The global Cloud POS Market size is expected to grow from USD 1.34 billion to USD 3.73 billion by 2023, at a CAGR of 22.7% during the forecast period. A fully featured cloud POS systems help in inventory tracking, analytics, sales monitoring and reporting, employee management, customer data management, mobile connectivity, and robust integrations. The cloud POS software also comes with a range of options from simple processors to complex cloud systems to meet the requirements of various businesses regardless of type (physical or online) and size (small, medium-sized, or large enterprises).
The training, consulting, and integration segment is projected to account for the largest market size during the forecast period. Consulting services include offering expert advisory services on queries related to cloud POS. Integration and software deployment services play an important role in the cloud POS market by providing custom product development. Support and maintenance services include ongoing customer support, feature enhancements, and software upgrades and technical improvements for the existing cloud POS software.
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The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to an increase in emerging cloud POS vendors dedicated for SME customers. Large enterprises are increasingly adopting cloud POS, as they use many terminals that require cloud POS adoption.
The media and entertainment application area is expected to grow at the highest CAGR during the forecast period. In this application area, cloud POS is deployed in casinos, movie theaters, theme parks, museums, and sports arenas. Cloud POS helps in running a flexible and transparent entertainment business. It also enables enterprises to provide better customer service to enhance sales growth.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the global cloud POS market during the forecast period, owing to the large-scale adoption of cloud POS solutions by SMEs in the region. MEA and Latin America are projected to have growth potential, as these regions are rapidly adopting cloud POS solutions.
The adoption of cashless transactions is increasing in developing countries across the world. Emerging economies, such as India and Russia, along with other countries, such as Indonesia, Kenya, Columbia, and Egypt, are making structural changes to accelerate the growth of cashless transactions. The growing trend would present opportunities for emerging players to tap into the global cloud POS market.
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The cloud POS market includes major vendors, such as Square Inc (US), Cegid (France), UTC RETAIL (US), Shop Keep (US), PAR Technology (US), Shopify (Canada), B2B Soft (US), Intuit (US), Lightspeed (Canada), Oracle (US), SalonTarget (US), RetailOps (US), Celerant Technology (US), TouchSuite (US), Clover (US), Revel systems (US), ERPLY (US), Omnico Group (UK), Diaspark (US), Teamwork Retail (US), Jesta I.S. (Canada), One Step Retail Solutions (US), Phorest (Ireland), Poster POS (Poland), and iiko(Russia). These players have implemented various growth strategies to expand their global presence and increase their market share. Key players, such as Shopify, Clover, and Lightspeed, have majorly deployed new product launches and partnerships/collaborations to expand their product portfolios and grow further in the cloud POS market.
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