The Mobile Point Of Sales Devices Market is projected to be worth USD 21,063 million in 2022. With an expected CAGR of 20.9%, it is anticipated that the market is growing rapidly and be worth USD 1,40,134.2 million by 2032.
The global adoption of cutting-edge payment systems like mobile point of sale (mPOS) has been prompted by the ongoing shift of payment methods from cash to electronic payments. The adoption of mPOS as a card acceptance solution in developed and developing nations worldwide has increased its popularity over more convenient payment options.
Additionally, major retail chains are putting a lot of effort into increasing customer interaction and providing them with a high level of convenience.
| Report Attribute | Details |
|---|---|
| Mobile Point Of Sales Devices Market Value (2022) | USD 21,063.0 Million |
| Mobile Point Of Sales Devices Market Anticipated Value (2032) | USD 1,40,134.2 Million |
| Mobile Point Of Sales Devices Market Projected Growth Rate (2022 to 2032) | 20.9% |
Moreover, the demand for mobile point of sales devices is high due to their ability to wirelessly connect with smartphones or tablets via a mobile card reader, increasing daily usage. Potentially growing interested among merchants and retailers is the system's beneficial attributes of low starting cost, rapid onboarding, transparent pricing, and ability to provide value-added services.
The EMV chip is expected to dominate the subsegment during the projected period. The main driver of the mobile point of sales devices market growth over the projection period is expected to be the widespread adoption of EMV chips in developed countries.
Other technologies, on the other hand, are developing quickly. For instance, Apple released iOS 11 in April 2017 to support the iPhone's NFC-integrated applications. During the forecast period, it is predicted that the retail industry is likely to employ mobile point-of-sale devices (mPOS) the most.
Moreover, numerous government initiatives support cashless transactions to improve the nation's economy. The ability of wireless POS systems to link with smartphones or tablets using a mobile card reader is advancing their adoption in several countries. Additionally, mobile point-of-sale systems' minimal installation costs and capacity to offer value-added services for ongoing operations are the main factors piquing retailers' and merchants' attention.
Public governance systems strongly support the deployment of the best mobile point-of-sale due to its capacity to distribute transparent pricing and payment methods. Along with the rise in demand for mobile point-of-sale systems, an increase in cybercrime or fraudulent actions via online marketplaces has become a significant problem in the digital sphere.
Increased sales of portable point-of-sale devices or terminals may be seriously hampered by trust concerns resulting from a lack of knowledge about the technological capabilities of a wireless POS system. Additionally, it is anticipated that by 2023, the average cost of installing mobile point of sale devices on the market is likely to drop. This is profitable news, enabling small businesses to use this new technology.
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Businesses in the retail and hospitality sectors may now increase client engagement and handle inventory management due to mPOS. The usage of mPOS terminals to track loyalty programs is one example.
The market for mobile point-of-sale (mPOS) terminals offers tremendous income potential due to demand from SMEs and micro-merchants. The market's major vendors offer services like product details, inventory management, and payment applications together with mPOS.
Large businesses are also anticipated to use the mPOS system, as it can merge payment and data collection while improving in-store consumer experiences. Therefore, the rapidly expanding market for debit and credit cards presents prospects for the mobile point of sales devices market.
New Offerings
There has been a new mobile point of sales devices market provider offering plans with no monthly fees, flat rate percentage pricing, cheap hardware, and low ongoing maintenance costs.
LevelUp, a USA-based business, offers 0% payment processing fees in exchange for required marketing services. Due to the growing number of competitors in the market, pricing-based competition among mobile point of sales device manufacturers is anticipated to be fierce in the near future. Therefore, it is projected that value-added services and product uniqueness is crucial in maintaining the competitive environment.
Digital Payments
The future of digital payment is likely to be shaped by mPOS systems. This is attributed in large part to the development of the smartphone trend.
The possibilities for mobile point-of-sale (mPOS) terminals can be improved as smart devices like tablets are increasingly used for online transactions. For instance, mPOS vendors now prefer to waive monthly fees and lower maintenance costs to draw in retailers.
North America drives the mobile point of sale market. Moreover, the demand for mobile point of sales devices in North America is driven by the abundance of small and medium-sized businesses and micro-merchants.
As they adopt technology quickly, the North American market for mobile point of sale (mPOS) devices is more developed than other regional markets. During the projected period, the area is likely to hold 29.9% of the mobile point of sales devices market share.
The European mobile point-of-sale (mPOS) market has been stimulated by a cloud-based, adaptable, secure, and quick mPOS solution. The mobile point of sales devices market share is projected to be driven by the increased adoption of advanced technologies by European retailers and merchants.
In addition, banks in various locations have taken steps to enable mPOS to give users lower payment fees. The region is expected to gain 22.8% of the global market share for mobile point-of-sale devices during the projection period.
The key end-user industries that are enhancing and expanding the demand for mobile point of sales devices are Hybrid Technology Solutions, Restaurant Hospitality (Lodging), Healthcare, Retail Warehouse/Distribution, and Entertainment.
| Start-Ups | Development |
|---|---|
| Clip | A startup company called Clip offers mPOS solutions for physical retailers. Merchants may now accept payments on their smartphone or tablet with the Clip card reader. It provides safe transactions with Clip Lock, an SMS-based transaction security solution. |
| iZettle | iZettle was established by Jacob De Geer and is situated in Stockholm. To date, it has raised USD 102 million from a variety of sources, including Index Ventures, Greylock Partners, and American Express. Swedish, German, Finnish, Norwegian, Spanish, Danish, Mexican, and Brazilian markets are served by the business. Many people view it as the European market leader. |
| Poynt | Poynt is a company that was established in the USA in 2013 and sells a payment terminal that combines an Android tablet with a hardware docking station and supports a range of payment methods, including conventional magnetic stripe cards, EMV, NFC, Bluetooth, QR codes, and beacon technology. |
Mobile point of sale (mPOS) terminals, multiple players are anticipated to benefit from early-mover advantages offered by emerging economies. The client base for using NFC and Europay, Master Card, and Visa (EMV) payments are continually growing, widening the avenue.
Solution vendors continue to emphasize the many advantages of mobile point of sale (mPOS) to restaurants, hospitality, and retail retailers. One of the first businesses in the world to develop an mPOS device for merchants was Square, a San Francisco-based company that Jack Dorsey, the co-founder of Twitter, helped build.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 20.9% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Technology, End Use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; The Asia Pacific excluding Japan; Japan; The Middle East and Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | Tait Communications; Motorola Solutions, Inc; JVCKENWOOD Corporation; Icom America Inc; Hytera Communications; Sepura plc; Yaesu USA; Entel; Uniden; Kirisun Communications Co.; Quansheng |
| Customization | Available Upon Request |
The mobile point of sales devices market is projected to have a CAGR of 20.9% through 2032.
North America is leading in the mobile point of sales devices market, with a share of 29.9% by 2032.
The mobile point of sales devices market is expected to reach USD 1,40,134 million by 2032.
Mobile Point Of Sale Devices (mPOS) Market
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