Cloud Point of Sale (POS) Global Market Report 2024 To 2033 | Lightspeed POS Inc., Revel Systems Inc., ShopKeep, Vend Limited

The Business Research Company recently released a comprehensive report on the Global Cloud Point of Sale (POS) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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.

Cloud Point of Sale (POS) Market 2024 Key Insights:

• 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%.
• Digital Payments Revolution Is Driving Growth In The Cloud Point-Of-Sale Market
• Technological Advancement Driving The Cloud Point Of Sale Market
• North America was the largest region in the cloud point of sale (POS) market in 2023

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