According to a new market report pertaining to the global mobile point-of-sale (mPOS) terminals market published by Transparency Market Research the global mobile point-of-sale (mPOS) terminals market is projected to reach value of US$ 152,115.1 Mn by 2027 from US$ 12,126.6 Mn in 2019, expanding at a CAGR of 37.2% from 2019 to 2027. Growth of the mobile point-of-sale (mPOS) terminals market can be attributed to rapid rise in mobile and internet penetration, facilitating growth in retail sector. Europe is anticipated to lead the global mobile point-of-sale (mPOS) terminals market, followed by North America, during the forecast period.
Rapid rise in mobile and internet penetration, facilitating growth in retail sector accelerating the growth of mobile point-of-sale (mPOS) terminals market.
The spread of mobile phones has seen significant rise across the world in recent years. The evolution of smartphones has fueled the use of mobile devices by consumers and at organization levels as well. The use of mobile devices has enabled organizations to provide greater mobility at workplaces and speed up processes. For example, the use of mobile devices as point-of-sale terminals at retail stores has permitted faster movement of customers at the cash counters, thus providing better customer satisfaction. The growth of e-commerce and home delivery facilities are further driving the expansion of the mPOS market. mPOS solutions enable merchants to process payments at customers’ location and eliminate the risks associated with cash transactions. Thus, mobile and internet penetration is expected to have a significant impact on the retail sector throughout the forecast period.
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mPOS Value-Added Services (VAS), is expected to provide future opportunity for the growth of the mobile point-of-sale (mPOS) terminals market.
During the past few years, new vendors successfully activated millions of merchants by offering schemes that involved no monthly fees, flat rate percentage pricing, minimal cost hardware, and minimal ongoing maintenance charges. For instance, the U.S.-based company Level Up started offering 0% payment processing fees in exchange for obligatory marketing services. Due to an increasing number of players in the QSR mPOS market, competition on the basis of pricing among mPOS vendors would be high during the coming years. Thus, it is seen that the key factors to sustain the competitive environment would be in product differentiation and offering value-added services. mPOS vendors need to offer customized mPOS solutions catering to the needs of specific Industry verticals. Thus, this factor is expected to positively impact the growth of the mobile point-of-sale (mPOS) terminals market over the forecast period.
Mobile Point-Of-Sale (mPOS) Terminals Market: Market Taxonomy
The global mobile point-of-sale (mPOS) terminals market has been segmented based on solution, industry, authentication and region. In terms of solution, the mobile point-of-sale (mPOS) terminals market has been segmented into hardware, software/mobile app and services. Hardware segment is expected to account for the largest share at 64.0% of the global mobile point-of-sale (mPOS) terminals market in 2019. Whereas, service segment is projected to expand at the highest CAGR of 42.9% during the forecast period. Based on industry, the mobile point-of-sale (mPOS) terminals market has been divided into restaurants, hospitality, healthcare, retail, warehouse/distribution, entertainment, transportation, government and consumer utility services. In which, the retail segment is expected to held the largest market share at 34.0% of the global mobile point-of-sale (mPOS) terminals market in 2019. The government segment is expected to account for highest CAGR of 48.4% of the global mobile point-of-sale (mPOS) terminals market from 2019-2027. Based on authentication, the mobile point-of-sale (mPOS) terminals market has been divided into EMV chip and pin, magnetic-stripe, chip and sign, near field communication (NFC) and biometrics. In which, biometrics is expected to held the largest market share at 42.0% of the global mobile point-of-sale (mPOS) terminals market in 2019. Whereas, near field communication (NFC) is expected to account for highest CAGR of 44.6% of the global mobile point-of-sale (mPOS) terminals market from 2019-2027
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Mobile Point-Of-Sale (mPOS) Terminals Market: Regional Outlook
In terms of region, the global mobile point-of-sale (mPOS) terminals market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe led the global mobile point-of-sale (mPOS) terminals market, accounting for a substantial share in 2019 with Germany, the U.K., Russia, Spain, France, Nordics and Italy being the major markets in the region. The Europe mobile point-of-sale (mPOS) terminals market is expected to hold a largest share of 34.9% by 2019. In addition, the Asia Pacific mobile point-of-sale (mPOS) terminals market is expected to rise at the highest CAGR of 43.6% during the forecast period.
The mobile point-of-sale (mPOS) terminals market in Middle East & Africa, and South America is also expected to expand moderately during the forecast period. The report provides in-depth segment analysis of the global mobile point-of-sale (mPOS) terminals market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis for the mobile point-of-sale (mPOS) terminals market.
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