The global cloud point of sale (POS) market share is anticipated to grow at a substantial rate through 2028 due to increasing adoption of digital or cashless payments across various industrial segments. Additionally, growing availability of efficient payment platforms is likely to further facilitate market growth over the forecast timeline.
Recently, industry players have been implementing profitable strategies to extend their consumer reach, which has been favorable for market growth. For instance, in March 2022, ParTech, a wholly owned subsidiary of PAR Technology Corporation and a global restaurant technology company focused on building a unified commerce cloud platform for enterprise restaurants, inked a partnership agreement with Cardfree, a prominent mobile merchant platform. With the deal, ParTech added Cardfree's end-to-end digital commerce technology to its booming Brink POS integration ecosystem.
For comprehensive assessment, the cloud POS market has been segmented in terms of component, organization size, application, and region. With respect to organization size, the market has been classified into SMEs (small and medium-sized enterprises) and large enterprises. The SMEs sub-segment is slated to report considerable growth over the review timeline. Increasing popularity of digital payments among SMEs is prompting the retail, healthcare, and restaurant industries to implement advanced payment solutions, which has positively influenced segmental growth.
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From the application perspective, the cloud POS market has been bifurcated into retail & e-commerce, restaurant, hospitality, transportation & logistics, healthcare, and entertainment & media. Among these, the hospitality sub-segment is set to gain notable momentum through 2028. Surging need for hoteliers to make the sale while maintaining inventory about perishable stocks and improving pricing based on revenue management concepts has boosted the uptake of POS systems in the hospitality sector, which is likely to foster segmental outlook in the coming years.
The cloud POS market share from the transportation & logistics sub-segment is expected to expand at a relatively faster rate over the study timeframe owing to increasing use of digital or cashless payment methods among merchants in the sector. Meanwhile, the healthcare sub-segment is speculated to see momentous growth through the review period. Rising focus of companies on stock management and inventory is foreseen to boost product demand in healthcare applications in the forthcoming years.
From the regional standpoint, the Latin America cloud POS market is estimated to reach a sizable valuation by the end of 2028 due to surging usage of cloud POS in restaurants across the LATAM region. Meanwhile, the Middle East and Africa cloud POS industry is expected to showcase steady expansion through the analysis timeframe. Rapid modernization of the domestic retail sector is anticipated to fuel product demand in the MEA region in the future.
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Table Of Content
Chapter 1 Methodology and Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 Region wise impact
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.4 Impact of COVID-19
1.4.1 North America
1.4.3 Asia Pacific
1.4.4 Latin America
1.5 Data sources
Chapter 2 Executive Summary
2.1 Cloud POS industry 360° synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Component trends
2.1.3 Organization size trends
2.1.4 Application trends
2.1.5 Regional trends