Written by One Step Blog Team

On October 5th, MarketsandMarkets released Cloud POS Market by Component, Organization Size, Application Area (Retail and Consumer Goods, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Healthcare), and Region- Global Forecast to 2023. This new market research report is making news as its findings forecast a 22.7% compound annual growth rate in the global Cloud POS Market by 2023. According to the report, “growing investments in cloud technologies across the world and [the] increasing number of non-cash transactions are driving the demand for cloud POS solutions and fueling the growth of the cloud POS market.” In short, Cloud POS has become a proven technology vital to a retailer’s relevancy in today’s digitally driven world.

Here is the summary of MarketsandMarkets research report:

The global cloud POS market is expected to grow from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.7% during the forecast period. Cloud POS solutions help enterprises in enhancing and handling a wide range of payment options. They are a vital tool in ringing up sales. They also help in pricing, marketing, inventory control, accounting, customer service, property management, digital signage, and security applications. These solutions help companies save on the total cost of ownership, deployment time, and addressing complexities by providing a simplified management solution and eliminating the need for on-premises deployments.

The report provides detailed insights into the cloud POS market by regions, segments, and application areas. The market by component has solution and services segments. The services considered for the market include training, consulting and integration, and support and maintenance…. The retail and consumer goods application area is expected to hold the largest market size, as it provides [a] unified experience, real-time data and omnichannel execution to the user.

Click Here to acquire a copy of the full report.

Among the top key Cloud POS players featured in the report was One Step Retail Solutions and Teamwork Retail. Since 2008, we have worked with Teamwork to give our customers the tools necessary to be in step with the latest cloud-based innovations.

There is no question, that as Cloud POS systems continue to prove themselves to be reliable and secure technology, more and more retailers will embrace it and reap the benefits that come with it.