The dynamics including (drivers, constraints, opportunities, players, solutions and offerings) within the Global point of sale (PoS) terminal Software Market reflect the critical realities around the payment modes industry where one can observe all kinds of excitements.
For those who are unfamiliar,
a point of sale (PoS) terminal can be refer to an electronic payment system or
a combination of systems that transfer funds electronically with the use of
payment modes like credit and debit cards.
According to Technavio’s
latest report on the global PoS software market , the global POS software market is expected to
reach USD 853 million during 2015-2019, due
to two major factors, namely migration to Europay, MasterCard, and Visa (EMV)
and compliance with Payment Card Industry Data Security Standard (PCI DSS).
Among others dynamics; it is increasingly clear that
most of the card issuers are
moving towards providing EMV cards because of improved security standards.
The development of customized
software, which includes industry-specific customizations, is likely to fuel
market growth.
Many vendors in the market are
adding new features to their POS software package to facilitate the merchant
and the customers.
Many analysts are unanimous
that, organized retailers, unorganized retail establishments will become the
key contributors to the demand for POS terminals and POS software. India and
China represent powerful addressable markets for POS software.
Some of the top vendors in the
global PoS software market, as researched by Technavio analysts are: