In 2022, it is anticipated that sales of mobile point-of-sale device equipment would total US$21,063 million. The market is estimated to grow quickly and reach US$ 1,40,134.2 million by 2032 with an anticipated CAGR of 20.9%.
Mobile point of sale (mPOS) devices are wireless and process payments using a variety of ways, including credit and debit cards. Recently, the services of mobile point-of-sale devices have been expanded to include mobile wallets and NFC.
Mobile point-of-sale devices (mPOS) are practical and affordable for all kinds of enterprises. They have a SIM card slot, allowing merchants in remote areas to conduct business without difficulty.
For large businesses, the elimination of a single point of checkout improves the shopping experience for customers.
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Mobile Point of Sale Devices (mPOS) Market Drivers and Restraints
Key drivers for Mobile point of sale (mPOS) devices include 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 the sale device market, Mobile point of sale devices can be operated at any remote location and supports merchants who have no fixed place, other drivers include high-level of customization based on the requirement of the customer. Mobile point-of-sale devices also offer customers centralized database management.
Migration from conventional POS systems to Mobile point of sale devices (mPOS) systems is one of the key restraints 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 the Mobile point of sale devices market.
Security risks associated with Mobile point-of-sale device is also one of the key restraints.
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 the Middle East and Africa.
- The North American 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.
Mobile Point of Sale (mPOS) Devices Market: Competition Landscape
Key vendor in the Mobile point of sale (mPOS) devices market includes VeriFone Systems Inc, Square Inc, First Data Corp, LifePay ZAO, Upserve Inc, Paynear Solutions Private Limited, CardFlight, Inc. Ingenico Group, Zebra Technologies Corp, Hewlett-Packard Development Company, L.P.
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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
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