In the cloud POS market, the retail & e-commerce sector will witness high growth over the coming years.
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Cloud POS Market is expected to grow at over 24% CAGR to reach USD 6 billion by 2025. The ongoing digitization in retail & e-commerce sectors is compelling businesses to adopt cloud-based payment solutions for enhancing enterprise operations. The retailers are focusing on implementing efficient point-of-sale solutions to increase mobility and flexibility, driving the cloud POS market growth. These solutions are aiding companies in several aspects such as inventory management, monitoring & reporting, and customer data management. Moreover, the benefits associated with cloud technology, such as security and data storage, are forcing end-users to shift toward cloud POS solutions, driving the industry growth.
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In the cloud POS market, the retail & e-commerce sector will witness high growth over the coming years. These solutions are allowing retailers to provide an effective payment platform to customers, reducing hassles of carrying cash. The industry is reliant on personal data for driving the sales and providing customers safe & unique purchase experience, necessitating the adoption of software-based point-of-sale solutions among retailers. Moreover, the deployment of these solutions provides enhanced customer service, helping businesses to improve operations between customers and businesses. Such factors are positively impacting the cloud POS market growth.
The growing demand for flexible and easy transactions in several sectors is accelerating the cloud POS market growth. These solutions allow users to provide real-time information about purchases and online browsing, increasing the overall store sales. The vendors are offering advanced solutions that can be used/integrated with multiple hardware platforms. For instance, in May 2019, Squirrel Systems announced the launch of Squirrel cloud-based POS solution, built on Microsoft Azure and designed to help restaurants of different sizes. With this solution, restaurants can carry out advanced transactions with their clients. Such factors are anticipated to drive the demand for cloud-based solutions in the restaurant industry landscape.
The rise in fraudulent activities is forcing several industries to introduce innovative payment solutions with advanced data security. In April 2018, Gemalto NV reported that in 2017 over 2.5 billion records globally were stolen, lost or exposed with an increase of 88% from 2016. To curb the increasing fraudulent activities, several regions are witnessing a rise in the implementation of government regulations for financial transaction and customer data security, forcing industries to adopt secure transaction systems. This has resulted in businesses to implement cloud-based payment solutions to reduce data security breaches by storing the data online, reducing the possibility of physical data breaches.
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The Asia Pacific cloud POS market will dominate the global industry owing to the presence of a large number of SMEs and rapid expansion of retail customer base in the region. The adoption of cloud technology is encouraging enterprises to adopt these POS solutions mainly in the retail & logistics segment. Moreover, the development of the e-commerce sector and the ongoing digitization plans by government authorities in countries including India, Japan, and China will accelerate the cloud POS market growth. Technological innovations and rapid urbanization are also encouraging companies to set up advanced transaction systems in the region.
The key players operating in the cloud POS market are NCR Corporation, TouchBistro Inc, Upserve, Inc, Clover Network, Inc., Lightspeed POS Inc., Revel Systems, Inc., Toast, Inc., EPOS Now, PAR Technology, Shopify, Square, Inc., Touchsuite, and Vend. These players are competing based on their product portfolios, differentiation, and innovations. The growing demand for these solutions in several sectors is encouraging manufacturers to highly invest in R&D activities and offer diversified solutions, accelerating the industry growth.
Table of Contents (ToC) of the report:
Chapter 4. Cloud POS Market, By Component
4.1. Key trends by component
4.2. Software
4.2.1. Market estimates and forecast, 2015 – 2025
4.3. Service
4.3.1. Market estimates and forecast, 2015 – 2025
4.3.2. Maintenance & support
4.3.2.1. Market estimates and forecast, 2015 – 2025
4.3.3. Consulting & training
4.3.3.1. Market estimates and forecast, 2015 – 2025
Chapter 5. Cloud POS Market, By Organization Size
5.1. Key trends by organization size
5.2. SMEs
5.2.1. Market estimates and forecast, 2015 – 2025
5.2.2. Market estimates and forecast, by application, 2015 – 2025
5.3. Large enterprises
5.3.1. Market estimates and forecast, 2015 – 2025
5.3.2. Market estimates and forecast, by application, 2015 – 2025
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