Global Mobile Point-of-Sale (mPOS) Market: Snapshot
The global market for mobile point-of-sale (mPOS) is gaining significant impetus, thanks to the increasing preference for cashless transactions among people across the world. With the low total cost of ownership (TCO) and the ease of use mPOS solutions offer, owing to mobility, the market is anticipated to remain witnessing high growth over the next few years.
According to Transparency Market Research (TMR), the worldwide mPOS market, which is expected to attain a value of US$4.21 bn by 2017, will expand further at a remarkable CAGR of 35.40% between 2017 and 2025, reaching US$47.7 bn by the end of 2025.
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Card Reader Accessories to Remain Most Valued Products
The global market for mPOS is broadly evaluated on the basis of the type of solution, technology, and end user. Based on the type of solution, the market is classified into integrated card reader solutions and card reader accessories. The demand for card reader accessories has been increasing at a higher growth rate than integrated card reader solutions. Researchers anticipate the scenario to remain so over the next few years, owing to the low cost of these accessories, which makes them affordable for small and medium sized businesses (SMBs) and micro merchants.
By technology, the market is bifurcated into hybrid technology solutions, EMV chip and pin, near field communication (NFC), chip and sign, magnetic stripes, and biometrics. NFC, EMV chip and pin, and hybrid technology solutions are the most preferred technologies in this market at present. Over the coming years, these technologies will remain in high demand. Restaurant, healthcare, hospitality, government, retail, entertainment, warehouse/distribution, transportation, and consumer utility services have surfaced as the key end users of mPOS solution. Owing to the significant expansion, the retail segment has been reporting a greater demand for mPOS systems than other end users and the trend is predicted to continue over the forthcoming years.
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Europe to Maintain Lead
On the geographical front, the global market for mPOS is spread across the Middle East and Africa, South America, Europe, North America, and Asia Pacific. With a share of 34%, Europe led the global market in 2016. The significant proliferation of cloud computing has influenced the European market considerably over the last few years. Even in the near future, the Europe market for mPOS is expected to maintain its lead over the entire market, thanks to augmenting focus of mPOS solution vendors on merchant-related services and the increasing trend of internet of things (IoT) in this region. Apart from this, the escalating uptake of mPOS systems in European banks, in a bid to offer a lesser fee on transactions to customers, is also projected to aid the Europe market substantially over the next few years.
Among other regional market for mPOS, North America and Asia Pacific are anticipated to witness healthy growth in the years to come. While the presence of established players in a large number is boosting the North America mPOS market, the Asia Pacific market is predicted to gain considerably from the strengthening of the economic condition of various Asian countries, such as China, India, Indonesia, and Japan over the forthcoming years. Various social factors, such as favorable demographic profiles, consumer confidence, and urbanization trends are also expected to propel the Asia Pacific mPOS market in the near future.
At the forefront of the global mPOS market are Intuit Inc., Recruit Holdings Co. Ltd., Oracle Corp., Square Inc., Hewlett-Packard Development Co. L.P., First Data Corp., Bixolon Co. Ltd., iZettle AB, PAX Technology Ltd., VeriFone Systems Inc., PayPal Holdings Inc., Dspread Technology Inc., Posiflex Technology Inc., Citizen Systems Europe GmbH, Ingenico S.A., and Zebra Technologies Corp.
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Need for Increased Customer Satisfaction Boosts Mobile Point-of-Sale (mPOS) Market
The global mobile point-of-sale (mPOS) market is prophesized to witness robust growth over the timeframe of forecast, thanks to growing demand for improving customer experience. Dedicated wireless devices, tablets, and smartphones are the mobile point-of-sale devices that accomplish the tasks of conventional electronic point-of-sale terminals and yet it can function untethered from any place. Most of the tablets and smartphones can be converted into a mobile point-of-sale terminal through the addition of a connected contactless mag-stripe card and a suitable mobile app. Such hassle-free integration of devices is likely to work in favor of the global mobile point-of-sale (mPOS) market in the enar future.
As mobile point-of-sale terminal runs on standard mobile computing devices, the system is also able to incorporate front-office capabilities like customer relationship management, marketing, and others. In addition to that, it could also integrate various back-office services like inventory management and invoice creation. They are capable of connecting the traditional point of sale systems, connect with the same business systems and share similar databases, which is likely to foster expansion of the global mobile point-of-sale (mPOS) market.
Government Initiatives to Move toward a Cashless Economy to Accelerate Market Growth
The rapid growth of the global mobile point-of-sale (mPOS) market is ascribed to the existing robust ecosystem of associated service providers. These service providers are resultants of the potential of technology to enhance customer experience and offer operational flexibility. It also increases sales and lessens costs.
In addition, benefits connected to the use of point-of-sale terminals amongst various industrial segments are likely to benefit the market. Furthermore, a rise in the number of initiatives by the government to move to a cashless economy and society is likely to encourage the growth of the global mobile point-of-sale (mPOS) market in forthcoming years.
Low cost coupled with hassle-free migration to Europay, Mastercard and Visa or EMV payment method is likely to work in favor of the global mobile point-of-sale (mPOS) market. Apart from the decreased cost of installation, automated settlements, improved customer experience, and flexible processing payments are prophesized to increase opportunities for sales for the market in years to come.
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