The Cloud POS (Point of Sale) market has been experiencing significant growth, with various sources projecting continued expansion in the coming years. Here are some key insights:
- The global Cloud POS market size surpassed USD 3 billion in 2021 and is projected to expand at over 20% CAGR from 2022 to 2028​ (Global Market Insights Inc.)​.
- According to Fortune Business Insights, the market size was valued at USD 3,987 million in 2022 and is anticipated to reach USD 5,786 million in 2023. It is projected to reach USD 30,205 million by 2031, growing at a CAGR of 24.7% during the forecast period (2022–2030)​ (StraitsResearch)​.
- Factual Market Research reports that the Cloud POS Market size was valued at USD 2.28 Billion in 2021 and is projected to reach USD 12.24 Billion by 2030, growing at a CAGR of 22.2% from 2023 to 2030​ (Factual Market Research)​.
- IMARC Group estimates that the global cloud point of sale (POS) market size reached US$ 4.3 Billion in 2023 and expects the market to reach US$ 21.5 Billion by 2032, exhibiting a growth rate (CAGR) of 19.4% during 2024-2032​ (IMARC)​.
The growth of the Cloud POS market is driven by several factors, including the increasing demand for flexible, scalable, and efficient POS solutions that can be accessed remotely, the growing adoption of cloud computing technology across various industries, and the rising need for contactless payments and enhanced customer experience. The market’s expansion is also supported by advancements in digital technology that facilitate the seamless integration of POS systems with other business management tools, offering comprehensive solutions that go beyond transaction processing.