June 17, 2020
As per the report titled ‘Global Cloud POS Market Size study, by Component (Software and services), Organization Site (SMEs and Large Enterprises), by Application (Retail & E-commerce, Restaurants, Hospitality, Transportation & Logistics, Entertainment & Media, and Healthcare) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global cloud POS market attained a valuation of USD 1.29 billion in 2019 and is slated to exhibit a CAGR of 21.38% through 2026.
Increasing number of cashless transactions and growing investments in cloud technology are fueling the growth of global cloud POS market.
Cloud POS applications assist businesses in developing and handling a wide array of payment of choices. These applications are essential tools for ringing up sales on a cash register, and also aid in pricing, inventory control, marketing, accounting, property management, customer support, digital signage, and security. In addition, benefits such as reduction in ownership costs and deployment time, streamlined management, and reduced need for on-site installations are favoring the product adoption.
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Based on the component scope, the market is bifurcated into software and services. Considering the organization size, cloud POS market is split into SMEs and large enterprises.
Elaborating on the application spectrum, the market is classified into retail & e-commerce, hospitality, transportation & logistics, restaurants, entertainment & media, and healthcare. Retail & e-commerce segment is expected to record significant growth over the forecast period, attributable to a seamless customer experience, real-time data and omnichannel execution. Growing consumer inclination towards online shopping will further outline growth prospects for the market.
As per the regional analysis, global cloud POS market is segregated into North America, Asia Pacific, Europe, Latin America, and Rest of the World. Asia Pacific is expected to emerge as a lucrative growth avenue for market players over 2020-2026, due to growing adoption of various associated services. Meanwhile, Europe cloud POS market is poised to grow considerably over the analysis timeframe, owing to proliferation of cloud computing in the region.
Some of the renowned industry players include Oracle Corporation, NCR Corporation, Kounta Holdings Pty Limited, Future POS, ERPLY, Shop Keep, EPOS Now, Clover Network, Inc., Celerant Technology, and Cegid Group.