The global cloud POS market is expected to reach USD 13.24 billion by 2028, according to a new report by Allied Market Research. The increasing prevalence of e-commerce and cashless transactions in the retail and consumer goods industries is a key factor driving the market's growth.

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The report, titled, "Cloud POS Market Expected to Reach USD 13.24 Billion by 2028 | Top Players such as - Square, Cegid, Intuit and Shopify," offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.

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The global cloud POS market size was valued at USD 2.24 billion in 2020, and is projected to register a CAGR of 24.5 % from 2020 to 2028. 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 Cloud POS market is mainly segmented on the basis of component, services, application and organization size. Based on component, the market is segmented into solution and services. Based on service, the market is segmented into implementation and integration, training and consulting and support and maintenance. Based on application, the market is segmented into retail and consumer goods, transport and logistics, media and entertainment, travel and hospitality and healthcare. On the basis of organization size, the market is segmented into SME and large enterprise. The Cloud POS market is primarily studied across various regions such as North America, Europe, Asia-Pacific and LAMEA.

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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.

Sources: https://www.einnews.com/pr_news/627070443/cloud-pos-market-expected-to-reach-usd-13-24-billion-by-2028-top-players-such-as-square-cegid-intuit-and-shopify