Cloud POS Market Size

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.