by The global mobile Point of Sale mPOS terminals market, which was valued at USD 20.3 billion in 2021, is projected to experience substantial growth at a remarkable Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. This robust expansion is attributed to the ongoing shift from cash to electronic payment methods, compelling businesses and individuals worldwide to embrace advanced payment solutions like mPOS.
The versatility of mPOS in wirelessly connecting with smartphones or tablets using mobile card readers has further accelerated its adoption. Additionally, the market is witnessing a significant trend towards cloud-based solutions, which offer lower operational costs compared to traditional systems that require on-site servers. According to Mckinsey & Company Inc., the adoption of cloud technologies in the retail sector is expected to reach 71% by the end of 2020, up from 57% in 2018.
As the mPOS market experiences rapid growth, leading players are striving to secure top positions by expanding their product portfolios. Beyond mobile POS hardware, they are increasingly offering value-added services (VAS). Furthermore, the development of customized mPOS solutions is poised to enhance adoption, while strategic collaborations, partnerships, and acquisitions are becoming key strategies for portfolio expansion.
The impact of the COVID-19 pandemic on the mPOS terminal market has been positive. The growing use of mobile payment platforms such as Google Pay and Apple Pay to mitigate the risk of transmitting the virus has driven demand for POS terminal devices. This trend is expected to continue, as corporations recognize the need for technology-aided payment tools to ensure secure payment and business continuity during disruptions.
One of the major drivers of the mPOS terminals market is the focus on improving customer experience. Companies such as Samsung Electronics, Volly, and Adyen are launching new products to enhance customer interactions. For example, Samsung Electronics introduced an NFC-enabled contactless payment acceptance solution, allowing customers to make payments conveniently by tapping their cards or mobile wallets. Similarly, Volly introduced a mobile POS app that streamlines loan processes, benefiting both loan officers and borrowers.
The global adoption of digital payments, including Amazon Pay and Google Pay, is another significant driver of the mPOS terminal market. The increasing utilization of contactless payments motivates merchants to acquire mPOS terminals for accepting payments directly on customers smartphones. This shift is compelling retailers to implement advanced payment solutions in physical stores to stay competitive with online retailers.
Despite its promising growth, the mPOS terminal market faces challenges related to standardization, data security, and a lack of awareness among consumers about the benefits of mobile payments. These factors may hinder the markets growth potential.
Cloud-based mPOS systems are dominating the market due to their secure online storage and reduced risk of failure or incompatibility. They streamline customer transactions by providing multiple payment options and automatically sending invoices via preferred channels. Furthermore, these systems reduce the complexity of hosting and maintaining on-site servers, reducing the risk of fraud associated with credit card processing.
In the retail sector, mPOS terminals are witnessing high growth opportunities. The competition with online retailers has prompted physical stores to implement advanced payment solutions to attract customers. mPOS terminals enable retailers to manage inventory, understand sales performance, and provide customers with fast and secure checkout experiences.
North America currently leads the global mPOS terminals market due to the widespread adoption of mPOS solutions among small merchants and rapid adoption in the restaurant, retail, and hospitality sectors. Meanwhile, the Asia Pacific region is poised to experience the highest growth rate, driven by increased internet penetration and smartphone usage in emerging economies like India and China.
Key players in the mPOS terminals market are continuously innovating and expanding their offerings. For instance, Ayden N.V. introduced an all-in-one mobile POS terminal with Android OS, offering enhanced efficiency and convenience for businesses. Additionally, acquisitions, such as SumUps acquisition of Fivestars, are helping companies provide advanced payment and marketing automation services to merchants globally.
Prominent players in the mPOS terminals market include AURES Technologies SA, Castles Technology Co. Ltd., Francisco Partners Management L.P., Hewlett Packard Enterprise Co., NCR Corp., Fiserv Inc., PayPal Holdings Inc., Panasonic Corp., Newland Digital Technology Co. Ltd., PAX Global Technology Ltd., Zebra Technologies, New POS Technology Ltd., Oracle Corp., Shenzhen Xinguodu Technology Co., Ltd, and others.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
https://www.fairfieldmarketresearch.com/report/mpos-terminals-market
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This press release first seen on Brilad
COMTEX_442544936/2840/2023-10-27T15:48:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.