Newark, NJ, May 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global mobile point of sale (mPOS) market is expected to grow from USD 19.21 billion in 2019 to USD 62.46 billion by 2027, at a CAGR of 15.76% during the forecast period from 2020-2027. North America region dominated the market and valued at USD 7.68 billion in 2019. The region has a highly developed technology infrastructure, which supports the growth of the mobile point of sale (mPOS) Market. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 20.16% over the forecast period. Increasing the Indian government initiative for the cashless economy is positively influencing the market growth in this region. China sees the strong growth in the mobile point of sale (mPOS) market, as both consumers and retailers are using this technology extensively for transactions ranging from purchasing buying newspapers to purchasing beverages from vending machines.
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Key players in the global mobile point of sale (mPOS) market are PosX, Aures Technologies, Honeywell, Motorola, Socket, Clover, Verifone, Psiflex, First Data Corporation, and PAX Global Technology among others. Key companies are heavily investing in the research and development activities for the development of an innovative mobile POS system. For instance, in June 2017, Verifone announced the launch of its newest portable and mobile point-of-sale (mPOS) products to utilize its fully-integrated, Linux-based Verifone Engage platform.
The type segment includes handheld terminals and tablets. Tablets segment is projected to grow at the highest CAGR of 21.26% over the forecast period. Mobile POS tablets support diverse applications such as seamless payments, self-ordering, and shopping assistant. In addition to this, many companies are manufacturing the mobile POS tablets, further driving the growth of this particular segment. The enterprise segment is classified into SMEs and large enterprises. Large Enterprises segment dominated the market and valued at USD 10.56 billion in 2019. High adoption of mobile point of sale (mPOS) among large enterprises is one of the key factors boosting the growth of this segment. Application segment classified into entertainment, hospitality, healthcare, retail, inventory & warehousing, and others. The retail segment dominated the market and held a major market share of 34.65% in 2019. The retail industry around the world is continuously focusing in enhancing the customer experience to gain a competitive advantage in the market. Currently, mobile POS is one of the most preferred solutions in retail for inventory management, payment, and shopping assistant, driving the growth of the market.
The global mobile point of sale (mPOS) market is witnessing the rapid growth from the past few years, owing to changing consumer preferences for payment mode. In addition to this, the rising trend of cloud-based mobile POS, further positively influencing the market growth. However, increasing cyber breach threats may hamper the growth of the market over the forecast period.
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About the report:
The global mobile point of sale (mPOS) market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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