The global cloud POS market is predicted to reach USD 4.55 billion in 2024 and USD 12.60 billion by 2029, growing at a CAGR of 22.6% during the forecast period.
The cloud-based point-of-sale (POS) solution enables efficient management of point-of-sale terminals in multiple locations. In addition, this solution improves the provision of services to its clients. These advantages are expected to stimulate demand for the solution. The increasing adoption of e-commerce transactions in retail and consumer goods applications and the increasing number of cashless transactions have further fuelled demand for this solution worldwide. The Cloud POS solution has undergone technological advancements in recent years, which has made the solution more secure and easier to manage. Also, this solution is integrated with technologies such as advanced machine learning and artificial intelligence. The solution analyzes sales data to determine customer behavior to focus on promotional and marketing initiatives.
Cloud-based point-of-sale applications follow a subscription model, typically, sometimes without a long-term contract, the cost of which covers benefits such as licensing, customer support, data hosting, and upgrades. Businesses typically pay for a touchscreen device using software. Subscription plans are flexible, so the number of devices can be changed or cancelled at any time. For example, in September 2019, the NCR Corporation announced that Northgate González Market had implemented NCR Emerald, the next-generation subscription cloud point-of-sale (POS) platform for grocery retailers.
With the increasing mobility trends around the world and the growing emphasis on multi-channel selling, mobile point-of-sale systems are gaining ground. With the advent of cashless transaction technologies, Cloud POS has seen an increase in adoption rate due to the need to synchronize sales and inventory, improve customer experience and build loyalty.
Sales reporting, inventory, financial management, and customer analytics capabilities, which facilitate business opportunities in the cloud, help businesses solve customer retention issues. Hence, the need for customer loyalty and the growth of competition from industries are driving the growth of point of sale terminals. Additionally, Cloud based PoS eliminates data storage and security issues as well as software maintenance issues, as the PoS provider manages the data in a remote and secure location.
Factors like the increased emphasis on optimizing business processes, the globalization of e-commerce, and the growth of cashless transactions are driving the adaptive rate of automation in industries such as retail, entertainment, hospitality, and others. In the retail industry, the rise in automation is dominated by PoS systems. With higher benefits such as lower upfront costs, data protection, customization and scalability, demand for the cloud-based PoS market is expected to increase in various end-user industries.The technological development in cloud computing is one of the main drivers of the cloud-based point-of-sale market.
Clouds provide many computing resources that can help organizations, while content management systems (CMS) can deliver the right content for the right user. Cloud-based solutions help reduce the complexity of managing access controls and content retention and classification policies, while providing information monitoring, auditing and reporting capabilities. However, concerns about data security and the likelihood of data breaches pose significant challenges for the worldwide market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
22.6% |
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Segments Covered |
By Component, Application, Company Size, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Square Inc., Cegid, UTC RETAIL, Shop Keep, PAR Technology, Shopify, B2B Soft, Intuit, Lightspeed, Oracle Corporation, SalonTarget, RetailOps, Celerant Technology and TouchSuite and Others. |
The services segment can be divided into professional and managed services.
small and medium businesses (SMBs) and large enterprises.
the cloud-based point-of-sale market can be segmented into healthcare, retail and consumer goods, travel and hospitality, media and entertainment, and transportation and logistics.
North America is expected to hold a significant share of the cloud-based point-of-sale market, due to the invention of various cloud technologies in the region. The Asia-Pacific is estimated to be a lucrative market region due to new developments in cloud computing and significant internet penetration in the region.
The United States is an important segment of the North American cloud-based point-of-sale terminal market. For several years, various types of point of sale terminals have been used in points of sale across the country, increasing the need for replacement with updated technologies. Sales of hardware, digital points of sale, cloud subscriptions or mPOS transactions, from futuristic portable tablets with payment terminals to sleek all-in-one machines, are on the rise in North America.
In September 2018, Shopify published about the launch of its new Shopify app store. App Store is a collection of free and premium applications that extend the functionality of Shopify online stores.
In August 2018, Square, Inc. announced an update to its smart card reader to allow faster processing of card payments.
Lightspeed introduced an integrated iOS solution during July 2018 to support retailers and restaurants. The solution supports better business management, from planning finances and organizing work schedules to simplifying transactions between merchants and customers.
In July 2018, ShopKeep announced a partnership with credit card processing company Gravity Payments to offer its point of sale software for Gravity's seamless payment processing service.
In April 2018, Square, Inc. acquired Zesty to strengthen and grow its growing corporate order business.
By Component
By Application
By Enterprise Size
By Region
Frequently Asked Questions
For global businesses, cloud-based POS systems offer real-time data access across multiple locations, simplified management of international operations, seamless integration with various currencies, and centralized reporting for better decision-making.
Cloud-based POS systems offer real-time inventory tracking, automated stock level alerts, and detailed reporting, allowing businesses to manage inventory efficiently, reduce stockouts and overstock situations, and make informed purchasing decisions.
Key considerations include system reliability, ease of use, scalability, integration capabilities with other business tools, customer support, security features, and the total cost of ownership. Evaluating these factors helps ensure the selected POS system aligns with business needs.
Cloud-based POS systems enhance customer experience by enabling faster checkouts, offering personalized promotions, ensuring accurate and up-to-date inventory information, and providing seamless integration with loyalty programs and mobile payment options.
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