The global Cloud POS market size was US$ 2.6 billion in 2021. The global Cloud POS market is forecast to grow to US$ 14.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 21.5 % during the forecast period from 2022 to 2030.
Cloud-based point-of-sale is also known as cloud-based POS. It is a process in which information for transaction process comes through a remote cloud service.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The rising demand for improving workplace productivity will boost the growth of the global Cloud POS market. In addition, retailers need a reliable Point of Sale system to increase sales revenue, maintain records, and offer excellent customer service. Thus, cloud-based and web-based POS systems are forecast to grow in popularity in the coming years.
Cloud POS systems enable employees and managers to efficiently monitor and control the business sales numbers. In addition to that, cloud POS systems allow decision-makers to adjust costs according to varying demands from the consumers. Thus, such benefits of the system will upsurge its demand during the analysis period.
The rapidly growing retail industry and rising inclination towards online services will escalate the growth of the global cloud POS market throughout the forecast period.
Privacy and data security concerns may limit the growth of the global cloud POS market. On the contrary, the rising adoption of cloud-based systems in small and medium-level enterprises will benefit the market during the study period.
COVID-19 Impact Analysis
The widespread COVID pandemic forced retail stores and restaurants to remain closed for in-person services. As a result, business owners and management staff were more dependent on deliveries and online orders. Thus, it has been beneficial for the global cloud POS market. The stringent restrictions due to the COVID-19 pandemic and the rapidly growing terror of the pandemic have been beneficial for online retail platforms. Various retailers developed websites and inked collaborations in order to cater to the demands of the audience. Furthermore, the rising popularity of online payments and encouragement by governments and local authorities has been opportunistic for the cloud POS market.
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Regional Analysis
The Asia-Pacific cloud POS market is forecast to emerge as the largest market. It is owing to the ever-increasing competition among the e-commerce platforms to attract more customers. In addition, the rising adoption of innovative solutions will drive the cloud POS market forward. Cloud POS solutions help retailers manage records, increase customer loyalty, boost sales, and optimize their business processes efficiently. The growing awareness about these benefits of cloud POS will prompt its demand in the region. Furthermore, the fast-growing retail industry and new infrastructure will upsurge the demand for cloud-based POS services during the study period.
Competitors in the Market, Cegid, UTC Retail, Square, Inc., Shopkeep, Shopify, B2B Soft, PAR Technology, Intuit, Lightspeed, Oracle, Other Prominent Players
Market Segmentation
The global Cloud POS market segmentation focuses on Component, Service, Organization, Application, and Region.
By Component Outlook
- Solution
- Services
By Services Outlook
- Implementation and Integration
- Training and Consulting
- Support and maintenance
By Organization Size Outlook
- SME
- Large Enterprise
By Application Outlook
- Retail and Consumer Goods
- Travel and Hospitality
- Media and Entertainment
- Transport and Logistics
- Healthcare
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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