The Global Cloud POS Market size is expected to reach $9.9 billion by 2027, rising at a market growth of 22.8% CAGR during the forecast period. Cloud-based POS solutions are developed on the quick scale up and down idea of cloud, which allows businesses to add or remove services at any time to meet their needs and those of their customers. Businesses only pay for the services they use, saving money on future-proofing and fail-safe mechanisms that conventional on-premises POS systems require. Moreover, the solutions provider will take care of the maintenance and upkeep of cloud-based POS solutions, allowing business owners to focus on their core competencies.
The growth of the market will witness bright prospects as majority of small companies are installing cloud-based payment systems for inventory, staff, order, and customer administration. The need for cloud POS will be fueled by an increase in consumer usage of mobile and contactless payments. In April 2020, 51 percent of customers in the United States used contactless payment, such as mobile wallets and tap-to-go credit cards, according to the MasterCard Contactless Consumer Polling survey. The rising popularity of digital payments is prompting a number of businesses, including retail, restaurants, and healthcare, to implement advanced payment solutions. To improve customer service and stay competitive in the market, these industries are progressively embracing cloud POS solutions.
Due to the shutdown of business and restaurants, the coronavirus (COVID-19) had a minor influence on Cloud POS market growth in the first two quarters of 2020. Consumers have been driven to acquire vital things online due to strict lockdowns, as it gives them contactless options to shop and pay. According to data from the recent surveys, internet orders increased in March 2020 than March 2019. The business will be encouraged to embrace solutions that integrate mobile ordering and digital payment capabilities as online shopping becomes more popular. Cloud POS systems are helping merchants, business owners, and retailers to efficiently deploy and meet multi-payment & channel needs of managing large-scale inventories and other business processes.
The adverse effects of the COVID-19 pandemic have experienced in other critical economic sectors in several countries, with limitations affecting manufacturing, auto, retail, aviation, and hospitality. As a result, the fast-growing digital payments sector, which is closely linked to the aforementioned industries, has been damaged. Aspects such as Shuttered stores, travel bans, and less discretionary consumer spending (for example, on dining out, movies, and entertainment) have hampered digital payments, thereby slowing down the demand for cloud POS solutions.
Based on Component, the market is segmented into Solution and Services. These services assist businesses in maintaining successful client relationships by providing ongoing support throughout the course of their operations. Organizations benefit from these services by streamlining the market operations, improving marketing project execution, and maximizing resource utilization. Traditional POS systems often charge a software license cost per register. In contrast to conventional POS system, SaaS is more of a partnership approach in which monthly fee is paid rather than up-front charges. Backups, software, future upgrades, support are included in these monthly payments.
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Simple tools are provided by these suppliers to SMEs to help them manage people, projects, and assets. These simple tools also assist SMEs in fully utilizing the software that has been delivered. The use of cloud POS solutions among SMEs is likely to rise in the coming years, allowing SMEs to capture a significant market share throughout the forecast period. Additionally, important establishments that stayed open throughout the epidemic, such as pharmacies and supermarket supply stores, had to limit direct interaction with their customers, and many of these stores used cloud POS systems.
Based on Application, the market is segmented into Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Healthcare, Transportation & Logistics and Others. The media and entertainment application segment would display maximum growth rate during the forecast period. The media and entertainment industries make extensive use of cloud POS solutions. Cloud POS is used at casinos, movie theatres, theme parks, museums, and sports arenas in this industry. It ensures that the entertainment industry is both adaptable and transparent. It also gives improved customer service, which aids in the growth of sales.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 2.2 Billion |
| Market size forecast in 2027 | USD 9.9 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 22.8% from 2021 to 2027 |
| Number of Pages | 225 |
| Number of Tables | 364 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Enterprise Size, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would be the fastest-growing region during the forecast years. China, Japan, and India are some of the key countries in the regional cloud POS market. The regional Cloud POS market is predicted to be driven by a rapidly growing customer base, owing to the growing significance of SMEs, as well as a reduction in Total Cost of Ownership (TCO). Low queue times, high levels of security, paperless receipt options, reduced check-out area requirements, and more floor space are all advantages of cloud POS systems that will help drive the regional cloud POS market in the next few years.
Free Valuable Insights: Global Cloud POS Market size to reach USD 9.9 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the major forerunner in the Cloud POS Market. Companies such as Lightspeed POS, Inc., Square, Inc., and Shopify, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Shopify, Inc., Square, Inc., Intuit, Inc., Touchsuite, Revel Systems, Omnico Group, Cegid Group, UTC Retail, and Lightspeed POS, Inc.
By Component
By Enterprise Size
By Application
By Geography
The cloud POS market size is projected to reach USD 9.9 billion by 2027.
Different industries are witnessing high demand for quick and safe payment option are driving the market in coming years, however, Low amount of awareness and standardization have limited the growth of the market.
Oracle Corporation, Shopify, Inc., Square, Inc., Intuit, Inc., Touchsuite, Revel Systems, Omnico Group, Cegid Group, UTC Retail, and Lightspeed POS, Inc.
The expected CAGR of the cloud POS market is 22.8% from 2021 to 2027.
Due to the shutdown of business and restaurants, the coronavirus (COVID-19) had a minor influence on Cloud POS market growth in the first two quarters of 2020. Consumers have been driven to acquire vital things online due to strict lockdowns, as it gives them contactless options to shop and pay.
The North America would emerge as the leading region in the global cloud POS market during the forecast period.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 