The Cloud Point of Sale (POS) by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cloud Point of Sale (POS) , The cloud point of sale (pos) market size has grown exponentially in recent years. It will grow from $5.75 billion in 2023 to $7.04 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to shift to cloud computing, mobile commerce and omnichannel retailing, cost efficiency and scalability, rapid deployment and updates, integration with other cloud services..
The cloud point of sale (pos) market size is expected to see exponential growth in the next few years. It will grow to $16.34 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to increasing emphasis on data security and privacy, mobile payments and contactless transactions, scalability and flexibility for business growth, integration with e-commerce platforms, global expansion of businesses.. Major trends in the forecast period include real-time analytics and reporting, customization and configurability, customer engagement features, sustainability initiatives, edge computing for in-store processing..
The growing acceptance of digital payments propels the growth of the cloud point-of-sale market. Digital payments refer to payments made through bank transfers, mobile money, and payment cards including debit, credit, and prepaid cards. Decreasing popularity of cash usage, a growing development of user-friendly payment portals, and government support for transparent payment gateways have boosted the utilization of digital payments across the globe. Increasing acceptance of digital payments is expected to boost utilization of cloud point of sale, as they act as a fundamental entity to accept the payment through the internet. According to the RBI Annual Report 2021, the percentage of digital transactions in total non-cash retail payments increased from 97.0% in 2019-2020 to 98.5% in 2020-21. Therefore, the growth in digital payments is expected to boost demand for cloud point of sale (POS) market during the forecast period.
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The cloud point of sale (pos) market covered in this report is segmented –
1) By Component: Solution, Services
2) By Organization Size: Small and Medium Enterprises, Large Enterprises
3) By Application: Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare, Other Applications
Technological advancement is a key trend gaining popularity in the cloud point of sale market. The advancement of innovative technologies such as AI, IoT, cloud computing, and big data, among others, had a tremendous influence on the cloud point of sale (POS) in recent years. The companies operating in the cloud point of sale sector are increasingly focusing on developing technologically advanced systems with greater operational and cost-efficiency. For instance, in August 2021, HungerRush, a Texas-based provider of cloud-based software solutions to the restaurant industry, launched HungerRush 360, a fully-integrated cloud point-of-sale, which offers complete management of restaurant which include digital ordering, customer engagement, delivery, and payment processing.
The cloud point of sale (pos) market report table of contents includes:
1. Executive Summary
2. Cloud Point of Sale (POS) Market Characteristics
3. Cloud Point of Sale (POS) Market Trends And Strategies
4. Cloud Point of Sale (POS) Market – Macro Economic Scenario
5. Global Cloud Point of Sale (POS) Market Size and Growth
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31. Global Cloud Point of Sale (POS) Market Competitive Benchmarking
32. Global Cloud Point of Sale (POS) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cloud Point of Sale (POS) Market
34. Cloud Point of Sale (POS) Market Future Outlook and Potential Analysis
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