Cloud POS Market: Industry Value is Projected to Reach $13.24 Billion by 2028, at CAGR of 24.5 %

iCrowd Newswire
13 May 2022, 00:18 GMT+10

The global cloud POS market is analyzed across components, services, organization size, application, and region. 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.

Advancements in the retail and hospitality industry are expected to create lucrative opportunities in the industry. Improving workplace productivity, efficiency, and dynamic decision-making ability of organizations and businesses fuel the growth of the global cloud POS market.

The global cloud POS market was estimated at $2.24 billion in 2020 and is expected to hit $13.24 billion by 2028, registering a CAGR of 24.5% from 2021 to 2028.

Key market players such as - Cegid, UTC Retail, Oracle, Shopkeep, PAR Technology, Shopify, B2B Soft, Intuit, Square, Inc., and Lightspeed.

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.

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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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.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Tags: Cloud-based POS solutions, Cloud POS Market, Cloud POS