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The cloud point of sale (PoS) market is estimated to grow at a CAGR of 19.38% between 2022 and 2027. The size of the market is forecast to increase by USD 5,292.67 million. The growth of the market depends on several factors, including the growing application of cloud point of sale in retail sector, the increasing demand for contactless payment options, and the growing e-commerce industry.
This report extensively covers market segmentation by application (retail and consumer goods, travel and hospitality, media and entertainment, transport and logistics, and healthcare), component (solution and services), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing application of cloud point of sale in retail is notably driving the market growth, although factors such as data security concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing application of cloud point of sale in retail is the key factor driving the growth of the global cloud PoS market. In the retail segment, point-of-sale solutions offer a point-of-sales operating system, easy payment methods, and the ability to create and manage a customer database in a structured format. Additionally, with increasing digital transformation, e-commerce, and cashless payments becoming more prevalent, and retailers require additional capabilities in their point of sale software to manage both online and in-store sales. Additionally, retailers around the world are facing the impact of the COVID-19 pandemic, ongoing labor shortages, supply chain issues, and rising consumer expectations.
Thus, vendors are launching cloud point-of-sale solutions specifically for retailers, which will help the retail sector overcome these negative impacts. For instance, In January 2022, NCR and Alphabet Inc. (Google Cloud) announced a partnership to bring additional platform and cloud capabilities, including AI and machine learning solutions, to retailers worldwide. This will give them access to best-in-class tools and high flexibility to deliver excellent in-store experiences to consumers, which will drive the growth of the market in focus during the forecast period.
Continuous development of new solutions is the primary trend in the global cloud PoS market growth. Continuous development of new solutions by providers is one of the main trends in the market. The development of sophisticated solutions by some vendors also encourages other vendors to develop innovative solutions to remain competitive in the market. For instance, in May 2022, NCR launched NCR Aloha Cloud, a cloud-based point-of-sale solution. Aloha Cloud delivers a refreshed user interface (UI), the smallest handheld device on the market, and seamless payment processing with next-day funding of deposits.
Similarly, in January 2021, Block announced the launch of Square for Retail. It is a new full point-of-sale system that will help retailers with their operations and run their businesses better. Therefore, the above factors are expected to drive the growth of the global cloud point of sale market during the forecast period.
Data security concerns are major challenges to the growth of the global cloud PoS market. Various security risks and privacy concerns associated with implementing point of sale solutions hinder their adoption. End users need to spend more on effectively deploying cybersecurity processes and systems to make their point of sale solutions in the cloud safer and more secure. This increases the cost of owning and implementing a cloud point of sale solution. Retailers are highly vulnerable to threats of unauthorized access and data leakage, but retailer administrators should pay attention to cybersecurity when implementing cloud point of sale solutions.
End users need reliable internet connectivity and third-party services that mitigate the vulnerabilities inherent in cloud point of sale solutions. Additionally, providing system access to third parties for upgrades and implementing cloud point of sale solutions increases the risk of data leakage. Therefore, such privacy and security concerns are expected to hamper the growth of the global cloud point of sale market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud Point of Sale Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Fiserv Inc.: The company offers point of sale software that helps in taking orders and accepting payments and the point of sale software syncs with the cloud, so one can access the sales, refunds, deposits, and reports, under the brand name of Clover.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the retails and consumer goods segment will be significant during the forecast period. The retail and consumer goods segment of the market refers to the use of cloud point of sale solutions by retail establishments such as grocery stores, department stores, and specialty stores. Cloud point of sale solutions are used to process sales, manage inventory, and receive payments from customers.
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The retails and consumer goods segment was valued at USD 721.82 million in 2017 and continue to grow by 2021. In the last few years, the retail and consumer goods industries have moved to e-commerce, and cloud point of sale solutions play a key role in facilitating online transactions. Overall, the use of cloud point of sale solutions in the retail segment is expected to continue to grow as businesses look for ways to improve efficiency and provide a better customer experience. These factors are therefore expected to drive the growth of the featured global cloud point of sale (POS) market during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China and India are the major countries contributing to the growth of the market in this region. An increasing number of retail outlets such as supermarkets, specialty stores, department stores, and malls are driving the growth of the retail industry. Merchants in the region are adopting cloud point of sale to make shopping easier and faster. Therefore, the growth opportunity for cloud point of sale solutions in this region is great. The rising purchase power of consumers, a large potential consumer base, and the growing sales of debit and credit cards in the region have increased the demand for cloud point of sales solutions, which, in turn, is driving the growth of the regional cloud point of sale (POS) market during the forecast period.
The COVID-19 pandemic led to millions of people being confined to their homes owing to the implementation of lockdown restrictions in 2020 in APAC. However, owing to the large-scale COVID-19 vaccination drives implemented across the region in 2021, lockdown restrictions were lifted in many nations in APAC, which led to the restoration of operations across malls, supermarkets, hypermarkets, and standalone outlets. As a result of these factors, the demand for and usage of cloud point of sale solutions are increasing across this region, thereby positively impacting the growth of the market in APAC.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global cloud point of sale market as a part of the global internet services and infrastructure market within the global IT services market. The super parent global IT services market cover companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Cloud Point Of Sale Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.38% |
Market growth 2023-2027 |
USD 5,292.67 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
18.4 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, Canada, China, Japan, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARBA Retail Systems, Dotykacka CR s.r.o., Bindo Labs Inc., CDW Corp., Intuit Inc., Lightspeed Commerce Inc., Oracle Corp., PAR Technology Corp., Paychex Inc., Revel Systems Inc., Shopify Inc., Teraoka Seiko Co. Ltd., TouchBistro Inc., TRANSACT LLC, Block Inc., Epicor Software Corp., Fiserv Inc., NCR Corp., Toast Inc., and Poster Pos Inc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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