Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Global Mobile POS Terminals Market Size, Share & Industry Trends Analysis Report By Component, By Type, By Application, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Mobile POS Terminals Market size is expected to reach $53.3 billion by 2028, rising at a market growth of 9.8% CAGR during the forecast period.
Market Growth Factors
The added value to the business by MPOS
mPOS vendors must provide customized solutions for mPOS that suit the needs of specific industry verticals. Some of the significant VAS (value-added service) contain gift cards & vouchers, reward and loyalty programs, cash-back promotions, and mobile discounts. The usage of mPOS is expected to increase to encourage pre- and post-shopping activities through reward schemes.
Moreover, services like the ordering cycle, the customer's buying pattern, and analytics that give recommendations to the merchants are related to the optimal inventory. Such innovative features of the mPOS are likely to increase the adoption and drive the growth of the mobile POS terminals market in the projected period.
The rising preference towards digital payment
Mobile POS systems accept digital payments through near-field communication (NFC), a contactless communication between devices that allows a user to wave the device over another NFC-compatible device to initiate a contactless payment. Contactless NFC mobile payments save both customers and the business during the time of transaction and maintain the privacy of the transaction while also ensuring the customer and the mPOS user remain socially distanced during the whole process.
The benefits associated with digital payments and the rise in their popularity, especially after the pandemic, is expected to surge the mobile POS terminals market's growth.
Component Outlook
Based on component, the mobile POS terminals market is segmented into hardware and software. The hardware segment dominated the mobile POS terminals market with maximum revenue share in 2021. This is due to the increasing need for a portable payment device which reduces the overall time for checkout. Markey players are introducing devices that are handheld terminals, mobile computers, and tablets. Also, these devices operate without any restrictions, with functions supported by contactless card readers and applications. The assistance in decreasing the time for checkout joined with other features, will propel the segment's growth.
Type Outlook
On the basis of type, the mobile POS terminals market is divided into tablets and handheld terminals, smartphone & others. The tablets segment procured a significant revenue share in the mobile POS terminals market in 2021. This is because of the enhanced system integration tablet POS to attain numerous opportunities. These include customer relationship management and accounting analysis sales. Also, tablets provide transparency and flexibility to the POS system. The benefits provided by the tablets are expected to boost the growth of the segment in the projected period.
Application Outlook
Based on the application, the mobile POS terminals market is classified into restaurant, hospitality, healthcare, retail, warehouse, entertainment and others. The retail segment held the highest revenue share in the mobile POS terminals market in 2021. This is because of the increasing penetration of digital payment in both e-commerce and brick & mortar. Mobile payment wallets have further increased the requirement for mPOS terminals in the retail sector. Also, retailers benefit by engaging customers in an omnichannel shopping experience where mPOS keeps the sales associates more informed for live assistance. The increasing penetration of the digital payment system and mobile payment wallets will increase the segment's growth.
Regional Outlook
Region-wise, the mobile POS terminals market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the mobile POS terminals market by generating the maximum revenue share in 2021. The growth is attributed to a large number of restaurants and retail businesses in the region that are accepting digital payment and are shifting towards the mPOS terminals. Many large retailers are also gradually adopting mPOS in addition to their existing fixed POS terminals. In addition, SMBs are likely to choose only mPOS in their stores for transactions. These factors are expected to surge the market growth of Mobile POS terminals in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fiserv, Inc., Oracle Corporation, Panasonic Holdings Corporation, Samsung Electronics Co., Ltd., Hewlett Packard Enterprise Company (HP Development Company L.P.), NEC Corporation, VeriFone Holdings, Inc. (Francisco Partners), Zebra Technologies Corporation, and PAX Global Technology Limited.
Strategies Deployed in Pediatric Medical Devices Marke
- Jan-2023: Toshiba partnered with PopID, a company providing payment-related software solutions. The partnership would add biometrics to self-checkout systems and POS. Additionally, this would allow the use of AI-based facial recognition software to confirm the consumers' identity for payment and loyalty rewards.
- Nov-2022: Oracle unveiled Oracle MICROS Simphony mobile order and pay solution, a complete restaurant mobile POS and contactless payment solution. The product allows restaurants to handle all activities from menu creation to payment with the help of a centralized view of credit card processing costs and revenue from POS to the bank account.
Key Market Players
- Fiserv, Inc.
- Oracle Corporation
- Panasonic Holdings Corporation
- Samsung Electronics Co., Ltd.
- Hewlett Packard Enterprise Company (HP Development Company L.P.)
- NEC Corporation
- VeriFone Holdings, Inc. (Francisco Partners)
- Zebra Technologies Corporation
- PAX Global Technology Limited
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies Deployed in Mobile POS Terminals Market
Chapter 4. Global Mobile POS Terminals Market by Component
Chapter 5. Global Mobile POS Terminals Market by Type
Chapter 6. Global Mobile POS Terminals Market by Application
Chapter 7. Global Mobile POS Terminals Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/5gywz0
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