Global Cloud POS Market Extends at a Healthy CAGR of 24.7% by 2030.    

Introduction

POS, or point of sale, generally refers to the location of purchase, such as a cashier's kiosk or a restaurant's hostess desk (or side table). Numerous businesses have realized the value and advantages of employing mobile devices as contemporary cash registers, which is one of the reasons cloud-based sales point (POS) systems significantly impact the retail industry. This results in an antiquated legacy system with specialized POS registration equipment and a significant economic revolution in many situations. Among the main factors propelling the market expansion is the improvement of workplace productivity, efficiency, and dynamic decision-making abilities of companies and businesses.

Market Dynamics

Low Operational and Functional Costs of Cloud POS Solutions Propel the Market

The foundation of cloud-based POS solutions is the idea of easy scaling up and down; services can be added or removed at any time by the company depending on their and customers' requirements. Firms only pay for the services they utilize, saving money on the fail-safe mechanisms and conditions for future-proofing that traditional on-premises POS demands. Additionally, the solutions provider will take care of the maintenance and upkeep of cloud-based POS solutions, so business owners won't need to worry about these POS systems operating constantly.

Since the vendors and solution providers handle the maintenance, performance, and upkeep of cloud-based POS systems, businesses can operate with a smaller IT team internally, saving on the training and payroll expenses associated with maintaining a full-size IT department as required by the on-premises based POS solutions.

Growing Acceptance of Cloud-Based Systems in Small and Medium-Sized Enterprises Create Lucrative Market Opportunities

Owners of small and medium-sized businesses are adopting the technology because cloud-based POS systems are simpler to set up and manage. Compared to most on-premises workstations, cloud-based POS systems need less equipment and rely less on complex networks. The advantages of cloud-based card payments and analytics offered by these POS systems may be utilized by business owners with just one machine deployed.

Regional Insights

North America holds the largest market share and is estimated to grow at a CAGR of 24.1% during the forecast period. This is attributed to the increasing sales of IT hardware, digital hardware, POS systems, cloud subscriptions, mPOS agreements, futuristic handheld devices, tablets, and payment terminals in North America. The point-of-sale (POS) business in this region will undergo substantial changes due to the rising demand for new touch-screen technology integrated with cloud-based POS software.

Asia-Pacific is the fastest-growing region. Several Asia-Pacific countries, including India, China, and South Korea, have adopted cloud computing technology. The growing adoption will enhance the demand for cloud-based POS systems that slow down performance by storing data in a secure environment. Cloud technology also eliminates the difficulty of establishing on-premise data storage hardware. As small and medium enterprises face budget and spatial challenges, cloud technology helps store data efficiently without needing to build and expand quality servers. The growing implementation of cloud-based POS programs by restaurant owners and retailers in the Asia-Pacific will also boost the market growth. 

Europe is the second-largest region in the cloud PCOS market. It is projected to reach USD 5,520 million, growing at a CAGR of 24.7% during the forecast period. The advent of the cashless economy with the launch of the mobile wallet in Europe would contribute to the growth of the regional cloud POS market.

Key Highlights

• The global cloud POS market was valued at USD 3,615 million in 2021. It is projected to reach USD 26,355 million by 2030, growing at a CAGR of 24.7% during the forecast period (2022–2030). 
• Based on components, the global cloud POS market is segmented into Solutions and Services. The Solution segment is the highest shareholder in the market and is estimated to grow at a CAGR of 24.8% during the forecast period.
• Based on services, the global cloud POS market is segmented into Implementation & Integration, Training & Consulting, and Support & Maintenance. The Implementation & Integration segment is the highest shareholder in the market and is estimated to grow at a CAGR of 25.5% during the forecast period.
• Based on applications, the global cloud POS market is segmented into Retail & Consumer Goods, Media & Entertainment, Transport & Logistics, Travel & Hospitality, and Healthcare. The Retail & Consumer Goods segment is the highest shareholder in the market and is estimated to grow at a CAGR of 23% during the forecast period.
• Based on organization size, the global cloud POS market is segmented into SMEs and Large Enterprises. The SMEs are the highest shareholder in the market and are estimated to grow at a CAGR of 24.5% during the forecast period.
• The global cloud POS market is primarily studied across North America, Asia-Pacific, Europe, and LAMEA. North America is estimated to grow at a CAGR of 24.1% during the forecast period.

Competitive Players

1. Square Inc.
2. PAR Technology
3. Cegid
4. UTC Retail
5. Shopkeep
6. Shopify
7. B2B Soft
8. Intuit
9. Lightspeed
10. Oracle
11. SalonTarget
12. RetailOps
13. Celerant Technology
14. TouchSuite

Recent Developments

• June 2022 - Oracle and Vodafone, the largest pan-European and African technology communications company, announced a strategic partnership to modernize the operator's European IT infrastructure and accelerate its transition to the cloud.
• June 2022 - Water and electric utilities adopted Oracle cloud solutions to get up and run faster, automate data management, and boost customer service.

Segmentation

1. By Component
   1. Solution
   2. Services
      1. Implementation & Integration
      2. Training & Consulting
      3. Support & Maintenance
2. By Type
   1. Fixed Point of Sale
   2. Mobile Point of Sale
3. By Organization Size
   1. SME
   2. Large Enterprise
4. By Application
   1. Retail & Consumer Goods
   2. Travel & Hospitality
   3. Media & Entertainment
   4. Transport & Logistics
   5. Healthcare