IMARC Group, a leading market research company, has recently releases report titled “Cloud POS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global cloud POS market trends, share, size, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the cloud POS market?
The global cloud point of sale (POS) market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 20.7% during 2023-2028.
What is Cloud POS?
A cloud point of sale (POS) system is an online-based framework that enables businesses to handle customer transactions and manage operations through the Internet. It encompasses a range of software, hardware, and service solutions that streamline the selling process for products and services. By efficiently operating terminals in multiple locations, cloud POS eliminates the need for bulky and costly servers while providing improved service to customers. It enhances speed, enables inventory control and product analysis, and reduces system downtime. Compared to traditional wired systems, cloud POS is more precise and convenient. Consequently, it is widely utilized in various sectors like healthcare, entertainment, hospitality, transportation, logistics, and more.
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What are the growth prospects and trends in the cloud POS industry?
The cloud POS market is driven by the increasing demand for secure and efficient payment processing solutions by businesses and organizations. The restaurant industry’s need for simplified customer engagement and optimized sales operations also contributes to market growth.
Furthermore, the expanding e-commerce sector and the rise of online delivery models have further heightened the demand for cloud POS. Several other factors, including rapid urbanization, the widespread availability of smartphones and high-speed Internet, and extensive RD efforts by key industry players, are positively influencing the market growth.
Ongoing technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) for precise inventory tracking, play a crucial role in fostering growth. Moreover, the adoption of cloud POS systems in various venues like casinos, movie theaters, and sports arenas is expected to drive the cloud POS market even further in the future.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Type:
- Fixed Point of Sale
- Mobile Point of Sale
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Retail and Consumer Goods
- Travel and Hospitality
- Media and Entertainment
- Transport and Logistics
- Healthcare
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
B2B Soft, Cegid Group, Fiserv Inc., Intuit Inc., Lightspeed Commerce Inc., NEC Corporation (ATT Inc.), Oracle Corporation, Panasonic Corporation, PAR Technology Corporation, Samsung Electronics Co. Ltd., Shopify Inc. and Square Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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