Cloud POS Market Size, Trends and Growth Analysis by 2027

In 2018, the global cloud POS market was valued at approximately US$ 4.95 billion and is projected to experience a compound annual growth rate (CAGR) of 21.6% from 2019 to 2027, ultimately reaching around US$ 27.82 billion by 2027. The primary factors propelling the growth of the global cloud POS market include the rising adoption of cloud technologies across various sectors and the increasing demand for enhanced operational efficiency in businesses. However, the fast-evolving technological landscape necessitates ongoing updates to both POS hardware and software. Additionally, the rise of tailored POS solutions, along with the expansion of 5G technology and mobile POS systems, is anticipated to create significant growth opportunities for key market players.

Currently, vendors are merging real-time transaction capabilities with customer relationship management (CRM) systems, leading to heightened sales and revenue for businesses. Traditional POS systems were often limited in their ability to provide comprehensive insights into customer behavior. The integration of POS and CRM systems allows businesses to identify which customers significantly influence sales and whose loyalty is worth cultivating. For example, Revel Systems has combined its iPad POS solution with CRM functionalities, enabling businesses to gather extensive customer data from transactions, including names, emails, billing and shipping addresses, and loyalty program memberships. This software aids businesses in organizing this data and sharing it across various departments?such as marketing, sales, customer service, and technical support?to enhance customer experience and acquisition strategies.

The rapid advancement of technology is largely driven by increasing demand across diverse sectors, including retail, travel and tourism, and healthcare, among others. The growing need for automation, artificial intelligence, data analytics, and improved customer service is significantly boosting the cloud POS market. Recently, the Internet of Things (IoT) has emerged as a crucial factor in transforming the entire POS landscape, as more devices become internet-connected, directly influencing the global cloud POS market. Continuous infrastructure development and enhancements in cloud technology are expected to further propel market growth.

In 2018, the Asia Pacific region was the leading market for cloud POS solutions, followed by North America and Europe. South America and the Middle East & Africa ranked fourth and fifth, respectively, in terms of market share within the cloud POS sector. The Asia Pacific region is projected to experience the highest CAGR during the forecast period, owing to its extensive geographical diversity and significant industrial and economic growth, which suggests a vast potential for cloud POS applications. However, only a few developed nations, such as China and Japan, have fully embraced cloud POS solutions across various application sectors.

The overall size of the cloud POS market has been determined through a combination of primary and secondary research methods. The research process begins with thorough secondary research utilizing both internal and external sources to gather qualitative and quantitative insights related to the cloud POS market. This research also provides an overview and forecast for the global cloud POS market based on various segments across five major regions: North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Furthermore, primary interviews were conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cloud POS sector. Major companies operating in the global cloud POS market include Square, Inc., Intuit, Inc., Oracle Corporation, Shopify, Inc., Toast, Inc., Vend Limited, AccuPOS, Inc., Clover Network, Inc., LightSpeed POS Inc., and Loyverse POS, among others.