The global Cloud POS System Market is expected to reach USD 8,050.7 Million by 2028, according to a new report by Reports and Data. Cloud POS solution integrates several sales channels along with providing improved security, thereby enabling end-users to reap the benefits of centralized storage, memory, processing, and bandwidth.
Cloud computing provides end-users convenient and global access to a shared pool of computing resources comprising of networked servers, storage, and software applications that are constituted based on demands, fast provisioned to communicate with need, and made available on a pay-per-use basis. Cloud POS allows small medium-sized enterprises to implement information technology at an affordable cost without requiring colossal investments. Also, Point of Sales (POS), based on cloud computing, provides small medium-sized enterprises substitute technology to spur their business growth.
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Further key findings from the report suggest
- By type, native cloud POS is expected to grow at a faster rate in the forecast period. A native Cloud POS is intended to take advantage of new models such as Multi-tenancy, rapid elasticity, and expose standard and open APIs.
- By organization size, large enterprises contributed to a larger market share in 2018 and are projected to witness a growth rate of 20.2% in the forecast period. Cloud-based POS systems considerably diminish human error and provide better inventory management through automation. Also, inventory and sales data are synced and stored as payments are made, permitting real-time inventory control.
- By industry verticals, retail and consumer goods held the largest market share in 2018 and are expected to grow at a rate of 20.1% in the forecast period. Cloud POS enables retailers to stay competitive in the global market as well as offering solutions to eliminate the issues pertaining to software installation, monitoring, patching, and upgrading.
- The travel and hospitality sector in Europe is likely to witness a growth rate of 20.4% in the forecast period.
- The market in the Asia Pacific region dominated the market in 2018 and is likely to have a growth rate of 21.6% in the forecast period. The market dominance of the APAC region is owing to the high deployment of restaurant POS solutions to increase the growth of e-commerce and the implementation of these devices for food delivery applications, among others.
Key companies profiled in the report include:
Square Inc., Cegid, UTC Retail, Shopify, Intuit, Oracle Corporation, RetailOps, B2B Soft, Celerant Technology, and Touchsuite, among others.
Type Outlook (Revenue, USD Million; 2018-2028)
- Native Cloud POS
- Hosted Cloud POS
Organization Size Outlook (Revenue, USD Million; 2018-2028)
- Small Medium Sized Enterprises
- Large Enterprises
Industry Verticals Outlook (Revenue, USD Million; 2018-2028)
- Retail Consumer Goods
- Travel Hospitality
- Media Entertainment
- Logistics Transportation
- Healthcare
- Others
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
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