Mobile POS Market Demand Driven by Seamless Transactions | Top Key Players are Square, Inc., Ingenico S.A, Cisco Systems Inc, Hewlett-Packard Company, etc. (WT)
Mobile point-of-sale (POS) or mPOS is a wireless device or tablet with the same functionality as a cash register. Businesses of all sizes are procuring mPOS devices for faster transactions and management of assets and inventories. The global mobile point-of-sale market report by Market Research Future (MRFR) covers innovations in payment software, connectivity with latest communication network technologies, and changing regulations for the forecast period (2020-2027). The sudden outbreak of the COVID-19 virus and its impact on the market are explored.
Market Scope
The global mobile POS market is set to exhibit 23.4% CAGR over the forecast period. This is attributed to popularity of mobile operating systems and use of mobile applications for seamless transactions. The portable nature of mobile POS systems can be an indicator of its demand among small and medium sized businesses. Advances in wireless network technologies and government encouragement for digital payments can drive the market growth.
The COVID-19 outbreak has accelerated the demand for cashless payments in light of regulations rolled out by nations for curbing the coronavirus. Adoption of electronic solutions by SMEs and large enterprises has led to rise of mobile POS devices. Services such as click-&-collect, payment-in-aisle, and in mobility coupled with replacement of legacy systems can bode well for the market. Rise of cashless transactions in developing and developed nations will increase the scope of the market. Moreover, use of smartphones for faster payments can signify the ascending growth of the mobile POS market.
Rising concerns of data security can hamper the market. But compliance of mobile POS software developers with latest EVM and PCI standards can favor the market.
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Segmentation:
By component, the global mobile POS market has been divided into hardware, software, and services. The services segment has been further divided into professional and managed services. Among components, the hardware segment can elicit a huge demand owing to adoption of portable POS tablets by a majority of enterprises.
By connectivity, it has been divided into Bluetooth, 3G/4G, Wi-Fi, and others. The 3G/4G segment can capture a large market share owing to subscription plans rolled by telecommunication companies.
By deployment, the global mobile POS market has been divided into cloud and on-premise.
On the basis of application, the global mobile POS market has been segmented into retail, hospitality, restaurants, healthcare, entertainment, and others. The retail application is set to lead the market owing to presence of small and medium businesses. Ease in operations and rapid processing of payments are prime factors driving the market demand in the sector. Rising use of tablets and leveraging use of payment information for customer insights can spur the adoption rate.
Regional Analysis
North America, Latin America, Europe, Asia-Pacific (APAC), and the Middle East & Africa (MEA) are major regions covered in the mobile POSs market.
North America held a large market share owing to adoption of portable POS terminals for faster payments. The growing number of the population using digital payments for conducting transactions coupled with its adoption by retail store chain, pharmacy outlet chains, and restaurants can drive market growth.
APAC is expected to display the strongest growth rate during the assessment period owing to preference of contactless payments and large number of cash-on-delivery transactions. Recently, Reliance Jio is planning to rollout mobile POS devices to local stores for modernizing payments and driving the trend of digital technologies. Modernization of stores and implementation of new taxes can propel the demand in the region.
Competition Analysis
Square, Inc., Ingenico S.A, Cisco Systems Inc, Hewlett-Packard Company, Samsung Electronics Co, Toshiba Corporation, VeriFone Systems Inc, Panasonic Corporation, PAX Technology Limited, Epicor Software Corporation, Squirrel Systems, NEC Corporation, Posiflex Technology, First Data Corporation, and MICROS Systems are key players of the mPOS market. Investments in R&D and collaboration with large store chains for pushing digital payment methods are prime strategies of players. Compliance with latest standards for accepting international currencies can also push the innovation in the market.
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