In 2022, it is expected that the market for mobile point-of-sale devices will be worth US$21,063 million. The market is anticipated to grow quickly and reach US$ 1,40,134.2 million by 2032 with an anticipated CAGR of 20.9%.
The ongoing transition of payment methods from cash to electronic payments has prompted the widespread adoption of cutting-edge payment systems like mobile point of sale (mPOS). In both developed and developing countries around the world, mPOS has become a popular alternative to more practical payment methods. Major retail chains are also working very hard to increase customer interaction and give them a high level of convenience.
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Mobile point of sale Devices (mPOS) Market Drivers and Restraints
Key driver for Mobile point of sale (mPOS) devices includes low cost of devices. Mobile point of sale devices (mPOS) can be equipped with any existing smartphone, mobility is another key driver for the Mobile point of sale device market, Mobile point of sale devices can be operated at any remote locations and supports the merchants who has no fixed place, other drivers include high level of customization basing on the requirement of the customer. Mobile point of sale devices also offers the customers with centralized data base management.
Migration from conventional POS systems to Mobile point of sale devices (mPOS) system is one of the key restrains for the market. Preference for cash transactions rather than Mobile point of sale devices (mPOS) transactions by micro and small merchants is another restraint for Mobile point of sale devices market. Security risks associated with Mobile point of sale device is also one of the key restraints.
How Key Players are Rising the Demand for Mobile Point of Sale Devices (mPOS)?
Mobile point of sale (mPOS) terminals, multiple players are anticipated to benefit from early-mover advantages offered by emerging economies. The client base for using NFC and Europay, Master Card, and Visa (EMV) payments are continually growing, widening the avenue.
Solution vendors continue to emphasize the many advantages of mobile point of sale (mPOS) to restaurants, hospitality, and retail retailers. One of the first businesses in the world to develop an mPOS device for merchants was Square, a San Francisco-based company that Jack Dorsey, the co-founder of Twitter, helped build.
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Key players
- VeriFone Systems Inc.
- Square Inc.
- First Data Corp
- LifePay ZAO
- Upserve Inc
- Paynear Solutions Private Limited
- CardFlight Inc.
- Ingenico Group
Mobile point of sale (mPOS) Devices: Regional Outlook
On the basis of regions, Mobile point of sale (mPOS) Devices can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
North America and Western Europe Mobile point of sale (mPOS) Devices market is predominantly mature as compared to the other regional market as they are fast in the adoption of technology. Mobile point of sale (mPOS) Devices in Asia Pacific excluding Japan and Japan are expected to possess maximum potential in the forecast period. Mobile point of sale (mPOS) Devices in Latin America and Middle East and Africa are also projected to witness positive growth during the forecast period.
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Key segments
By Solution Type:
- Integrated Card Reader Solutions
- Card Reader Accessories
- Dongles
- Sleeves
By Technology:
- Hybrid Technology Solutions
- EMV Chip
- Pin Magnetic-Stripe Chip
- Sign Near Field Communication (NFC)
- Biometrics
By End Use:
- Restaurant Hospitality (Lodging)
- Healthcare
- Retail Warehouse/Distribution
- Entertainment
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa(MEA)
- Europe
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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