Global Point of Sale (POS) Industry
The global point of sale (POS) software industry is expected to reach $3.2 billion in 2014, according to TechNavio. The market is driven by retailers upgrading their point of sale systems. Upgrades are necessary to deal with multi channel shopping, which calls for evolving POS software design. Obstacles to market growth include the cost of software upgrades.
Point of sale systems involve hardware and software used by retailers to accept payment transactions from their customers. Retailers are the end users of POS systems, but the industry involves many other players. Companies linked to the industry include large distributors generating multi-million profits and mid-sized software developers. These outfits supply POS wares to local resellers, who vary in size from small-to-moderate operations.
The world POS hardware industry is expected to reach almost $31.5 billion in 2014, reports TechNavio. The market is driven by businesses adopting hardware interface standards. More recent market developmental trends include the incorporation of witnessing wireless POS hardware to accommodate a world where mobility is of increasing importance. High standards concerning data accuracy and the need for optimal compatibility present obstacles to market growth.