Cloud POS Market is expected to display a steady growth of 20% due to the rising use of the internet around the world | UnivDatos Market Insights

NOIDA, India, Feb. 22, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the cloud POS market was valued at USD 3 billion in 2021 and is expected to grow at a CAGR of around 20% from 2022-2028. The analysis has been segmented into Component (Software and Service); Organization Size (Small and Medium Enterprises and Large Enterprises); Application (Retail, Restaurants, Hospitality, Transportation, & Logistics, Media and Entertainment, Healthcare, and Others) Region/Country.

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The cloud POS market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Cloud POS market. The cloud POS market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research Repository examines and estimates the cloud POS market at the global and regional levels.

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Market Overview

Cloud POS is a web-based POS system that is used to process payments over the internet. With the help of cloud POS, users don't need cumbersome and expensive servers or expensive software that they have to buy new versions to upgrade. A cloud-based POS system processes all payment transactions and updates online instead of on your local computer.

The growing adoption of cloud POS is mainly attributed to the mobility benefits offered by cloud POS systems. Additionally, cloud POS systems help businesses save operational and functional costs, this is accelerating the market growth during the forecast period. Moreover, the growing internet penetration across countries is expected to drive the market during the forecast period. For instance, according to datareportal, 63.5% of world's population is on the internet.

Some of the major players operating in the market include Cegid, Celerant Technology, Clover Network LLC, ERPLY, Future POS, Lightspeed, NCR Corporation, Oracle, PAR Tech, and Revel Systems.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the retail industry in a significant manner as the use of paper money reduced due to the possibility of transmitting the virus, and online sources of payments were used.

The global cloud POS market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• On the basis of organization size, the market is segmented into small and medium enterprises and large enterprises. The small and medium size segment is expected to grow significantly during the forecast period. Small enterprises have very less budgets for buying software licenses. Furthermore, cloud POS vendors have specific tools for individuals and freelancers that help them to customize their software as per their specific needs. These tools help SMEs to fully utilize the deployed software.
• Based on application, the market is segmented into retail and e-commerce, restaurants, hospitality, transportation & logistics, media and entertainment, healthcare, and others. During the forecast period, the media and entertainment segment is expected to grow with a significant CAGR. In this segment the cloud POS is deployed in casinos, movie theaters, etc. Cloud POS ensures a flexible and transparent functioning of the entertainment business. Moreover, the footfall to the entertainment destinations is very high which means higher ticket conversion. This is also expected to drive the market during the forecast period.

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Cloud POS Market Geographical Segmentation Includes:

• North America (United States, Canada, and the Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

APAC is anticipated to grow at a substantial CAGR during the forecast period. The growth in the region is mainly attributed to a rapidly growing consumer base in the region. Furthermore, the growing prominence of SMEs is expected to significantly influence market growth during the forecast period. Moreover, the growing prominence of e-commerce platforms in countries such as India and China is expected to drive the market during the forecast period. For instance, according to e-commerceDB India is the 8^th Largest market for e-commerce with a revenue of more than USD 85 billion in 2021.

The major players targeting the market include:

• Cegid
• Celerant Technology
• Clover Network LLC
• ERPLY
• Future POS
• Lightspeed
• NCR Corporation
• Oracle
• PAR Tech
• Revel Systems

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Cloud POS market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Cloud POS market?
• Which factors are influencing the Cloud POS market over the forecast period?
• What are the global challenges, threats, and risks in the Cloud POS market?
• Which factors are propelling and restraining the Cloud POS market?
• What are the demanding global regions of the Cloud POS market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Cloud POS Market Report Coverage

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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