The Global Cloud POS Market size in 2020 was $2.20 billion and the market is anticipated to grow with a CAGR of more than 24% over the forecast period 2021-2027.

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Cloud-based POS solutions use the cloud’s flexibility of rapid scaling up and down; businesses may add or remove services at any time depending on their requirements and those of their customers. The companies pay for what they need, which saves them money compared to the costs of maintaining basic systems and future-proofing requirements of the traditional on-premises POS. Further, the solution providers cover the constant operation of these POS systems and upkeep of cloud-based POS solutions.

As of 2020, Cloud POS held the highest share of the global POS systems market and is expected to maintain its position in the upcoming years. Cloud computing systems offer web-based services for POS systems, where data is adequately supported on remote servers of vendors. As the fastest-growing segment of the cloud POS market, services are forecast to gain momentum among end-users, and a surge in cloud adoption is expected to spur the overall market growth. End-users can embrace cloud POS due to its advantages like increased flexibility, environmental adaptability, and continuityof functionality by adopting it across their vertical industries.

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Factors Impacting the Growth of the Cloud POS Market

Demand of businesses and organizations to make effective decisions and improvement in workplace productivity primarily drives the market growth.

The development of small and medium-sized enterprises and increasing adoption of cloud-based systems, and recent developments in the retail sector, has created a lucrative opportunity for the Cloud POS market growth.

The cloud POS industry is further propelled by the ability of cloud POS solutions to save operational and functional costs of the organizations.

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COVID-19’s negative impact spread to many key economic sectors, including manufacturing, autos, retail, aviation, and hospitality. Therefore, digital payments, closely related to previously cited sectors, have slow-down in growth prospects. Several factors such as closed stores, travel restrictions, and lower discretionary spending (for example, on movies, dining out, and other entertainment sources) have affected digital payments and the worldwide cloud POS industry.

During this time, key competitors used various techniques to counteract the effects of Coronavirus by promoting local shops and help to sell more POS systems. For example, Canadian online services provider Shopify partnered with Google to provide their customers’ products appear in Google search results to increase the target audience and profit margins.

The Global Cloud POS Market can be split into component, application, and organization size.

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Segmentation based on Organization Size

B2B Soft Square, Inc.

What is the goal of the report? ? The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. ? During the forecast period, the report analyzes the growth rate, market size, and market valuation. ? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. ? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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