Cloud POS Terminals Market Growth & Trends
Global cloud POS terminals market size is expected to reach USD 5.52 billion by 2027, it is expected to grow at a cagr of 19.7 % for the whole period as per new research report published by UpGraph Research and consultancy. Increasing adoption of cloud-based payment services and uses of mobile payment solutions is anticipated to drive the market growth.
The cloud POS terminals offer certain advantages over the traditional point of sale terminals, these systems can be deployed on any device such as a personal computer, laptop, tablet/iPad, or smartphone. It is a software-based system that incorporates various features such as accounting, building, staff management, inventory management, and much more. Cloud POS solutions are affordable for business is all of all size, are many cloud POS software are available for free for limited application, customers can upgrade their services using paid plans and add-ons.
Cloud POS training and Consulting Services have gained much prominence in the last few years, cloud being new technology needs assistance for deploying on old on-premise systems. The cloud POS system offers flexibility in accessing the data from any device, the data is stored on cloud servers for easy access. This system requires minimal maintenance and is highly cost-effective in small and medium restaurants, fast food outlets, and quick-service restaurants.
Cloud POS terminals can be used for several applications such as retail, e-commerce, media and entertainment, transport and logistics, hospitality, and healthcare. The retail segment accounted for the largest cloud POS market share of 45% in 2019, going to increasing penetration of e-commerce and mobile payment applications. Many companies are offering hardware such as dedicated iPad or Tablet, NFC based card readers, barcode scanners, and invoice printer at a one-time payment, at this companies charge on a subscription model for using their software.
Asia Pacific cloud POS market share was highest in 2019, is a leading manufacturer of all sorts of hardware required for the POS technology. North America cloud POS market is expected to gain much prominence owing to increasing migration from on-premise to cloud systems.
The cloud POS is a highly promising Technology with the Great market potential, companies need to focus on improving data security and technological innovation in order to gain greater market share.
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Cloud POS Terminals Market Report insights
- The global cloud POS market was valued at USD 1.98 billion in 2019, and it is anticipated to grow at a cagr of 19.7 % from 2020 to 2027.
- The solution segment accounted for greater than 60% market share in 2019, cloud POS solutions are available at a one-time payment or subscription model.
- The Consulting and integration segment is leading the market followed by the support and maintenance services.
- Small and medium enterprises Are the largest end-user segment for cloud POS technology.
- The North America cloud POS Segment accounted for 32.54 % market share in 2019.
Cloud POS Terminals Market Segmentation
The global cloud POS market has been segmented based on service, organization size, application, and the region as mentioned below
- Cloud POS Component Insights (Revenue, USD Million, 2017 – 2027)
- Cloud POS Service Insights (Revenue, USD Million, 2017 – 2027)
- Training, Consulting & Integration
- Support & Maintenance
- Cloud POS Organization Size Insights (Revenue, USD Million, 2017 – 2027)
- Large Enterprise
- Cloud POS Application Insights (Revenue, USD Million, 2017 – 2027)
- Retail and Consumer Goods
- Travel & Hospitality
- Media & Entertainment
- Transport & Logistics
- Cloud POS Regional Insights (Revenue, USD Million, 2017 – 2027)
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America