Cloud POS Market Size Development Scenario and Forecast to 2030
The?global Cloud POS market?size was valued at?USD 2.2 billion in 2020?and is projected to reach?USD 8.3 billion by 2027, registering a CAGR of 24.5 % from 2020 to 2027. Cloud-based point-of-sale (cloud-based POS) is a type of point-of-sale system where information for transaction processing comes from a remote cloud service. In general, POS refers to where purchases happen, for instance, at a cashier’s kiosk or a hostess desk at a restaurant. Cloud-based POS systems are sometimes called POS applications instead of software because they are commonly used on mobile devices. They are also called electronic trading platforms to reflect that the software works with electronic devices.
One of the reasons that cloud-based sales points (POS) impacts retail space is that many corporations recognize the benefits of using mobile devices as modern cash registers. This leads to a major commercial revolution and, in many cases, outdated heritage systems involving special POS registration machines. In increasingly business contexts, these are being replaced by smartphones or mobile phones that use sophisticated POS software.
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Improving workplace productivity, dynamic decision-making ability, and efficiency of organizations and businesses is one of the primary factors driving the market growth. Additionally, Cloud POS solutions help organizations save operational and functional costs, further propelling the market growth during the forecast period. Though, data security and privacy concerns related to the use of Cloud POS are mainly restraining the market growth. Furthermore, the growing acceptance of cloud-based systems in small and medium-level enterprises and developments in the retail sector is creating a lucrative opportunity for market growth.
COVID-19 Impact on the Global Cloud POS
The widespread COVID pandemic has had a significant influence on the growth of the global Cloud POS market, which is predicted to rise following the COVID-19 pandemic. Due to the rapid spread of coronavirus worldwide, retail shops and restaurants remained closed for in-person services. Owing to this, business owners and management staff of such businesses had to depend upon home deliveries directly to their consumers and take their orders through websites, smartphone apps, and phone calls; facilitating such services made these industries adopt or upgrade their POS terminals during the COVID-19 pandemic. This resulted in growth in the Cloud POS market globally.
With COVID-19 restrictions being eased worldwide and shops and restaurants starting to operate in conventional modes. In-store consumers are still advised to maintain proper physical distancing and follow proper masking and sanitizing habits. Cash payments are being avoided in most cases to avoid physical contact and risk further transmission. Digital and contactless payment modes are being encouraged by governments and local authorities. As a result, the retail-based, hospitality, and food-service industries invest in Cloud POS markets to accommodate digital and contactless payments. Consequently, the need for Cloud POS solutions has increased for organizations worldwide to ensure the safety and performance of consumers and employees working in such conditions.
Global Cloud POS Market Dynamics
Drivers: Improving workplace productivity, dynamic decision-making ability, and efficiency of organizations and businesses
Retailers need a reliable Point of Sale system to generate more sales, maintain track of inventory, and give excellent customer service. Non-tech-aware merchants, on the other hand, may find it difficult to determine which type of POS systems to invest in. Cloud-based and Web-based POS systems have grown in popularity in recent years, proving a viable option for small and medium-sized businesses. Cloud-based POS can be deployed as a Software as a Service that can be accessed via a web browser straight from the internet from anywhere and any device.
Cloud POS systems allow employees and managers to monitor and control the business sales numbers in real-time. Furthermore, cloud-based POS solutions can be accessed from anywhere. In contrast, traditional on-premises POS systems need them to either connect to a local network or use connected systems at a certain fixed location. Cloud POS systems allow management and decision-makers to adjust prices according to demands from the consumers and other market competitions. Additionally, cloud-based POS systems offer evolved payment systems like contactless payments and NFC payment systems.
Restraints: Privacy and data security concerns related to the use of Cloud POS
Cloud-based POS solutions are easily deployable into enterprise-wide network infrastructure, thanks to the Software as a Service model that modern Cloud POS solutions are based on. While the SaaS model provides ease of use to managers and business owners, third-party SaaS applications are more vulnerable to cyber-attacks and data breaches. As Cloud POS are managed and operated by third-party vendors, businesses do not have much control of their data and are completely dependent on the security policies and practices the vendor offers. Furthermore, many Cloud POS solution vendors provide different security plans (including basic security needs) as an add-on service that can be obtained for a price. This leads to many small-time business owners not opting for these services and making their data vulnerable.
Opportunities: Growing acceptance of cloud-based systems in small and medium level enterprises
Since cloud-based POS devices are easier to implement and run, small and medium-sized business owners embrace the technology. Cloud-based POS systems require less infrastructure and rely less on sophisticated networks than most on-premises machines. A single machine may be deployed, and company owners may take advantage of the benefits of cloud-based card payments and analytics provided by these cloud-based POS systems.
Scope of the Report
The study categorizes the cloud POS market based on components, services, organization size, and application at the regional and global levels.
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By Component Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
By Services Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
By Organization Size Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
By Application Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
By Region Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
The solution segment is projected to account for the largest market share by component
On the basis of components, the Cloud POS market is divided into solutions and services. The solution segment had a 79.8% share, which accounted for the largest market share in 2020. Cloud-based point-of-sale (cloud-based POS) is a system where an external cloud service shall supply the data for the transaction processing. In general, a POS is a place to purchase, such as a POS system, kiosk, or on a table, and the hostess desk in a restaurant. Cloud POS solutions process and store the data and sell it online instead of locally on a computer or a local server. The POS interface is designed to be used in devices to access the internet, including tablets, smartphones, and touch screens, while the back-end can be accessed through a web browser. Cloud computing providers offer web-based financial services for POS systems, adequately supported data on remote vendor servers. For many companies, the full benefits of cloud-based POS are evident-security, data storage, and many other software applications that can be sent to vendors.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global cloud POS market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 26.9% in the global cloud POS market during the forecast period. The ever-increasing competition to attract more customers to brick-and-mortar stores has forced them to adopt innovative solutions. Cloud POS solutions to help retailers manage inventory, increase customer loyalty, increase sales, and optimize their business processes. Several of the leading retail brands implement a cloud-based POS system in stores on the scale of their business and manage their billing and other channels.
It is expected that the rapid growth of our customer base, thanks to the growing popularity of small-and-medium-sized businesses and at a lower total cost of ownership, will allow for the development of the cloud-based POS market in the Asia-Pacific region. The fast-growing retail industry and new infrastructure in the region will further support the growth of the cloud-based POS market in the Asia-Pacific region. In addition, the rate of economic growth in the Asia-Pacific region has been attracting increased investment in cloud-based POS service providers. Asia-pacific is the potential market and significant growth for cloud-based POS service providers. There are a lot of companies are trying to expand their presence in the region.
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Key Market Players
Every company follows its business strategy to attain the maximum market share. Currently, Cegid, UTC Retail, Square, Inc., Shopkeep, Shopify, B2B Soft, PAR Technology, Intuit, Lightspeed, and Oracle. are some of the leading players operating in the global cloud POS marke