The latest research study “Cloud Point of Sale (POS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global cloud POS market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.7% during 2023-2028.
A cloud POS refers to a web-based point-of-sale system that enables businesses to manage consumer transactions and business operations through the internet. It utilizes various hardware, software, and service-based solutions to process transactions while selling a product or service. It eliminates the need for large, expensive servers, efficiently handles POS terminals across different locations and provides improved service delivery to customers. It is more accurate and convenient to use than hardwired POS systems. It also increases speed, offers product analysis and inventory control, and reduces system downtime. As a result, cloud POS finds extensive applications in the entertainment, healthcare, hospitality, transportation, and logistics industries across the globe.
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Cloud Point of Sale Market Trends and Drivers:
The global cloud POS market is primarily driven by the rising demand for safer and faster payment processing solutions among businesses and organizations. Moreover, the surging product adoption in restaurants to simplify customer engagement operations and optimize sales tasks is positively influencing market growth.
Additionally, the rising use of cloud POS to track consumer behavior, enhance profits, and streamline daily operations is another major growth-inducing factor. Besides this, various technological advancements, including the integration of cloud POS systems with machine learning (ML) and artificial intelligence (AI) technology to accurately track inventory, monitor consumer behavior, and analyze sales data, have catalyzed market growth.
Furthermore, the increasing use of cloud POS systems in movie theatres, casinos, and sports arenas is contributing to market growth. Other factors, including the rising consumer preferences for digital payment solutions, rapid growth in the e-commerce industry, and elevating levels of urbanization, are also anticipated to drive the market further.
Global Cloud Point of Sale Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
B2B Soft, Cegid Group, Fiserv Inc., Intuit Inc., Lightspeed Commerce Inc., NEC Corporation (AT&T Inc.), Oracle Corporation, Panasonic Corporation, PAR Technology Corporation, Samsung Electronics Co. Ltd., Shopify Inc. and Square Inc.
The report has segmented the market on the basis of region, component, type, organization size and application.
Breakup by Component:
Breakup by Type:
- Fixed Point of Sale
- Mobile Point of Sale
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Retail and Consumer Goods
- Travel and Hospitality
- Media and Entertainment
- Transport and Logistics
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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