Cloud Point of Sale (PoS) Market Size (2024 - 2029)

Cloud Point of Sale (PoS) Market Analysis

The Cloud Point of Sale (PoS) market is expected to register a CAGR of 24.2% during the forecast period. Large businesses rely on cloud PoS to understand sales performance and better manage their inventory based on the products/services that attract the most customers. With increasing risk related to cash handling, online transactions are gaining popularity owing to the streamlined processes involved.

• The cloud point of sale (PoS) is a web-based solution that allows the processing of payments via the internet. This system stores transaction processing data in the cloud. The solution's capability to access it anytime and anywhere through the internet drives its adoption. The increasing prevalence of e-commerce and cashless transactions in the retail and consumer goods industries is a key factor driving the market's growth.
• Because of better customer service delivery, the cloud PoS system is gaining momentum in the retail and e-commerce industries. The increased emphasis on multi-channel selling, combined with mobility trends, is expected to drive the expansion of the cloud PoS market.
• Certain factors, such as increased emphasis on business process optimization, globalization of e-commerce, and growth in cashless transactions, drive the rate of automation adoption in retail, entertainment, hospitality, and other such industries. PoS systems are driving the growth in automation in the retail sector. Increased benefits, such as cheaper upfront costs, data security, flexibility, and scalability, drive the market demand for cloud PoS terminals.
• Because of the spike in demand in various industries, such as retail, travel and tourism, and healthcare, advanced technology is shooting up. The growing demand for automation, artificial learning, data analysis, and improved customer service is positively influencing the cloud PoS industry. In the current scenario, IoT plays a vital role in revolutionizing the PoS ecosystem, which is being pushed by more internet-connected devices, directly impacting the worldwide cloud PoS market. Continuous infrastructure development and cloud technology advancements are projected to drive the market considerably.
• The prominent players in the cloud PoS market are focusing on improving their solutions and involving themselves in strategic partnerships to increase their global capability and footprint. In June 2022, Lightspeed Commerce Inc., a commerce platform for merchants worldwide to simplify, scale, and create exceptional customer experiences, announced the launch of the new Lightspeed B2B platform. The platform was to serve North American fashion, outdoor, and sports retailers, with additional vertical and feature availability in the coming months. With the debut of this game-changing new solution, thousands of the world's finest brands and retailers were able to access a cutting-edge supplier network tool that combined B2B orders straight into the PoS.
• The COVID-19 pandemic accelerated the switch from cash-based to digital and contactless payment options. As a result, new revenue streams, such as e-commerce and other internet services, are now available for utilization.

Cloud Point of Sale (PoS) Industry Segmentation

The Point of Sale is the time and location where a transaction is completed. Unlike traditional Point of Sale systems, which store data locally on computers or on-premise servers, Cloud Point of Sale systems process and store sales data online. Cloud PoS include hardware, software, and services that manage the transaction during the sale of a product or a service.

The Cloud Point of Sale (PoS) Market is Segmented by Component (Hardware and Software & Services), Type (Fixed Point of Sale and Mobile Point of Sale), End-user Industry (Entertainment, Hospitality, Healthcare, Retail, and Other End-user Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.