According to the research report titled ‘Cloud POS Market Size By Component (Software, Service [Maintenance & Support, Consulting & Training]), By Organization Size (SMEs, Large Enterprises), By Application (Retail & E-Commerce, Restaurant, Hospitality, Transportation & Logistics, Entertainment & Media, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Benelux, China, India, Japan, Australia, Singapore, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global cloud POS market is expected to cross USD 6 billion by 2025.
 

According to the report, rapid digitalization in e-commerce and retail sector are compelling enterprises to utilize cloud-based payment solutions which in turn is driving the cloud POS market growth. Major retail companies are focusing on enhancing flexibility and mobility during business operations by deploying effective point-of-sale solutions. These solutions facilitate enterprises in processes such as customer data management, monitoring & reporting, and inventory management. Shifting preferences towards using cloud POS solutions since it provides better data storage and security services is further aiding the expansion of the market.
 

Growing demand for easy and flexible transactions in various sectors is stimulating the industry outlook. Cloud POS solutions offer users with real-time information regarding online browsing and purchasing, which in turn increases the overall sales. Increasing instances of frauds have bolstered the development of innovative payment solutions which are integrated with advanced data security services. Moreover, favorable government initiatives are improving data security to curb fraudulent activities. This factor has compelled enterprises to adopt cloud storage services, thereby reducing the risk of fraud and further contributing towards the growth of cloud POS market.
 

Based on the application spectrum, the report cites that the retail & e-commerce segment is expected to register substantial growth during the forecast period. Cloud POS solutions in retail & e-commerce sector enable retailers to offer effective payment solutions which reduce dependency on cash. Moreover, these solutions enhance customer experience and satisfaction, hence augmenting the demand for cloud POS solutions across retail & e-commerce industries.
 

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As per the regional analysis, the report states that the Asia-Pacific cloud POS industry is poised to amass commendable gains in the ensuing years. The growth is attributed to high presence of SMEs and flourishing retail sector in the region. Additionally, rising development of smart cities in countries such as China, Japan, and India are contributing towards the popularity of cloud POS solutions across the region. Advancements in cloud technology along with rapid urbanization are also compelling various companies to adopt cloud POS systems, which in turn is facilitating the business scenario.
 

The prominent companies operating in the cloud POS market are Vend Ltd., Upserve Inc., TouchBistro Inc., Toast Inc., Square Inc., Shopkeep Inc., Shopify, Revel Systems Inc., Phorest Salon Software, PAR Technolgoy, Oracle Corporation, NCR Corporation, Lightspeed POS Inc., Kounta Holdings Pty Ltd., Future POS, ERPLY, EPOS Now (ePOS Inc), Clover Network Inc., Celerant Technology, and Cegid Group.