According to the latest report by IMARC Group, titled "Cloud POS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cloud POS market reached a value of US$ 2.76 Billion in 2021. Cloud POS refers to a point-of-sale system that is generally used by multiple businesses for managing payment processes via the internet. It involves the utilization of a cloud platform for storing information related to transactions, employees and inventories on a remote server. It is a software as a service (SaaS) solution that is usually based on a subscription basis that provides access to automatic software updates, tech support, staff training, and dedicated account management while offering enhanced encryption security. There has been a considerable increase in the adoption of cloud POS due to rapid digitization across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cloud POS Market Trends:
The global market is primarily driven by the increasing demand for improved customer service delivery. Coupled with the rising preference for quick and secured payment processing solutions among business owners, this has encouraged multiple firms to heavily invest in the deployment of cloud POS solutions. Along with this, continual technological advancements and the integration of cloud POS with artificial intelligence (AI) and machine learning (ML) for simplifying customer engagement operations are creating a positive market outlook. Moreover, continuous improvements in the e-commerce sector and the advent of online delivery models have further propelled the demand for cloud POS. In line with this, the escalating preference for a contactless shopping experience due to the enhanced convenience offered by online shopping platforms is acting as a major growth-inducing factor. Other factors, including rapid urbanization, the penetration of high-speed internet and smartphones, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 10.23 Billion by 2027, exhibiting a CAGR of 23.20% during 2022-2027.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the type, the market has been segmented into fixed and mobile points of sale.
- On the basis of the organization size, the market has been classified into small and medium-sized and large enterprises.
- Based on the application, the market has been categorized into retail and consumer goods, travel and hospitality, media and entertainment, transport and logistics and healthcare.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include B2B Soft, Cegid Group, Fiserv Inc., Intuit Inc., Lightspeed Commerce Inc., NEC Corporation (AT&T Inc.), Oracle Corporation, Panasonic Corporation, PAR Technology Corporation, Samsung Electronics Co. Ltd., Shopify Inc. and Square Inc.
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