Cloud POS Market Size - By Component (Software, Service), By Organization Size, By Application (Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare) & Forecast, 2022 - 2028

Cloud POS Market Size

Cloud Point of Sale (POS) Market size surpassed USD 3 billion in 2021 and is projected to expand at over 20% CAGR from 2022 to 2028.
 

The surge in the utilization of online food delivery services is likely to drive the industry growth. For instance, in December 2021, Zomato Ltd. confirmed a gross merchandise value of around USD 13.5 million compared to approximately USD 10.1 million on the exact date last year. To ensure strong business growth, the market players are implementing cloud POS solutions to gain operational scalability and flexibility offered by cloud computing technology. The rising implementation of cloud POS solutions that enable to link online orders, financial transactions, and inventory efficiently will fuel the market demand.
 

The coronavirus pandemic slightly impacted the cloud POS market in the first half of 2020, owing to the temporary closure of transportation terminals, retail stores, and restaurants. The government organizations imposed the stringent lockdown measures and social distancing regulations to reduce the overall spread of the virus. This factor is encouraging the customers to prominently use cashless modes of payments, such as digital wallets and credit cards, to avoid direct contact.
 

The change in consumer habits has accelerated the deployment of cloud POS solutions that enable fast monetary transactions across retail, restaurants, entertainment, healthcare, and hospitality sectors, thereby creating market growth opportunities.
 

Cloud POS Market Analysis

The UK cloud POS software market is poised to witness growth rate of around 18% through 2028 led by the rise in installation of modern digital solutions that enable hassle-free and paperless transactions. The hospitality sector is focusing on replacing legacy systems with advanced cloud POS solutions to ensure customer convenience. Companies in the hospitality sector are focusing on maximizing profitability while streamlining daily operations.
 

In 2021, the U.S. cloud POS market size from large enterprises valued at nearly USD 600 million and is estimated to observe 14% gains up to 2028. Introduction of new innovative solutions by companies are propelling the regional business expansion. The industry participants such as Mastercard International Incorporated, NCR Corporation, and Oracle Corporation, are investing in R&D activities to increase their portfolio and target a wide set of customers.
 

In January 2021, Mastercard International Incorporated partnered with NMI & Global Payments Inc. to introduce its live Cloud Tap on Phone with Computer Engineering Group. The software is designed for business of any size and will be hosted on Azure cloud platform. This will support the large enterprises in reducing their maintenance & development costs, while offering robust security features. The advancement in cloud POS solutions will attract more companies to integrate the cloud computing technology with the existing network.
 

The restaurant sector is emphasizing on the concept of cloud-based kitchens to capture a large customer base. Through this, they are expanding their market penetration across the region at a low startup cost. The growing implementation of the virtual kitchen concept will augment the requirement of cloud POS system for order and revenue management. It assists the restaurants in increasing their customer base, profitability, and gross margins. The rising focus on the development of cloud kitchen restaurants in the UAE will further enhance the industry expansion.
 

Asia Pacific cloud POS market accounted for above 20% of the revenue share in 2021. The stay-at-home regulations imposed during the pandemic further boosted the utilization of e-commerce platforms and digital payment technologies. For instance, as per the Flipkart December 2021 report, the company witnessed a 47% year-on-year customer growth from the Tier 3+ cities in this past calendar year. This indicates the shift in consumer purchase habits in fashion, electronic, books, groceries, and medicine categories. To effectively cater to the increasing demand, several stakeholders in the ecosystem, such as merchants, vendors, and service providers, are focusing on integrating the cloud POS solutions into their system.
 

Cloud POS Market Share

The major players held over 70% of the market share. The key participants operating in the cloud POS market include:

• TouchBistro Inc
• Kounta Holdings Pty Limited
• Revel Systems Inc
• Shopkeep Inc
• Upserve Inc
• Oracle Corporation
• NCR Corporation
• Celerant Technology
• Cegid Group
• Phorest Salon Software
• Clover Network Inc
• ERPLY
• Future POS
• Lightspeed POS Inc
• ePOS Inc
• Shopify
• Square Inc
• PAR Technology
• Toast Inc 
• Vend Limited.
   

This market research report on cloud POS includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:

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Market, By Component

• Software
• Service
  • Maintenance & Support
  • Consulting & Training

Market, By Organization Size

• SMEs
• Large Enterprises

Market, By Application

• Retail & E-Commerce
• Restaurant
• Hospitality
• Transportation & Logistics
• Entertainment & Media
• Healthcare
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa