Mobile Point-of-Sale Market forecast to expand at a CAGR of 38.0% by 2024

Mobile point-of-sale (mPOS) enables users to accept card payments, print receipts, track inventory, and provide loyalty programs across different industry verticals. mPOS solutions are available as integrated card reader solutions and card reader accessories. Card reader accessories include dongles and sleeves that can be integrated with smartphones or tablets to serve as mPOS devices, while integrated card reader solutions are dedicated portable mobile point-of-sale devices. mPOS allows merchants to reduce the space allocated for fixed point-of-sale devices and brings greater mobility at workplace. Moreover, its lower total cost of ownership (TCO) has attracted small and medium-sized merchants. Globally, the mPOS shipment stood at 16.56 million units in 2015 and is projected to reach 441.18 million units by 2024. In terms of revenue, the mPOS market is forecast to expand at a CAGR of 38.0% during the forecast period.

Small businesses have opted for mPOS solutions in order to enhance customer satisfaction by increasing the speed of the billing process at billing counters. The major companies operating in mPOS market include Ingenico S.A., VeriFone Systems, Inc., International Technologies and Systems Corporation, Charge Anywhere, MagTek, Inc., PAX Technology Ltd., Wincor-Nixdorf International, AnywhereCommerce, Ezetap, goSwiff, Ltd., Infinite Peripherals, and Miura Systems Ltd.

Get Free PDF Brochure for more Professional and Technical insights: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=6742  

The global mPOS market has been segmented on the basis of solution type, technology, end-use, and geography. On the basis of solution type, the market is segmented into integrated card reader solutions and card reader accessories. Card reader accessories have gained significant demand from small merchants due to their compact nature, ease of use, and low cost. Various card reader accessory types include dongles and sleeves. Depending on different mPOS technologies, the market is categorized into hybrid technology solutions, EMV chip and pin, magnetic-stripe, chip and sign, NFC, and biometrics. Hybrid technology solutions segment has observed high demand from merchants, as the market is witnessing a shift from older technology such as magnetic-stripe to updated mPOS technologies that include EMV chip and pin and NFC.

The end-use segments of the mPOS market include restaurants, hospitality, health care, retail, warehouse/distribution, entertainment, transportation, government, and consumer utility services. The retail end-use segment was the largest in terms of revenue, shipment, and installed base in 2015. The retail sector is involved in frequent financial transactions with end customers. mPOS solutions facilitate small, medium, and large retailers to enhance their customer experience. Furthermore, the transportation sector is likely to witness high adoption of mPOS solutions due to increasing demand from rental cars and public transport such as buses and trains.

In terms of shipment, North America dominated the mPOS market in 2015.The high concentration of service sectors such as retail and hospitality in North America and Europe has aided the mPOS market’s growth in these regions. Asia Pacific and Latin America are anticipated to experience the favorable growth of the mPOS market in the coming years, driven by economic growth and the rise in industrialization that is further expected to support the retail and small businesses in the region.