The cloud point of sale market size is expected to grow by USD 5,292.67 million from 2022 to 2027, progressing at a CAGR of 19.38% as per the latest Technavio market research report. APAC is going to have lucrative growth during the forecast period. APAC is estimated to account for 41% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China and India are key contributors to the market’s growth in the region. The retail industry is witnessing growth due to the increasing number of retail outlets, including supermarkets, speciality stores, department stores, and malls. Retailers in the region are adopting cloud-based point-of-sale (POS) systems to enhance the shopping experience by making it more convenient and efficient. As a result, there is a significant growth opportunity for cloud POS solutions in this region. The rising purchasing power of consumers, a large potential consumer base, and the increasing usage of debit and credit cards have boosted the demand for cloud POS solutions, thereby driving the growth of the regional cloud POS market during the forecast period.
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Cloud Point of Sale Market: Growing application of cloud point of sale in retail to drive growth
The growing application of cloud point of sale in retail is a major factor driving the market growth. In the retail industry, point-of-sale solutions provide retailers with an operating system for sales transactions, convenient payment methods, and the ability to manage customer data effectively. The increasing adoption of digital transformation, e-commerce, and cashless payments has created a need for advanced features in point-of-sale software to manage both online and in-store sales seamlessly. Furthermore, retailers are facing various challenges such as the impact of the COVID-19 pandemic, labour shortages, supply chain disruptions, and rising customer expectations. To address these challenges, vendors are introducing cloud-based point-of-sale solutions tailored specifically for retailers. These solutions offer enhanced capabilities and flexibility, including AI and machine learning, to provide exceptional in-store experiences for customers. For instance, a partnership between NCR and Alphabet Inc. (Google Cloud) aims to bring advanced platforms and cloud functionalities to retailers worldwide. This collaboration will empower retailers with top-tier tools and flexibility, driving the growth of the market in focus during the forecast period.
Cloud Point of Sale Market: Continuous Development Of New Solutions
Continuous development of new solutions is an emerging trend shaping market growth. Continuous innovation and development of new solutions by providers is a key trend in the cloud point-of-sale market. Leading vendors introducing sophisticated solutions motivate other players to enhance their offerings to remain competitive. For instance, NCR introduced NCR Aloha Cloud in May 2022, offering a cloud-based point-of-sale solution with an enhanced user interface, compact handheld devices, and streamlined payment processing. Similarly, in January 2021, Block launched Square for Retail, a comprehensive point-of-sale system aimed at improving retailers’ operations and overall business management. These developments are expected to be significant drivers for the global cloud point-of-sale market’s growth during the forecast period.
Some of the key Cloud Point Of Sale Market Players:
The cloud point of sale market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
ARBA Retail Systems, Dotykacka CR s.r.o., Bindo Labs Inc., CDW Corp., Intuit Inc., Lightspeed Commerce Inc., Oracle Corp., PAR Technology Corp., Paychex Inc., Revel Systems Inc., Shopify Inc., Teraoka Seiko Co. Ltd., TouchBistro Inc., TRANSACT LLC, Block Inc., Epicor Software Corp., Fiserv Inc., NCR Corp., Toast Inc., and Poster Pos Inc
This market research report segments the cloud point of sale market by application (Retail and consumer goods, Travel and hospitality, Media and entertainment, Transport and logistics, and Healthcare), component (Solution and Services), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The market share growth by the retail and consumer goods segment will be significant during the forecast period. The retail and consumer goods segment of the market primarily involves the adoption of cloud point-of-sale solutions by various retail establishments, including grocery stores, department stores, and speciality stores. These solutions enable these establishments to efficiently process sales, manage inventory, and accept payments from customers. With the increasing shift towards e-commerce in recent years, cloud point-of-sale solutions have become instrumental in facilitating online transactions. The continued growth in the use of cloud point-of-sale solutions in the retail segment is driven by businesses’ desire to enhance operational efficiency and provide an improved customer experience. These factors are expected to be the key drivers for the growth of the global cloud point-of-sale market during the forecast period.
