Press release
Cloud POS Market growing at a CAGR of 16.0% from 2022-2032 | Square, Inc., Cegid, UTC RETAIL, Shopify Inc
Cloud POS Market
Cloud POS refers to a point of sale system that is based on the cloud. This means that all of the data and applications associated with the POS system are stored on a remote server, and accessed via the internet. There are a number of benefits to using a cloud POS system, including the fact that it can be accessed from anywhere, and is much more scalable than a traditional POS system.
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Market Trends and Drivers
The surge in the utilization of online food delivery services is likely to drive the industry growth. For instance, in December 2021, Zomato Ltd. confirmed a gross merchandise value of around USD 13.5 million compared to approximately USD 10.1 million on the exact date last year. To ensure strong business growth, the market players are implementing cloud POS solutions to gain operational scalability and flexibility offered by cloud computing technology. The rising implementation of cloud POS solutions that enable to link online orders, financial transactions, and inventory efficiently will fuel the market demand.
Major Players in the Global Cloud POS Market
The key players in the Cloud POS market Amazon Web Services, Inc., Broadcom, Dell Technologies, Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Micro focus, Microsoft Corporation, Oracle Corporation, and Rackspace Technology. among others.
COVID-19 Impact
The coronavirus pandemic slightly impacted the cloud POS market in the first half of 2020, owing to the temporary closure of transportation terminals, retail stores, and restaurants. The government organizations imposed the stringent lockdown measures and social distancing regulations to reduce the overall spread of the virus. This factor is encouraging the customers to prominently use cashless modes of payments, such as digital wallets and credit cards, to avoid direct contact.
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The COVID-19 pandemic has changed the business landscape wherein end-users are compelled to use modern point of sale technology. Upgraded POS solutions to facilitate online orders & payments and unified analytics would help understand & meet new customer expectations, adapt to market change, prepare for future lockdowns or similar situations, and improve the ability to sell both online and in-store. The retail, packaged food service, and other businesses opted for online sales channels (e-commerce) to cater to consumer needs during the pandemic by offering contactless product delivery at the doorstep.
POS vendors leveraged this opportunity to upgrade solutions for retailers and restaurateurs to enable their management of both online and in-store sale information and payment option. The market vendors found new growth avenues by capturing the changing demand scenario. However, the restricted movement and ban on non-essential services affected the end-user revenue growth, consequently impacting the demand for POS systems and compatible software
Global Cloud POS Market Segmentation
By Organization Size
SMEs
Large Enterprises
By Component
Software
Maintenance & Support
Consulting & Training
By Application
Retail & E-Commerce
Restaurant
Hospitality
Transportation & Logistics
Entertainment & Media
Healthcare
Others
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