Pune, April 28, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the Global Mobile Pos Market Size is estimated at USD 25,877.1 million in 2023, and is expected to reach at USD 101,426.9 million by 2032 at a CAGR of 16.39% during the forecast period.
Mobile PoS (MPOS) refers to the use of mobile devices such as smartphones and tablets as a means of accepting and processing payments. MPOS systems are a convenient and flexible alternative to traditional PoS systems, as they enable businesses to execute transactions remotely and with greater efficiency. MPOS systems are widely used in a variety of industries, including retail, hospitality, and healthcare. Several factors are driving the growth of the mobile PoS market. The increasing adoption of mobile devices such as smartphones and tablets has led to an increase in the demand for mPoS solutions. Businesses are also looking for more efficient ways to manage transactions and reduce costs, and mPoS systems provide an ideal solution. Additionally, the rise in the use of cloud-based point-of-sale systems has provided several benefits, including simpler software updates, better scalability, and lower prices, which has led several companies to switch from conventional on-premise PoS solutions to cloud-based ones.
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Some Significant Market Developments Considered in The Report:
- June 2022 - Zebra Technologies Corporation has launched the ET4x series, including the Android-based ET40 and ET45 tablets, designed to help workers work smarter and faster. Businesses can choose the easy-to-carry 8-inch or 10-inch model for the best viewing of information-rich applications.
- July 2021 - Stripe announced the launch of Stripe Identity, a new platform that allows businesses to verify the identities of their customers for fraud prevention and compliance purposes.
- June 2021 - PayPal announced the launch of PayPal Zettle in the US, a mobile PoS system that offers contactless payments, invoicing, and inventory management for small businesses.
- May 2021 - Revel Systems announced a partnership with LevelUp to offer merchants a unified platform for mobile ordering, payment, and loyalty programs.
- March 2021 - Fiserv announced the launch of Clover Station Pro, a new mobile PoS system that offers a larger screen and enhanced functionality compared to previous models.
COVID-19 Impact on the Global Mobile PoS Market
As per the QMI team, the demand for MPoS was high during the COVID-19 pandemic time. It is anticipated to grow sharply during the analysis period.
Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, which hampered all kinds of business activities. The COVID-19 has had a significant impact on the lives of entrepreneurs and their businesses.
The COVID-19 pandemic has had a significant impact on the mobile PoS market. With physical distancing requirements and restrictions on in-person shopping, many businesses have shifted their operations online, and mobile PoS systems have become increasingly important for conducting transactions remotely. One of the most significant impacts of the pandemic on the mobile PoS market has been the acceleration of the trend toward contactless payments. Consumers have become more aware of the potential health risks associated with handling cash and credit cards, and many are now opting for touchless payment methods, such as mobile wallets and QR codes. As a result, mobile PoS providers have had to adapt their offerings to support these types of transactions.
Global Mobile PoS Market Analysis by Region
Based on region, the mobile PoS market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America is predicted to hold the largest share of the mobile PoS market due to the early adoption of mobile payment technology and the presence of significant industry participants in the region. The demand for mobile PoS in this region is high due to extensive knowledge of mobile PoS systems among small merchants and rapid adoption in the retail, hospitality, and restaurant sectors. North America has a well-established network infrastructure that fosters IoT across various industries. IoT is projected to assist mobile PoS greatly since it establishes a powerful network for a company to monitor and manage its activities.
Europe is also an important market for mobile PoS, with countries such as the UK, Germany, and France contributing to its growth. The rise in the region is mostly driven by the increase in the number of small and medium-sized businesses using mobile PoS systems.
The Asia Pacific region is likely to exhibit substantial growth in the mobile PoS market because of the rising adoption of smartphones and mobile payment solutions. Countries such as China, Japan, and India are likely to lead the industry in the region. The Chinese government is initiating attempts to construct mobile micro-ATMs in rural and low-income areas, employing mobile point-of-sale devices. India offers enormous potential for mobile PoS owing to its massive population and the growing technical awareness. Additionally, banks in India are issuing NFC-enabled debit and credit cards.
South America and the Middle East & Africa are also likely to exhibit growth in the mobile PoS market due to the increased usage of digital payment solutions and the growing trend of cashless transactions. However, the rise in these regions may be slower than in other regions due to the lower adoption of smartphones and mobile payment options.
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Some Major Findings of the Mobile PoS Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth analysis of the mobile PoS by segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global mobile PoS market include Hewlett-Packard Company (US), Cisco Systems Inc (US), MICROS Systems (US), Panasonic Corporation (Japan), Toshiba Corporation (Japan), VeriFone Systems Inc (US), PAX Technology Limited (China), Samsung Electronics Co (South Korea), First Data Corporation (US), Ingenico S.A (France), Posiflex Technology (Taiwan), NEC Corporation (Japan), Square, Inc. (US), Epicor Software Corporation (US), and Squirrel Systems (Canada)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global Mobile PoS market
- Impact of the COVID-19 on the global mobile PoS market
Leading Companies & their Analysis
The global mobile PoS market is highly competitive owing to a large number of industry players. These companies offer a range of mobile PoS solutions, including software and hardware options, to meet the diverse needs of businesses of all sizes and industries. They also have a strong global presence and are continuously innovating their products to stay ahead in this rapidly evolving market.
Some prominent players in the global mobile PoS market include:
- Hewlett-Packard Company (US)
- Cisco Systems Inc (US)
- MICROS Systems (US)
- Panasonic Corporation (Japan)
- Toshiba Corporation (Japan)
- VeriFone Systems Inc (US)
- PAX Technology Limited (China)
- Samsung Electronics Co (South Korea)
- First Data Corporation (US)
- Ingenico S.A (France)
- Posiflex Technology (Taiwan)
- NEC Corporation (Japan)
- Square, Inc. (US)
- Epicor Software Corporation (US)
- Squirrel Systems (Canada)
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Market Segmentation
- Component Outlook (Revenue, USD Million, 2019 - 2032)
- Hardware
- Software
- Services
- Deployment Outlook (Revenue, USD Million, 2019 - 2032)
- Cloud
- On-premises
- Organization Size Outlook (Revenue, USD Million, 2019 - 2032)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
- Connectivity Outlook (Revenue, USD Million, 2019 - 2032)
- 3G/4G/5G
- Wi-Fi
- Bluetooth
- Others
- Application Outlook (Revenue, USD Million, 2019 - 2032)
- Retail
- Restaurants
- Healthcare
- Entertainment
- Hospitality
- Others
- Regional Outlook (Revenue, USD Million, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Rest of Middle East & Africa
- North America
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