The cloud POS market size is expected to grow from US$ 3.26 billion in 2023 to US$ 18.28 billion by 2031; it is estimated to grow at a CAGR of 24.1% from 2023 to 2031. Increasing adoption of mobile POS is likely to remain key cloud POS market trends.
The Cloud POS (Point of Sale) market has experienced significant growth and transformation in recent years. Cloud-based POS systems have emerged as a popular alternative to traditional on-premises solutions, offering businesses increased flexibility, scalability, and accessibility. These systems utilize cloud computing technology to store and process transactional data, eliminating the need for physical hardware and providing real-time connectivity. One of the key advantages of cloud-based POS systems is their ability to streamline operations and enhance efficiency for businesses of all sizes. They offer features such as inventory management, sales reporting, and analytics, customer relationship management, and integration with other business applications. With a cloud POS, businesses can easily track sales, monitor inventory levels, and gain valuable insights into their operations, leading to improved decision-making and enhanced customer experiences. The POS on cloud has witnessed widespread adoption across various industries, including retail, hospitality, restaurants, and e-commerce. Small and medium-sized businesses, in particular, have embraced cloud POS solutions due to their affordability and ease of implementation. Moreover, the scalability of pos cloud-based systems allows businesses to expand their operations and add additional functionalities as needed easily. Security has been a critical focus for cloud POS providers.
The basis of cloud-based POS solutions is the concept of easy rising up and down; services can be added or removed at any moment by the company, depending on their necessities and those of their customers. Businesses can save money by paying for the services they use rather than the fail-safe mechanisms and future-proofing requirements of the conventional on-premises POS. The solutions provider will also handle the maintenance and upkeep of cloud-based POS solutions, so business owners won't have to worry about these POS systems running continuously.
The increase in the need for secure and faster payment processing solutions has been a significant driver in the growth of the cloud POS market. As businesses strive to provide seamless and efficient payment experiences to their customers, cloud-based POS systems have emerged as a preferred choice. First and foremost, cloud POS solutions offer enhanced security measures to protect sensitive payment data. With robust encryption, tokenization, and compliance with industry norms such as the Payment Card Industry Data Security Standard (PCI DSS), these systems provide a secure environment for processing transactions. By shifting the responsibility of data security to trusted cloud service providers, businesses can mitigate the risks associated with data breaches and unauthorized access. Moreover, cloud POS systems enable faster payment processing, benefiting businesses and customers. Traditional on-premises POS systems often require manual updates and maintenance, resulting in potential delays and inefficiencies.
Cloud-based POS systems can handle high transaction volumes. During peak periods, such as holidays or promotional events, businesses experience a surge in customer traffic and payment transactions. Cloud POS systems can easily scale their resources to accommodate increased demand, ensuring uninterrupted payment processing and avoiding bottlenecks that can lead to frustrated customers or lost sales opportunities. Furthermore, cloud POS solutions offer integration capabilities with various payment methods and channels. They can seamlessly connect with mobile wallets, contactless payment options, and online payment gateways, providing customers with a wide range of choices and enhancing convenience. This flexibility in payment acceptance helps businesses cater to evolving customer preferences and adapt to changing industry trends.
Key segments that contributed to the derivation of the cloud POS market analysis are the component, organizational type, and end users
The regional trends and factors influencing the Cloud POS Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cloud POS Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.26 billion |
| Market Size by 2031 | US$ 18.28 billion |
| Global CAGR (2023 - 2031) | 24.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cloud POS Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cloud POS Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The cloud POS market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the cloud POS market:
(Source: Square, Inc., Press Release)
(Source: Openbravo, Press Release)
The "Cloud POS Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The global cloud POS market was estimated to be US$ 3.26 billion in 2023 and is expected to grow at a CAGR of 24.1% during the forecast period 2024 - 2031.
The major factors driving the cloud POS market are increasing cashless transactions and the increased need for secure and faster payment processing solutions
The increasing adoption of mobile POS is anticipated to play a significant role in the global cloud POS market in the coming years.
The key players holding majority shares in the global cloud POS market are Square, Inc., Intuit, Inc., Oracle Corporation, Shopify, Inc., Toast, Inc., and Shopify, Inc.
Asia Pacific is expected to hold the highest market share in the cloud POS market.