2014-04-18 14:23:04 - Global POS Software Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global POS Software Market is to grow at a CAGR of 8.03 percent over the period 2012-2016. One of the key factors contributing to this market growth is the Increasing Usage of Credit and Debit Cards. The Global POS Software Market has also been witnessing the Stringent Regulations for Secure Payments. However, the Slow Adoption in Developing Nations could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global POS Software market is the stringent regulations for secure payments. In the Americas and the EMEA region, the governments of various countries have introduced stringent regulations with respect to secure payments. The governments in developed countries have imposed a rule for recertification of
electronic payment systems employed by the merchants/retailers. Furthermore, with respect to the electronic systems employed by retailers that connect to payment networks, the certification of products and services offered should be obtained from financial institutions, card associations, and payment processors. These certifications have to comply with the government and telecom regulations in various countries. In this case, a majority of retailers will have to change/upgrade their existing POS software to help them obtain this certification. As a result, the Global POS Software market is expected to witness a drastic growth especially in the Americas and the EMEA region.
One of the main factors driving the market is the increasing usage of credit and debit cards. Customers across the globe are increasingly using standard payment cards for their purchases. In addition, a vast majority of these cards, especially those in the EMEA region, are EMV-based. This has necessitated the use of POS terminals and the requisite POS software across the globe.
One of the main challenges is the slow adoption in developing nations. With the changing economic scenario, the complexity of business operations has increased. Hence, retailers are forced to adopt new technologies, including POS systems, to remain competitive in the market.
Key vendors dominating this space include Micros Systems Inc., Epicor Software Corp., Oracle Corp., and SAP AG.
Other vendors mentioned are IBM Corp., NCR Corp., and Wincor-Nixdorf
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