Cloud POS (Point of Sale) Market is Cloud POS (Point of Sale) Market To Reach USD 8,050.7 Million By 2028to Reach USD 8,050.7 Million By 2028
Technological advancements in cloud computing are one of the primary factors influencing market growth.
Cloud POS (Point of Sale) Market Size – USD 1,894.7 Million in 2020, Market Growth – CAGR of 19.60%, Market Trends – Surging demand from end-user industries.
The global cloud POS (Point of Sale) 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.
A cloud POS system offers enterprises, including retail and restaurant businesses, enhanced security of their critical business information, which is stored and synced electronically and can be restored without any hassle. Further, there is no issue regarding backing up data or losing it on the occasion of a power hardware malfunction or outage. Moreover, cloud-based systems provide benefits of advanced security measures like encryption to protect data from breaches and viruses.
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Key participants include Square Inc., Cegid, UTC Retail, Shopify, Intuit, Oracle Corporation, RetailOps, B2B Soft, Celerant Technology, and Touchsuite, among others.
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.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cloud-pos-point-of-sale-market
For the purpose of this report, Reports and Data have segmented the global cloud POS (Point of Sale) market on the basis of type, organization size, industry verticals, and region:
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
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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