Pune, India., Aug. 11, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cloud POS Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and Global Analysis By Component, Organizational Type, End-User, and Geography”, the global Cloud POS market valued at USD 4.95 Bn in 2018 and is expected to reach USD 27.82 Bn by 2027; it is estimated to grow at a CAGR of 21.6% during 2019–2027. The increasing demand for secure and faster payment processing solution, and rising popularity of subscription-based models.
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China and the United States have emerged as leaders in the global cloud POS market, each making significant contributions in their unique ways. China has experienced a rapid expansion in its retail and e-commerce sectors, driving the adoption of cloud POS systems. The country's large population and rising middle class have increased consumer spending, creating a need for advanced and efficient point of sale solutions. Cloud-based POS systems have gained popularity in China due to their scalability, affordability, and ability to handle high transaction volumes. With a strong focus on mobile technology and digital payments, Chinese businesses have embraced cloud POS solutions to cater to the demands of their tech-savvy consumers.
Furthermore, the presence of local technology giants and innovative startups in China has fueled the development of cloud-based POS solutions tailored to the unique requirements of the Chinese market. The United States, with its mature retail industry and tech-driven market, has been at the forefront of cloud POS adoption. Businesses in the U.S. have recognized the advantages of cloud-based solutions in terms of real-time data access, operational efficiency, and enhanced customer experiences. The country's emphasis on customer-centric approaches and the need to stay competitive in a rapidly growing retail landscape has propelled the adoption of cloud POS systems.
Furthermore, the presence of leading technology companies and a highly developed ecosystem of solution providers has accelerated the growth of the cloud POS market in the U.S. Businesses in the country have leveraged cloud-based POS systems to streamline operations, implement targeted marketing strategies, and integrate with various payment methods and channels to deliver seamless omnichannel experiences to customers. Both China and the United States have made significant contributions to the global cloud POS market through their technological advancements, customer-centric approaches, and the presence of innovative solution providers. These countries have recognized the value of cloud-based POS systems in enhancing operational efficiency, customer experiences, and data-driven decision-making. As leaders in the market, China and the United States continue to drive the adoption and innovation of cloud POS solutions, shaping the industry's future.
Cloud POS Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 4.95 Billion in 2018 |
| Market Size Value by | USD 27.82 Billion by 2027 |
| Growth rate | CAGR of 21.6% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 150 |
| No. of Tables | 110 |
| No. of Charts & Figures | 82 |
| Historical data available | Yes |
| Segments covered | Component ; Organizational Type ; End-user |
Cloud POS Market Analysis: Competitive Landscape and Key Developments
Square, Inc., Intuit, Inc., Oracle Corporation, Shopify, Inc., Toast, Inc., Vend Limited, AccuPOS, Inc., Clover Network, Inc., LightSpeed POS Inc., and Loyverse POS are a few of the key companies operating in the cloud POS market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In January 2022: NCR Corporation and Google Cloud collaborated to help turn these obstacles into opportunities. With their strategic partnership, NCR and Google Cloud introduced additional platforms and cloud capabilities, including AI and machine-learning solutions.
In October 2021: Synchrony, a consumer finance company, expanded its strategic alliance with Fiserv, Inc., a payment and financial services technology solutions supplier. This enabled small companies to access Synchrony goods and services and accept private label credit card payments using Fiserv's Clover Point of Sale and business management platform. It also provided more freedom and choices in consumer purchases.
Browse key market insights spread across 150 pages with 110 list of tables & 82 list of figures from the report, "Cloud POS Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solution and Services); Organizational Type (Large Enterprise and SMEs); End-user (Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Transport & Logistics, Healthcare, and Others); and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/cloud-pos-market/
Increasing Adoption of Mobile Payment Methods, Such as Digital Wallets and Contactless Payments Provides Lucrative Opportunities for Cloud POS Market:
The increasing adoption of mobile payment methods, such as digital wallets and contactless payments, presents significant opportunities for the cloud POS market. As consumers increasingly rely on mobile devices for transactions, businesses must adapt their payment systems to cater to these preferences. Cloud POS systems can capitalize on this trend by seamlessly integrating various mobile payment technologies. By enabling businesses to accept digital wallet payments, such as Apple Pay, Google Pay, or Alipay, cloud POS solutions provide customers with a convenient and frictionless payment experience.
The adoption of contactless payment methods, driven by the need for hygiene and speed at the point of sale, further fuels the demand for cloud POS systems. These solutions can easily incorporate Near Field Communication (NFC) technology, allowing customers to make secure and touch-free payments simply by tapping their mobile devices or contactless cards. By embracing mobile payment methods, cloud POS systems offer businesses several advantages. First, they expand the range of payment options available to customers, meeting their evolving preferences and enhancing convenience. This flexibility helps businesses attract and retain tech-savvy customers who prefer mobile payment solutions. Integrating mobile payment technologies with cloud POS systems enables businesses to streamline payment processes and reduce transaction times. This results in shorter queues, improved customer flow, and operational efficiency.
Mobile payment adoption allows businesses to leverage customer data and offer personalized experiences. Cloud POS systems can capture valuable customer information through mobile payments, enabling businesses to analyze purchasing behavior, preferences, and demographics. This data can be utilized to implement targeted marketing strategies, loyalty programs, and personalized promotions, enhancing customer engagement and loyalty. Finally, embracing mobile payment methods positions businesses at the forefront of technological innovation and enhances their competitive edge. Customers increasingly expect modern and convenient payment options, and cloud POS systems enable businesses to meet those expectations.
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Cloud POS Market: Segmental Overview
Based on component, the cloud POS market is segmented into Solution and Services. The solution segment held the largest share of the market in 2018 and is anticipated to register the highest CAGR in the market during the forecast period. Based on organizational type, is segmented into Large Enterprise and SMEs. The large enterprise segment held the largest share of the cloud POS market in 2018, whereas the SMEs segment is anticipated to register the highest CAGR in the market during the forecast period. Based on end-user, the cloud POS market is segmented into Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Transport & Logistics, Healthcare and Others. The retail & consumer goods segment held the largest share of the market in 2018, whereas the travel & hospitality segment is estimated to register the highest CAGR in the market during the forecast period.
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