Mobile POS Hardware Market Size, Share, Growth, And Industry Analysis By Type (Touch Screen, Inductor, Marking Machine and other) By Application (Food/Groceries, Cosmeceuticals Shop, Supermarket, Department Store, Restaurant, Stay and Amusement), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Mobile POS Hardware Market Report Overview

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The global mobile POS hardware market size was USD 441.9 million in 2022 and is expected to reach USD 2490.01 million in 2031, exhibiting a CAGR of 21.2% during the forecast period.

A mobile point-of-sale system is having the same utility as that of a traditional cash register with greater benefits. A smartphone or touch-screen tablet's audio jack or charging connector can be used to connect to a mobile POS system. Transactions are processed by a mobile point-of-sale system, which consists of portable hardware and software. In addition to many other things, it computes sales totals, handles payments, monitors inventory, and gathers business data. Any tablet or smartphone may serve as a checkout station thanks to a mobile POS system. The inherent functionality of being portable makes it incredible to get payments on the go.

A mobile POS terminal enables businesses to accept payments from any location on the globe. This is crucial for organizations that frequently work outside of brick-and-mortar establishments or for businesses that do the majority of their activity on the road. For instance, take into account the fact that most vendors who sell their wares at local festivals, local produce, or conferences are on the road or working off-site. Since they might not always be nearby their establishment to execute a credit or debit card transaction, a mobile POS system would be ideal for them. These mobile enterprises can conduct transactions wherever they are owing to mobile POS systems which are a huge boost to the mobile POS hardware market growth.

COVID-19 Impact: Rising Adoption of Mobile POS Hardware Due To the Social Distancing Norms

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

The COVID-19 was an unanticipated event that had a negative impact on the global economy. Lockdown restrictions were imposed on nations, travel was restricted, and the healthcare industry was overworked. A number of guidelines, including the social distancing norms, were issued to society in order to limit the pandemic and spread of the virus. Due to these constraints and social distancing norms that discouraged making payments in person, businesses began to adopt mobile POS systems. As a result, during the COVID-19 period, there was an upsurge in demand for mobile POS hardware.

Latest Trends

"Digital Payment Solutions to Expand the Market Dimensions"

Firms all around the world are adopting tech-based payment methods like mobile point of sale as a result of the ongoing shift in payment methods from cash to electronic payments. Regardless of whether their economies are developed or developing, mobile POS systems for card and digital payment solutions are becoming more and more common today due to their adaptability, mobility, and user-friendliness. Another important factor for mobile POS’s rising popularity is its capacity to connect with smart gadgets. All of these elements are anticipated to encourage businesses to gradually adopt mobile POS systems over the course of the forecast period.

Mobile POS Hardware Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Touch Screen, Inductor, Marking Machine and others. Among these, the touchscreen segment holds the majority of the market share.

• By Application Analysis

Based on application, the market can be divided into Food/Groceries, Cosmeceuticals, Shop, Supermarket, Department Store, Restaurant, Stay and Amusement. By the application type, the food/groceries is the leading segment.

Driving Factors

"Favorable Government Policies To Propel The Market Growth"

Governments all over the world are currently pushing for the adoption of cashless transactions since they have considerable advantages over traditional cash transactions, such as minimal infrastructure requirements and transaction monitoring that reduces illegal transactions. Government policies that enable an increasing number of small and medium-sized businesses to easily implement mobile POS include free skill training and powerful IT infrastructure at the lowest possible cost. Therefore, it is projected that the market for mobile POS hardware will develop as a result of these business-friendly government initiatives.

"Expanding Micro Merchants To Increase The Market Demand"

Micro merchants such as local vendors, street sellers, and others have been growing exponentially in numbers in recent years and are anticipated to grow further during the forecast period. A mobile POS system opened up a world of potential for businesses because it can operate off of a smart or computer device connected to the internet, particularly for small enterprises, street sellers, and businesses that are frequently on the move, like food trucks. Small, local businesses that formerly solely accepted cash can now accept payments through mobile POS systems all across the world. These businesses may now accept instantaneous payments to assure rapid service through mobile POS systems. Thereby, the mobile POS hardware market share has grown even more as the trend of micro businesses has grown.

Restraining Factors

"Lags In Cybersecurity A Major Threat To The Market Growth"

Experts frequently worry about cybersecurity because they believe that POS apps' backend systems are highly susceptible to attacks. Mobile POS solutions are based on the reliability of the conventional off-the-shelf gadget and the downloadable app, unlike closed payment processing systems. According to the Payments Journal, "This means that attackers might be able to access the card processing app if they can compromise the mobile device's operating system or another app that's running on it concurrently with the mobile POS app. Small business owners livelihoods depend entirely on their operations, which can be destroyed by cybercrime. As a result, they are reluctant to embrace mobile POS systems, which could hinder the expansion of the mobile POS hardware market.

Mobile POS Hardware Market Regional Insights

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"North America Region Dominates Due To Its Robust Network Infrastructure"

North America region currently dominates the global market for mobile POS hardware, and this trend is anticipated to continue. This is due to the region's finance industry's growing modernization and the expansion of options that are dynamic to each business or industry. The mobile POS hardware market is anticipated to positively impact IoT since it establishes a strong network for an organization to monitor and control its activities. North America has a well-established network infrastructure that supports IoT among various enterprises. Additionally, owing to their completely cashless payment schemes and their technologically advanced economies, Asia Pacific is the second largest region for mobile POS hardware sales after North America.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Acer (Taiwan)
• Amazon (U.S.)
• Apple (U.S.)
• Asus (Taiwan)
• Datalogic (Italy)
• Dell (U.S.)
• Fujitsu (Japan)
• Google (U.S.)
• HP (U.S.)
• HTC (Taiwan)
• Huawei (China)
• LG (South Korea)
• MICROS (U.S.)
• Motion Computing (U.S.)
• NEC (Japan)
• Panasonic (Japan)
• Samsung (South Korea)
• ToshibaTEC (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.