Cloud Point of Sale (POS) Market Report 2024: Size, Share, Growth, Trends, Analysis, Forecast, Outlook

The cloud point of sale (pos) market size has grown exponentially in recent years. It will grow from $5.75 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to shift to cloud computing, mobile commerce and omnichannel retailing, cost efficiency and scalability, rapid deployment and updates, integration with other cloud services..

The cloud point of sale (pos) market size is expected to see exponential growth in the next few years. It will grow to $16.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to increasing emphasis on data security and privacy, mobile payments and contactless transactions, scalability and flexibility for business growth, integration with e-commerce platforms, global expansion of businesses.. Major trends in the forecast period include real-time analytics and reporting, customization and configurability, customer engagement features, sustainability initiatives, edge computing for in-store processing..

Market Overview -
Cloud point of sale (POS) refers to an online point of sale system that enables company owners to accept payments via the internet rather than using a desktop computer. Operators can save the transaction, inventory, employee, and other company data on a remote server using cloud-based POS systems. The cloud point of sale (POS) allows company owners to run their businesses efficiently, as the transactions are made quicker and safer, and more data is tracked using cloud point of sale (POS) systems.

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Digital Payments Revolution Is Driving Growth In The Cloud Point-Of-Sale Market
The growing acceptance of digital payments propels the growth of the cloud point-of-sale market. Digital payments refer to payments made through bank transfers, mobile money, and payment cards including debit, credit, and prepaid cards. Decreasing popularity of cash usage, a growing development of user-friendly payment portals, and government support for transparent payment gateways have boosted the utilization of digital payments across the globe. Increasing acceptance of digital payments is expected to boost utilization of cloud point of sale, as they act as a fundamental entity to accept the payment through the internet. According to the RBI Annual Report 2021, the percentage of digital transactions in total non-cash retail payments increased from 97.0% in 2019-2020 to 98.5% in 2020-21. Therefore, the growth in digital payments is expected to boost demand for cloud point of sale (POS) market during the forecast period.

Competitive Landscape -
Major companies operating in the cloud point of sale (pos) market report are PAR Technology Corp., Cegid Group, Celerant Technology, Clover network Inc, Square Inc., Toast Inc., Lightspeed POS Inc., Revel Systems Inc., ShopKeep, Vend Limited, TouchBistro Inc., Upserve Inc., NCR Corporation, Heartland Payment Systems LLC, Shopify Inc., Oracle Corporation, Amazon Web Services Inc., Salesforce. com Inc., SAP SE, IBM Corporation, Microsoft Corporation, Google LLC, First Data Corporation, Global Payments Inc., Ingenico Group, Verifone Inc., Adyen N. V., Worldpay Inc., Fiserv Inc., Elavon Inc.

Technological Advancement Driving The Cloud Point Of Sale Market
Technological advancement is a key trend gaining popularity in the cloud point of sale market. The advancement of innovative technologies such as AI, IoT, cloud computing, and big data, among others, had a tremendous influence on the cloud point of sale (POS) in recent years. The companies operating in the cloud point of sale sector are increasingly focusing on developing technologically advanced systems with greater operational and cost-efficiency. For instance, in August 2021, HungerRush, a Texas-based provider of cloud-based software solutions to the restaurant industry, launched HungerRush 360, a fully-integrated cloud point-of-sale, which offers complete management of restaurant which include digital ordering, customer engagement, delivery, and payment processing.

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Key Segments -
The cloud point of sale (pos) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Organization Size: Small and Medium Enterprises, Large Enterprises
3) By Application: Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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