Cloud Point of Sale (POS) Global Market Report 2024

Cloud point of sale (POS) refers to an online point of sale system that enables company owners to accept payments via the internet rather than using a desktop computer. Operators can save the transaction, inventory, employee, and other company data on a remote server using cloud-based POS systems. The cloud point of sale (POS) allows company owners to run their businesses efficiently, as the transactions are made quicker and safer, and more data is tracked using cloud point of sale (POS) systems.

The main components of cloud point of sale include solutions and services. Solutions refer to rich IoT devices, advanced cloud infrastructure, industry-depth IoT platforms to streamline store operations, and others. This allows businesses to create an engaging, informed shopping experience by integrating digital, in-store, and back-office retail processes, enhancing consumer engagement and employee efficiency and enabling retail transformation. These systems and solutions are widely used by small, medium and large enterprises. These solutions and services are used by various industries including retail & e-commerce, restaurant, hospitality, transportation & logistics, entertainment & media, healthcare, and others.

The cloud point of sale (POS) market research report is one of a series of new reports that provides cloud point of sale (POS) market statistics, including cloud point of sale (POS) industry global market size, regional shares, competitors with a cloud point of sale (POS) market share, detailed cloud point of sale (POS) market segments, market trends and opportunities, and any further data you may need to thrive in the cloud point of sale (POS) industry. This cloud point of sale (POS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud point of sale (pos) market size has grown exponentially in recent years. It will grow from $5.75 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to shift to cloud computing, mobile commerce and omnichannel retailing, cost efficiency and scalability, rapid deployment and updates, integration with other cloud services.

The cloud point of sale (pos) market size is expected to see exponential growth in the next few years. It will grow to $16.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to increasing emphasis on data security and privacy, mobile payments and contactless transactions, scalability and flexibility for business growth, integration with e-commerce platforms, global expansion of businesses. Major trends in the forecast period include real-time analytics and reporting, customization and configurability, customer engagement features, sustainability initiatives, edge computing for in-store processing.

The growing acceptance of digital payments propels the growth of the cloud point-of-sale market. Digital payments refer to payments made through bank transfers, mobile money, and payment cards including debit, credit, and prepaid cards. Decreasing popularity of cash usage, a growing development of user-friendly payment portals, and government support for transparent payment gateways have boosted the utilization of digital payments across the globe. Increasing acceptance of digital payments is expected to boost utilization of cloud point of sale, as they act as a fundamental entity to accept the payment through the internet. According to the RBI Annual Report 2021, the percentage of digital transactions in total non-cash retail payments increased from 97.0% in 2019-2020 to 98.5% in 2020-21. Therefore, the growth in digital payments is expected to boost demand for cloud point of sale (POS) market during the forecast period.

Growing demand for e-commerce applications is expected to propel the growth of the cloud POS market. E-commerce is the term used to describe the transfer of funds and data via an electronic network, most frequently the internet, as well as the trade of goods and services. Cloud POS benefits e-commerce apps by enabling them to effortlessly sell both in-store and online and to quickly adjust to changes in the market. Additionally, it makes using a variety of payment options for the e-commerce application simple. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce agency, consumer eCommerce made up 30% of the UK's overall retail market, up from 20% in 2020. In 2021, 82% of UK citizens made at least one internet purchase. Therefore, the growing demand for e-commerce applications is driving the growth of the cloud POS market.

Technological advancement is a key trend gaining popularity in the cloud point of sale market. The advancement of innovative technologies such as AI, IoT, cloud computing, and big data, among others, had a tremendous influence on the cloud point of sale (POS) in recent years. The companies operating in the cloud point of sale sector are increasingly focusing on developing technologically advanced systems with greater operational and cost-efficiency. For instance, in August 2021, HungerRush, a Texas-based provider of cloud-based software solutions to the restaurant industry, launched HungerRush 360, a fully-integrated cloud point-of-sale, which offers complete management of restaurant which include digital ordering, customer engagement, delivery, and payment processing.

Major companies operating in the cloud POS market are innovating solutions, such as a new quick service POS system, to increase their profitability in the market. A quick service POS system is a streamlined point-of-sale solution designed for fast-paced service environments, facilitating rapid transactions and efficient order processing in quick-service restaurants or similar businesses. For instance, in June 2022, Openbravo, a Spain-based open-source retail management solution designed to help businesses manage their operations efficiently, launched a fast-service cloud POS system to meet the needs of chains of QSR and fast-casual restaurants. It help businesses keep track of their stock levels. They can monitor quantities of items sold, update inventory counts in real-time, and provide insights into which products are in demand. POS systems store transaction details, providing a record of each sale. This data can be used for reporting, analytics, and financial record-keeping.

In April 2022, POS Nation, a US-based point of sale systems and solutions provider, acquired Bottle POS for an undisclosed amount. With this acquisition, POS Nation can service its network of retail liquor clients with the Bottle POS’s cloud-based POS system, as well as extend Bottle POS sales to liquor merchants seeking an industry-specific solution. Bottle POS is a US-based cloud POS solutions provider specifically for the liquor industry. Bottle POS’s software is developed for liquor store owners and uses automation and artificial intelligence to automate the most time-consuming aspects of running a liquor shop.

Major companies operating in the in the cloud point of sale (pos) market report are PAR Technology Corp., Cegid Group, Celerant Technology, Clover network Inc, Square Inc., Toast Inc., Lightspeed POS Inc., Revel Systems Inc., ShopKeep, Vend Limited, TouchBistro Inc., Upserve Inc., NCR Corporation, Heartland Payment Systems LLC, Shopify Inc., Oracle Corporation, Amazon Web Services Inc., Salesforce. com Inc., SAP SE, IBM Corporation, Microsoft Corporation, Google LLC, First Data Corporation, Global Payments Inc., Ingenico Group, Verifone Inc., Adyen N. V., Worldpay Inc., Fiserv Inc., Elavon Inc.

North America was the largest region in the cloud point of sale (POS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud point of sale (pos) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the cloud point of sale (pos) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The cloud point of sale market includes revenues earned by entities by providing cashier terminal, card reader (for card payment processing), cash drawer, receipt printer, barcode (UPC) scanner, barcode printer, customer-facing display. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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