The North America Cloud POS Market would witness market growth of 21.3% CAGR during the forecast period (2021-2027).
Mobile POS solutions are gaining traction as a result of rising global mobility patterns and a growing emphasis on multichannel selling. Due to the requirement for sales and inventory synchronization, improved customer experience, and retention, cloud POS has seen an increase in popularity since the introduction of cashless transactional systems. For example, as per the U.S. census, data issued in February 2020 revealed that e-commerce businesses are constantly on the rise.
The capabilities of cloud POS, such as sales reporting, inventory, financial management, and customer analytics, help organizations overcome client retention challenges. As a result, the expansion of POS terminals is fueled by the high demand for client retention and industry competition. Moreover, because the data is managed by the PoS provider at a remote and secure location, Cloud PoS eliminates data storage and security difficulties, as well as software maintenance issues.
Hardware sales, digital POS, cloud subscriptions, or mPOS transactions are on the rise across the region, ranging from advanced hand-held tablets with a payment terminal to attractive all-in-one computers. The desire for new touch screen hardware and fully loaded Cloud Point of Sale (POS) software, as well as the demand from small and medium-sized merchants, has resulted in a substantial shift in the POS market.
With the growing adoption of cloud-based apps and anticipated to eventually substitute machine resident programs, powerful, dependable, and proven hybrid multi-function configurable POS systems, such as POS-n-go, will fulfill the requirements of small and medium-sized retailers and restaurants across North America. NCR POS hardware and software are used by the majority of convenience stores in North America.
The high adoption rate of the advanced solutions by various companies across the region would surge the growth of the regional cloud POS market. In addition, the increasing spending by the companies on implementing various solutions for better functioning and operations would augment the regional growth of the cloud POS market.
The US market dominated the North America Cloud POS Services Market by Country 2020, thereby, achieving a market value of $991.5 million by 2027. The Canada market is experiencing a CAGR of 26.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 25.3% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Retail & Consumer Goods, Travel & Hospitality, Media & Entertainment, Healthcare, Transportation & Logistics and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Cloud POS Market is Estimated to Reach USD 9.9 Billion by 2027 at a CAGR of 22.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Shopify, Inc., Square, Inc., Intuit, Inc., Touchsuite, Revel Systems, Omnico Group, Cegid Group, UTC Retail, and Lightspeed POS, Inc.
By Component
By Enterprise Size
By Application
By Country
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