Cloud POS Market
Cloud POS Market
Cloud POS Market to Reach US$ 11.4 Bn by 2032, driven by increased demand for contactless payment options came as a respite, creating a favorable scenario for market players: Global Insight Services
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Cloud POS market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 11.4 Billion by 2032.
Cloud POS refers to a point of sale system that is based on the cloud. This means that all of the data and applications associated with the POS system are stored on a remote server, and accessed via the internet. There are a number of benefits to using a cloud POS system, including the fact that it can be accessed from anywhere, and is much more scalable than a traditional POS system.
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Cloud POS Market: Key Trends and Drivers
The surge in the utilization of online food delivery services is likely to drive the industry growth. For instance, in December 2021, Zomato Ltd. confirmed a gross merchandise value of around USD 13.5 million compared to approximately USD 10.1 million on the exact date last year. To ensure strong business growth, the market players are implementing cloud POS solutions to gain operational scalability and flexibility offered by cloud computing technology. The rising implementation of cloud POS solutions that enable to link online orders, financial transactions, and inventory efficiently will fuel the market demand.
Cloud POS Market: Restraints & Challenges
The key restraints and challenges in cloud POS market are lack of awareness about the benefits of cloud POS among small and medium businesses: Small and medium businesses are often unaware of the benefits of cloud POS systems and this acts as a restraint for the growth of the cloud POS market. High initial investment: The initial investment required for setting up a cloud POS system is high as compared to traditional POS systems. This acts as a deterrent for small and medium businesses who are looking to adopt cloud POS. Lack of skilled personnel: The lack of skilled personnel who can operate and maintain cloud POS systems is another challenge faced by the cloud POS market. Security concerns: Security concerns are also a major challenge faced by the cloud POS market. As cloud POS systems store sensitive data such as customer credit card information, there is a risk of this data being hacked or leaked.
Cloud POS Market Report Findings
The large enterprises segment is likely to hold a dominant Cloud POS market share and grow at a substantial CAGR during the forecast period.
By organization size, the market is segmented into SMEs, and large enterprises. The large enterprises segment in the held significant market share in 2021 and is estimated to exhibit steady growth through 2032. Introduction of new innovative solutions by companies are propelling the regional business expansion. The industry participants such as Mastercard International Incorporated, NCR Corporation, and Oracle Corporation, are investing in R&D activities to increase their portfolio and target a wide set of customers. In January 2021, Mastercard International Incorporated partnered with NMI & Global Payments Inc. to introduce its live Cloud Tap on Phone with Computer Engineering Group. The software is designed for business of any size and will be hosted on Azure cloud platform. This will support the large enterprises in reducing their maintenance & development costs, while offering robust security features. The advancement in cloud POS solutions will attract more companies to integrate the cloud computing technology with the existing network.
The software segment is anticipated to hold a majority of the Cloud POS market size throughout the study period.
By component, the Cloud POS market is classified into Software, Maintenance & Support, and Consulting & Training. The software segment accounted for significant revenue in 2022 driven by the rise in installation of modern digital solutions that enable hassle-free and paperless transactions. The hospitality sector is focusing on replacing legacy systems with advanced cloud POS solutions to ensure customer convenience. Companies in the hospitality sector are focusing on maximizing profitability while streamlining daily operations.
The restaurant segment is anticipated to hold a majority of the Cloud POS market size throughout the study period.
The application segment of the market is bifurcated into Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare, and others. The restaurant segment captured significant market share in 2022. The restaurant sector is emphasizing on the concept of cloud-based kitchens to capture a large customer base. Through this, they are expanding their market penetration across the region at a low startup cost. The growing implementation of the virtual kitchen concept will augment the requirement of cloud POS system for order and revenue management. It assists the restaurants in increasing their customer base, profitability, and gross margins. The rising focus on the development of cloud kitchen restaurants in the UAE will further enhance the industry expansion.
The Asia Pacific region is estimated to exhibit the highest growth rate during the Cloud POS market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific Cloud POS market revenue is poised to grow significant CAGR during the forthcoming years. The stay-at-home regulations imposed during the pandemic further boosted the utilization of e-commerce platforms and digital payment technologies. For instance, as per the Flipkart December 2021 report, the company witnessed a 47% year-on-year customer growth from the Tier 3+ cities in this past calendar year. This indicates the shift in consumer purchase habits in fashion, electronic, books, groceries, and medicine categories. To effectively cater to the increasing demand, several stakeholders in the ecosystem, such as merchants, vendors, and service providers, are focusing on integrating the cloud POS solutions into their system.
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The global Cloud POS market report includes players such as Amazon Web Services, Inc., Broadcom, Dell Technologies, Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Micro focus, Microsoft Corporation, Oracle Corporation, and Rackspace Technology. among others.
Recent Developments in the Cloud POS Market:
- In June 2021, Toast acquired xtraChef, which provides customized back-office automation for inventory management and accounts payable. The acquisition is aimed at enhancing the Toast POS solution for managing restaurant financial health
- In March 2021, Lightspeed acquired Vend Limited, a cloud-based retail management software vendor based in New Zealand. The acquisition was aimed at strengthening the company’s customer base in the retail sector and establishing a strong foothold as a global Omni channel retail platform that can be integrated with POS for small- and medium-sized businesses.
- In December 2020, Lightspeed had also acquired Upserve, which catered to the restaurant sector for payment solutions.
Cloud POS Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Cloud POS market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Cloud POS market potential from 2022 to 2032 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Cloud POS market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.
Global Cloud POS Market Segmentation
By Organization Size
- Large Enterprises
- Maintenance & Support
- Consulting & Training
- Retail & E-Commerce
- Transportation & Logistics
- Entertainment & Media
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Square, Inc.
- UTC RETAIL
- Shopify Inc.
- Poster POS Inc
- Clover Network, Inc.
- Oracle Corporation