Global Cloud POS Market Expected to Reach USD 13.24 Billion by 2028 | Top Players Such as – Shopify, B2B Soft and Intuit
Low operational and functional costs of cloud POS solutions propel the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, July 4, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Cloud POS Market Expected to Reach USD 13.24 Billion by 2028 | Top Players Such as – Shopify, B2B Soft and Intuit.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud POS market size was valued at USD 2.24 billion in 2020, and is projected to reach USD 13.24 billion by 2028, registering a CAGR of 24.5 % from 2020 to 2028.
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Improving workplace productivity, efficiency, and dynamic decision-making ability of organizations and businesses fuel the growth of the global cloud POS market. On the other hand, data security and privacy concerns related to the use of cloud POS restrain the growth to some extent. However, advancements in the retail and hospitality industry are expected to create lucrative opportunities in the industry.
The Cloud POS market is mainly segmented on the basis of component, services, application and organization size. Based on component, the market is segmented into solution and services. Based on service, the market is segmented into implementation and integration, training and consulting and support and maintenance. Based on application, the market is segmented into retail and consumer goods, transport and logistics, media and entertainment, travel and hospitality and healthcare. On the basis of organization size, the market is segmented into SME and large enterprise. The Cloud POS market is primarily studied across various regions such as North America, Europe, Asia-Pacific and LAMEA.
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By component, the solution segment contributed to nearly four-fifths of the total market share in 2020 and is expected to lead the trail by the end of 2028. The services segment, on the other hand, would cite the fastest CAGR of 26.0% from 2021 to 2028.
Based on organization size, the SME segment accounted for nearly three-fifths of the total market revenue in 2020 and is projected to retain its dominance by 2028. Simultaneously, the large enterprise segment would manifest the fastest CAGR of 27.2% throughout the forecast period.
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Based on region, North America held the major share in 2020, garnering more than two-fifths of the global market. Simultaneously, the market across Asia-Pacific would register the fastest CAGR of 25.7% from 2021 to 2028.
The key market players analyzed in the global cloud POS market report include Cegid, UTC Retail, Oracle, Shopkeep, PAR Technology, Shopify, B2B Soft, Intuit, Square, Inc., and Lightspeed. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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COVID-19 Scenario-
● Shuttered stores, travel prohibitions, and lower discretionary consumer expenditure on entertainment, movies, and dining out impeded digital payments and impacted the global cloud POS market negatively.
● However, the global situation is being ameliorated at a slow & steady pace, and the market is projected to revive soon.
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