Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) --
Growing popularity of mPOS to drive industry developments
The mPOS (mobile point-of-sale) market is poised for significant expansion, driven by organizations' investments in enhancing customer experiences and improving employee efficiency. mPOS facilitates payment collection after purchasing activities, enabling businesses to serve more customers efficiently and provide faster and more responsive customer support.
The adoption of mobile POS systems witnessed a remarkable surge during the pandemic, primarily due to the preference for contactless payments. Additionally, the retail sector increasingly demands secure payment methods that offer swift and secure transactions while requiring minimal investment in hardware and software setup. This demand has spurred the development of mPOS systems.
Businesses can easily access mPOS solutions by downloading the mPOS app of their choice and signing up. Upon setup, users simply need to connect a card reader to their device. This allows for the completion of transactions using various methods such as barcode scanning, NFC (near field communication), or chip and pin payment methods. The ease of setup and flexibility in transaction modes contribute to the growing popularity of mPOS systems among businesses of all sizes, driving the expansion of the mPOS market.
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Segmentation Overview:
The global mPOS market has been segmented into component, end-user, and region.
POS Terminals accounted for a significant market share in 2023
- Based on component, the mPOS market segmentation includes POS terminals, POS software, and services.
- POS Terminals hold a significant share of the component segment of the mPOS market. POS terminals refer to hardware like mobile phones, tablets, and card readers used to conduct transactions. Growing demand for online payment systems and the use of several devices to meet business needs have contributed to the POS terminals market.
Retail remains the fast-growing segment in 2023
- The mPOS market segmentation, based on end-user, includes retail, restaurant, healthcare, hospitality, entertainment, and others. The growing popularity of mPOS terminals in retail chains has been attracting the majority of customers. This has also resulted in better customer service and faster buying. Therefore, retail is the fastest-growing segment and is projected to attain a significant position in the coming years.
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mPOS Market Report Highlights:
- The global mPOS market growth is anticipated at a CAGR of 10.6% by 2032.
- The mPOS market growth is backed by rising adoption and preference for QR codes or NFC technology payments.
- Asia Pacific holds a significant share of the mPOS market, with countries like India, China, and South Korea holding a significant share of the region. It is estimated that more than 75% of the Chinese population has access to the Internet, and the majority of them prefer using this mode for making transactions.
- Some prominent players in the mPOS market report include NEC Corporation, PAX Technology, Loyverse, Lightspeed, VeriFone Inc., Oracle Corporation, iVend Retail, Toast Inc., EPOS Singapore, TouchBistro, and others.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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