The global Cloud POS market is rapidly expanding, driven by technological advancements, increased adoption across industries, and the benefits of cloud computing. According to Allied Market Research, the market was valued at $2.24 billion in 2020 and is projected to reach $13.24 billion by 2028, growing at a CAGR of 24.5%. This article explores market trends, key drivers, segmentation insights, and the impact of COVID-19 on the industry.

Cloud POS Market Overview & Trends

• Cloud-based POS systems enable real-time sales tracking and data processing, offering flexibility and cost savings.
• Businesses can use existing mobile devices (iPads, smartphones) as POS terminals, reducing hardware expenses.
• Despite requiring an Internet connection, many providers offer offline functionality to ensure seamless operations.

Market Segmentation Insights

1. By Component:

• Solution Segment: Accounted for nearly 80% of the market share in 2020 and is expected to continue its dominance.
• Services Segment: Expected to grow at the fastest CAGR of 26.0% from 2021 to 2028 due to rising demand for cloud-based financial services.

2. By Organization Size:

• SMEs: Accounted for nearly 60% of total market revenue in 2020, maintaining dominance by 2028.
• Large Enterprises: Expected to witness the fastest CAGR of 27.2% during the forecast period.

3. By Region:

• North America: Held more than 40% of the global market share in 2020.
• Asia-Pacific: Expected to grow at the fastest CAGR of 25.7% from 2021 to 2028, driven by digital transformation and increased cloud adoption.

Impact of COVID-19 on Cloud POS Adoption

• The pandemic accelerated the adoption of Cloud POS solutions as businesses shifted to online and home delivery models.
• Retailers and restaurants leveraged cloud-based POS terminals for seamless remote transactions.
• This shift fueled the overall growth of the Cloud POS market post-pandemic.

Market Players & Competitive Landscape

Major players in the global Cloud POS market include:

• Cegid, UTC Retail, Oracle, Shopkeep, PAR Technology, Shopify, B2B Soft, Intuit, Square, Inc., and Lightspeed.
• These companies focus on partnerships, expansions, and collaborations to strengthen their market presence.

The Cloud POS market is poised for significant growth, driven by cost efficiency, scalability, and real-time analytics. As businesses continue to embrace digital transformation, cloud-based POS systems will remain an essential component of modern financial transactions.