully utilize the deployed software.
• Based on application, the market is segmented into retail and e-commerce, restaurants, hospitality, transportation & logistics, media and entertainment, healthcare, and others. During the forecast period, the media and entertainment segment is expected to grow with a significant CAGR. In this segment the cloud POS are deployed in casinos, movie theaters, etc. cloud POS ensures a flexible and transparent functioning of the entertainment business. Moreover, the footfall to the entertainment destinations is very high which means higher ticket conversion. This is also expected to drive the market during the forecast period.
• For a better understanding of the market adoption of the cloud POS industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. The growth in the region is mainly attributed to a rapidly growing consumer base. Furthermore, the growing prominence of SMEs is expected to significantly influence market growth during the forecast period. Moreover, the growing prominence of e-commerce platforms in countries such as India and China is expected to drive the market during the forecast period. For instance, according to e-commerceDB India is the 8th Largest market for e-commerce with a revenue of more than USD 85 billion in 2021.
• Some of the major players operating in the market include Cegid, Celerant Technology, Clover Network LLC, ERPLY, Future POS, Lightspeed, NCR Corporation, Oracle, PAR Tech, and Revel Systems.