Cloud POS Market Expected to Reach USD 13.24 Billion by 2028 |Top Players such as - Shopify, B2B Soft, Intuit, Square and Lightspeed

According to the report published by Allied Market Research, The Cloud POS Market Expected to Reach USD 13.24 Billion by 2028 |Top Players such as - Shopify, B2B Soft, Intuit, Square and Lightspeed. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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.

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The global cloud POS market is analyzed across component, service, 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.

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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Key Findings of the Study -

• By component, in 2020, the solution segment was the major shareholder. However, service is expected to witness highest growth rate during the forecast period.

• On the basis of application, the retail and consumer goods segment accounted for the highest revenue in 2020, however, the healthcare segment is expected to witness highest growth rate during the forecast period.

• On the basis of organization size, the SME sector accounted for the highest revenue in 2019, however, the large enterprise is expected to witness highest growth rate during the forecast period.

• Region wise, the cloud POS market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years, creating a positive scenario for Cloud POS market growth.

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