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Cloud POS Market Size

Report ID: GMI3418
Published Date: Feb 2022
Report Format: PDF

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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.

Cloud Point of Sale (POS) Market

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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.

Cloud POS Market Report Attributes
Report Attribute	Details
Base Year:	2021
Cloud POS Market Size in 2021:	USD 3 Billion
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	20%
2028 Value Projection:	USD 10 Billion
Historical Data for:	2018 to 2020
No. of Pages:	250
Tables, Charts & Figures:	250
Segments covered:	Component, Organization Size, Application and Region
Growth Drivers:	Demand for the cloud systems for inventory and stock management Rise in cashless transactions in several countries Growing demand for cloud POS from small restaurants in the U.S. Inclination towards online payments in Europe Growing demand for e-commerce transactions in Europe and Asia Pacific Rise in food delivery services in China and India Infrastructure development in Latin America Flourishing retail industry vertical in the UAE
Pitfalls & Challenges:	Lack of reliable and advanced infrastructure High security risks

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cloud POS market exceeded USD 3 billion in 2021 and is likely to strike a 20% CAGR through 2028 due to growing deployment by business owners for processing and storing the payment data online.

The cloud POS software segment in the U.K. is set to record an 18% gains between 2022 and 2028 impelled by the growing installation of modern digital solutions for enabling hassle-free and paperless transactions.

The market size from large enterprises in the U.S. crossed USD 600 million in 2021 and is anticipated to register a 14% CAGR through 2028, says this GMI report.

Asia Pacific accounted for more than 20% of the market share in 2021 and will see expansion with rising adoption of e-commerce platforms and digital payment technologies in the COVID-19 pandemic.