Mobile Point-of-Sale(mPOS) Market Size, Share, Growth and Industry Analysis by Sensors (Integrated Card Reader Solutions, And, Card Reader Accessories), By Application (Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, Transportation, And, Government) Regional Forecast By 2031

Updated On: 15 April 2024

Mobile Point-of-Sale(mPOS) Market Report Overview

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The mobile point-of-sale(mPOS) market is expected to be worth USD 8006.4 million in 2022, as per our research, the market is projected to touch USD 54262.91 million by 2031 with a CAGR of 21.0 % during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing Higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Mobile point of sale (mPOS) systems have revolutionized the retail industry by providing a convenient and flexible payment solution. With mPOS, businesses can accept card payments on a mobile device, such as a smartphone or tablet, eliminating the need for bulky traditional cash registers. These systems offer seamless integration with inventory management and customer relationship tools, enabling businesses to streamline operations and enhance customer experience. mPOS solutions are particularly beneficial for small and medium-sized enterprises, as they offer cost-effectiveness, portability, and ease of use, empowering businesses to transact anytime, anywhere.

The ability of mPOS systems to offer personalized and interactive customer experiences, such as digital receipts and loyalty programs, has become a significant driver for businesses aiming to enhance customer engagement and satisfaction. These factors have helped in the rapid development of mobile point-of-sale(mPOS) market share.  

COVID-19 Impact: Minimiziation of Physical Contact During Pandemic Increased Market Share

The outbreak of pandemic of COVID-19 changed the dimensions of many industries. The COVID-19 pandemic has had a positive impact on the mobile point-of-sale(mPOS) industry. With social distancing measures and restrictions on in-person transactions, businesses have increasingly turned to mPOS solutions to facilitate contactless payments.

The demand for mPOS systems surged as retailers sought ways to minimize physical contact and reduce the use of cash. Additionally, the ability to accept mobile payments became crucial as consumers became more cautious about handling physical cards. As a result, mPOS providers experienced a rapid increase in adoption and witnessed a shift in consumer behavior towards digital payments, accelerating the overall growth and acceptance of mPOS technology. Therefore, the market experienced a growth during the pandemic period.

LATEST TRENDS

"Increasing Focus on Better Customer Experience to Fuel Market Growth"

The mobile point-of-sale(mPOS) industry is witnessing several amazing trends in recent times. Firstly, there is a growing emphasis on contactless payments, driven by the need for safer transactions amidst the COVID-19 pandemic. This has led to increased adoption of NFC (Near Field Communication) and QR code-based payments through mPOS systems. Along with this there is a rising demand for integrated omnichannel solutions, enabling businesses to seamlessly connect their online and offline sales channels.

his includes features like unified inventory management, customer data synchronization, and personalized experiences. Lastly, there is a focus on enhancing the customer experience through added functionalities like digital receipts, loyalty programs, and real-time feedback. All of the above-mentioned trends help in the evolution of the market.

Mobile Point-of-Sale(mPOS) Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Integrated card reader solutions, and, card reader accessories. The integrated card reader solutions segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Restaurant, hospitality, healthcare, retail, warehouse/distribution, entertainment, transportation, and, government. The restaurant segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Cost-effectiveness of Mobile Point of Sale Systems to Amplify Market Growth"

Several key driving factors contribute to the growing popularity of mobile point-of-sale(mPOS) systems. Firstly, the increasing adoption of smartphones and tablets has made mPOS more accessible to businesses of all sizes. The convenience and portability of these devices have opened up new avenues for accepting card payments on the go. Secondly, consumers' preference for digital payments and contactless transactions has accelerated the demand for mPOS solutions. With mPOS, businesses can cater to this evolving customer behavior and provide a seamless payment experience.

Additionally, the cost-effectiveness of mPOS systems compared to traditional point of sale systems makes it an attractive option, especially for small and medium-sized enterprises. Lastly, the integration of inventory management, analytics, and customer relationship tools in mPOS systems offers businesses greater operational efficiency and data-driven decision-making capabilities. Together, these driving factors have propelled the growth of mPOS in various industries.

"Rise of E-commerce and Online Shopping Websites to Improve Market Growth"

In addition to the previously mentioned driving factors, there are several other key factors fueling the growth of mobile point of sale (mPOS) systems. The evolving regulatory landscape plays a crucial role, with governments worldwide promoting cashless economies and imposing stricter security standards.

This has pushed businesses to adopt mPOS solutions that comply with the latest regulations, ensuring secure and compliant transactions. The rise of e-commerce and online marketplaces has also contributed to the demand for mPOS systems, as businesses seek to bridge the gap between their online and offline sales channels. All of these factors have fueled the mobile point-of-sale(mPOS) market growth.

RESTRAINING FACTOR

"Increasing Concern Over Data Security to Bring Down Market Share"

While mobile point-of-sale(mPOS) systems have experienced significant growth, there are some restraining factors that can hinder their adoption. One of the primary challenges is the concern over data security. As mPOS systems handle sensitive customer information, businesses and consumers alike may worry about the potential for data breaches and unauthorized access.

Additionally, interoperability issues can arise when integrating mPOS systems with existing software and hardware infrastructure, causing compatibility challenges. Limited connectivity and unreliable network coverage in certain areas can also pose obstacles, hindering smooth transactions. Lastly, the initial cost of implementing mPOS systems and the need for ongoing maintenance and support can be deterrents for some businesses, particularly smaller ones with limited resources. All of these factors can negatively impact the market growth and development.

Mobile Point-of-Sale(mPOS) Market Regional Insights

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"North America to Dominate Market Share in Upcoming Years "

North America is predicted to account for majority of the market share. This can be attributed to the presence of several favorable factors in this region. The region has witnessed significant growth in mPOS technology due to several factors. Firstly, the high smartphone penetration rate in North America has paved the way for widespread mPOS usage. Consumers are comfortable using mobile devices for payments, and businesses have responded by adopting mPOS systems to cater to this demand.

Secondly, the region's strong infrastructure, including reliable internet connectivity and advanced payment networks, has facilitated seamless mPOS transactions. Lastly, the presence of large retail chains and a tech-savvy consumer base has further accelerated mPOS adoption in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Intuit Inc. (U.S)
• Recruit Holdings (Japan)
• Oracle Corp. (U.S.)
• Square Inc. (U.S.)
• Hewlett-Packard Development (U.S.)
• First Data Corp (U.S.)
• Bixolon (South Korea)
• iZettle AB (Sweden)
• PAX Technology (China)
• VeriFone Systems (U.S.)
• PayPal Holdings (U.S.)
• Dspread Technology (China)
• Posiflex Technology (Taiwan)
• Citizen Systems Europe (U.K.)
• Ingenico (France)
• Zebra Technologies Corp. (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the top industry players has also been mentioned in the report in order to provide a better understanding of the competition that is prevailing in the market.