The Latin America, Middle East and Africa Cloud POS Market would witness market growth of 27.8% CAGR during the forecast period (2021-2027).
People had to rely on e-commerce websites for everything from daily essentials and medications to clothing and comfort as the worldwide pandemic progressed and local shopping malls and markets shuttered or were on the verge of closing with an aim to curb the spread of the coronavirus. The substantial rise in cloud-based POS among these e-commerce businesses as there is a high dependency over online marketplace and e-commerce websites. E-commerce platforms have introduced various contactless delivery options such as with the help of smartphones and cards where people generally choose cash on delivery. This is expected to increase the market opportunity for cloud POS.
Moreover, the shifting preference of consumers towards online shopping for a better customer experience, which would further surge the growth of the regional cloud POS market over the forecast period. There are many SMEs and large enterprises that are majorly shifting their business to the online platform for better reach, which further creates opportunities for cloud POS providers.
Companies across this region are becoming more aware of the benefits of deploying cloud POS solutions for improving their business. Owing to this, the demand for cloud POS would boost in this region over the forecast period. In addition, the increasing digitalization and urbanization are motivating people to shift to online mediums for shopping a wide range of products.
Moreover, several companies are also entering the digital world to promote their business and do better in the business world, and it is further estimated to create more demand for the digital POS solution. The demand for solutions that can provide faster and safer payment options which is gaining a high momentum in this region that would augment the growth of the regional cloud POS market in the coming years.
The Solution market dominated the South Africa Cloud POS Market by Component 2020, thereby, achieving a market value of $58 million by 2027. The Services market is expected to witness a CAGR of 31.4% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Cloud POS Market is Predict to reach $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.
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