Authored By: Sarah
11 Jul 2024

 Cloud Point Of Sale Market Size to grow by USD 10253.7 million between 2024-2028

According to a research report “ Cloud Point Of Sale Market” by Application (Retail and consumer goods, Travel and hospitality, Media and entertainment, Transport and logistics, Healthcare) Component (Solution, Services) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 10253.7 million, at a CAGR of  26.72% during the forecast period. In today's business landscape, web-based Point of Sale (POS) systems have become increasingly popular among small and medium-sized enterprises (SMEs) in the retail sector. These solutions offer numerous advantages, including affordability, direct access via the Internet or web browsers, and essential features such as a point-of-sales operating system, easy payment methods, and customer database management. With the surge in digital transformation, e-commerce, and cashless payments, retailers require advanced POS software to manage both online and in-store sales. Amidst the challenges posed by the COVID-19 pandemic, labor shortages, supply chain disruptions, and evolving consumer expectations, implementing a robust and adaptable POS system is crucial for retailers worldwide.

Browse market data tables, figures, and in-depth TOC on “Cloud Point Of Sale Market” by Application (Retail and consumer goods, Travel and hospitality, Media and entertainment, Transport and logistics, Healthcare) Component (Solution, Services) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Retail and consumer goods segment is projected to dominate the market size in 2024

The solution segment in the global cloud point of sale market encompasses the provision of software applications that facilitate sales processing, inventory management, and payment acceptance for businesses. Cloud point of sale solutions offer features such as item database management, pricing and discount administration, sales tracking and reporting, and payment processing. This segment is a pivotal component of a point-of-sale system, empowering businesses to optimize their sales operations with automated tasks and real-time insights into sales and inventory data. By leveraging these capabilities, businesses can make data-driven decisions that foster growth and enhance profitability.

By Component, Solution  segment is expected to hold the largest market size for the year 2024

In the retail and consumer goods sector, the adoption of cloud point of sale (POS) systems has become increasingly prevalent. These solutions enable businesses, including grocery stores, department stores, and specialty retailers, to process transactions, manage inventory, and accept various payment methods more efficiently. Cloud POS systems offer numerous advantages, such as real-time access to sales and inventory data, integration with CRM systems, and the implementation of advanced features like barcode scanners and touch screens. By utilizing these systems, retailers can enhance the customer experience, streamline operations, and gain valuable insights into consumer behavior and preferences.

APAC is forecasted to hold the largest market size by region in 2024

The Cloud Point of Sale (POS) market is experiencing significant growth due to the increasing adoption of cloud-based technologies by businesses. This shift enables real-time data access, streamlined operations, and scalability, making it an attractive solution for small and mid-sized enterprises. Cloud POS systems offer advanced functionalities such as inventory management, customer relationship management, and analytics, enhancing business efficiency and profitability.

The Cloud Point Of Sale Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ARBA Retail Systems
  • Dotykacka CR s.r.o.
  • Bindo Labs Inc.
  • Block Inc.
  • CDW Corp
  • Epicor Software Corp.
  • Fiserv Inc.
  • Intuit Inc.
  • Lightspeed Commerce Inc.
  • NCR Voyix Corp.
  • Oracle Corp.
  • PAR Technology Corp
  • Paychex Inc.
  • Poster Pos Inc
  • Revel Systems Inc.
  • Shopify Inc.
  • Teraoka Seiko Co. Ltd.
  • Toast Inc.
  • TouchBistro Inc.
  • TRANSACT LLC
.

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Research Analysis Overview

Amidst the global lockdowns and travel restrictions, the shift towards digital payments and cloud Point of Sale (POS) systems has gained significant momentum. With discretionary consumers preferring cashless transactions due to limitations on movement and store closures in various sectors like hospitality, aviation, retail, auto, and manufacturing, cloud POS has become a necessity. Cloud POS allows businesses to manage sales, inventory, and quick data consolidation from a remote server, eliminating the need for physical hardware and installation. However, the transition to cloud POS comes with start-up expenses, requiring a stable internet connection. Chain stores and restaurant POS systems have already adopted cloud POS, but small businesses and start-ups may face challenges due to the initial investment. Despite these limitations, cloud POS offers advantages like real-time data access, ease of use, and scalability, making it a valuable tool for businesses during these uncertain times. Standard POS systems may not offer the same flexibility and agility, making cloud POS a preferred choice for businesses looking to adapt and thrive in the new normal.

Market Research Overview

The Cloud Point of Sale (POS) market is experiencing significant growth in various industries, including retail, hospitality, entertainment, logistics, transportation, healthcare, and more. Cloud POS systems offer improved mobility and manageability, making them a popular choice for medium and large enterprises as well as small businesses. These systems include customer pin pads for signature capture, card processing for debit and credit transactions, and barcode scanners for quick item identification. Additional components include a customer display, receipt printer, cash drawer, monitor, computer, and cash register. POS terminals can also be found in transparent entertainment industries such as sports arenas, museums, theme parks, movie theatres, casinos, and media companies. Maintenance services, gateway services, administration services, and payment services are essential components of cloud POS solutions. Global trends show a shift towards digital payments, contactless transactions, and online transactions due to social distancing, lockdowns, travel restrictions, and store closures. Cloud POS systems offer secure software, payment options, and tendering accuracy and speed. Additionally, they allow for promotions, loyalty software, discounts, coupons, and sale prices. Start-up expenses include internet connection costs, and cloud POS systems offer quick data consolidation and installation through a remote server. Inventory and sales management, restaurant management, and hosting desks or cashier's kiosks are also essential features of cloud POS systems. The retail industry, hospitality, aviation, retail & e-commerce, manufacturing, and economic sectors all benefit from the flexibility and safety offered by cloud POS solutions. Technical improvements and mobility trends continue to drive the growth of cloud POS systems in the modern business landscape.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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