Cloud POS Market worth USD 8.3 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Cloud POS Market by Component (Solution and Services), by Services (Implementation and Integration, Training and Consulting, and Support and maintenance), by Organization Size (SME and Large Enterprise), by Application (Retail and Consumer Goods, Travel and Hospitality, Media and Entertainment, Transport and Logistics, and Healthcare), by Region - Global Share and Forecast to 2027". The global cloud POS market size in 2020 was 2.2 billion and expected to grow USD 8.3 billion by 2027, at a CAGR of 24.5% during the forecast period.

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Cloud-based POS solutions are based on the cloud's rapid scale up and down the idea, which allows businesses to add or remove services at any time to meet their needs and those of their customers. Companies pay for their services, saving money on future-proofing and fail-safe mechanisms that traditional on-premises POS systems need. Furthermore, the solutions provider will take care of the maintenance and upkeep of cloud-based POS systems, so company owners won't have to worry about them running at all times. Because the solution providers manage the performance, maintenance, and upkeep of cloud-based POS systems, businesses may have a small IT team on staff, saving on training and personnel expenses associated with keeping a full-size IT department, as required by on-premises POS solutions.

Global Cloud POS Market Segmentation

The overall cloud POS market has been segmented into components, services, organization size, application, and region.

By Component (Solution and Services)
By Services (Implementation and Integration, Training and Consulting, and Support and maintenance)
By Organization Size (SME and Large Enterprise)
By Application (Retail and Consumer Goods, Travel and Hospitality, Media and Entertainment, Transport and Logistics, and Healthcare)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Implementation and integration, by service segment, is estimated to hold the largest market share during the forecast period

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On the basis of service, the Cloud POS market is segmented into implementation and integration, training and consulting, and support and maintenance. The implementation and integration segment generated the highest revenue of 62.5% of the global cloud POS market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Many vendors go through a detailed process of selecting the right POS (point-of-sale) solution for their business. There are several things to consider in POS Solution Selection Checklist and POS Selection Guide. Integrated trading system data goes beyond the cash draw summary level provided by simple POS reports. Detailed POS data integrated with your restaurant and accounting activities convey useful information for marketing reporting, menu engineering, recipe call, staff details, and enhanced business analysis and reporting.

The cloud-based POS system can be accessed from any device with an Internet connection. This provides flexibility in real-time viewing of employee performance percentages, inventories, and production reports. Details can be updated instantly and accessed around the clock from any remote location. This advantage of Cloud POS enhances flexibility in business operations. In addition, the Cloud POS can be configured on a portable device, enabling users to navigate devices. It also offers the benefit of adding more mobile devices to the existing advanced navigation system. This benefit allows customers to use the mobile POS (mPOS) operating system. The increased mobility benefits provided by POS cloud deployment are expected to provide future POS cloud systems.

North America accounts for the largest market share in cloud POS market 2020

Region-wise, the global Cloud POS market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 42.1% in the global cloud POS market and was anticipated to maintain its dominance throughout the forecast period. The global Cloud POS market in North America is analyzed across the U.S. and Canada. The U.S. is one of the largest markets for Cloud POS in retail. It is home to some of the major players, making it a lucrative hub for innovation in the market. The U.S. is a world leader and with the appropriate equipment and management tools. The largest demand for cloud and POS systems falls on the retail segment of the industry.

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In the U.S., this is an important segment of the North American market. Over the years, various types of poses have been used in retail outlets in the country, thereby increasing the need for replacement in state-of-the-art equipment. Hardware sales of IT technology, POS systems, digital technology, cloud subscriptions or mPOS deals, handheld, futuristic, tablets, and payment terminals are all sleek all-purpose machines. They are expected to witness growth in North America. The growing demand for new touch-screen hardware that is fully loaded into cloud-based point-of-sale software, along with small-to-medium-scale demand, will lead to significant changes in the region's POS industry.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the cloud POS market. UTC Retail, Square, Inc., Cegid, Shopify, B2B Soft, PAR Technology, Shopkeep, Lightspeed, Intuit, and Oracle are major players in the global market of the cloud POS market.

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