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Market Analysis
The global mobile POS market will touch USD 61.5 billion at a 15.3% CAGR by 2030, as per the recent Market Research Future report. The mobile Point of Sale (mPOS) market has emerged as a disruptive force in the retail and payment industries. Leveraging smartphones and tablets, mPOS systems provide businesses with flexible, cost-effective, and portable payment solutions, transforming the way transactions are conducted and enhancing the overall shopping experience for customers.
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Drivers
Increasing Usage of Cloud-Based POS to Boost Market Growth
The increasing usage of cloud-based POS systems will boost market growth over the forecast period. There are several advantages to using cloud-based point-of-sale systems, including easier software upgrades, improved scalability, and reduced costs. As a result, many businesses have switched from traditional on-premises POS solution to cloud-based ones.
Opportunities
Growing Adoption in Retail to offer Robust Opportunities
On the contrary, it is anticipated that over the course of the projection period, the retail sector would dominate the market. The need for mPOS terminals in retail has increased along with the rise of digital payments & mobile payment wallets like Apple Pay and Samsung Pay. These terminals are being used by retailers to give customers a seamless purchasing experience across all platforms, including online and in physical locations. Retailers may interact with consumers more effectively and give salespeople real-time support when using mPOS terminals, which ultimately boosts customer happiness and sales.
Restraints and Challenges
Growing Security Concerns to act as Market Restraint
The growing security concerns, lack of availability, and the lack of standardization may act as market restraints over the forecast period.
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Key Players
Eminent market players profiled in the global mobile POS market report include
Market Segmentation
The global mobile POS market has been bifurcated based on application, connectivity, deployment, and component.
Based on component, hardware will lead the market over the forecast period.
By deployment, cloud will domineer the market over the forecast period.
By connectivity, the market is bifurcated into Bluetooth, Wi-Fi, and 3G/4G.
By application, healthcare will spearhead the market over the forecast period.
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COVID-19 Analysis
COVID-19 possessed a favorable effect on the market for mobile POS terminals. Due to a greater emphasis on social distance and the requirement to wear masks to prevent COVID-19 contraction, digitization surged in the hospitality & retail industries. Most financial service providers raised the contactless payment thresholds, making cashless transactions easier and more automated. As a consequence of offering a speedier and more convenient payment alternative, mobile POS terminals become increasingly popular.
Regional Analysis
North America to Head Mobile POS Market
Being an early user of cutting-edge technology and having a high uptake of mobile devices, North America owned the biggest market share. The US, Canada, & Mexico are just a few of the nations that make up North America. The utmost market share was held by the US, followed by Canada & Mexico. The increase is attributable to the region’s significant number of eateries and retail stores switching to mPOS terminals and taking digital payments. mPOS is being increasingly adopted by many big merchants in addition to the current fixed POS terminals. Additionally, SMBs in fact are likely to limit their retail transactions to mPOS exclusively. It is anticipated that these factors would accelerate the market growth for mobile POS terminals within the area.
Top trend report-
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