Mobile POS Terminals Market to Reach USD 42.99 Billion by 2022
by Susan Hill Business ConsultantThe global mobile POS terminals market size is expected to reach
USD 42.99 billion by 2022, according to a new study by Grand View Research,
Inc. Mobile POS terminals have evolved from basic payment processing tools to
advanced analytics solution providers with greater processing capability and
wireless communication support. The inflection of these terminals came with the
adoption of consumer grade devices such as tablets for business use. Ubiquitous
wireless connectivity such as the Bluetooth, availability of mobile printers,
scanners, card readers and peripheral devices; and multiple platform support
have driven the mobile POS terminals market in various applications.
Sophisticated data analytics, growing credit card payments and
ever-changing consumer expectations are expected to spur the mobile POS
terminals industry. This growth has encouraged retailers to leverage new
applications and strategies to deliver seamless customer experience. Mobile
applications have the ability to create new channels for revenue growth; as a
result, vendors are increasingly trying to understand various marketing
channels available in order to leverage technology to compete. Flexibility of
having a tablet-based mobile POS owing to low installation costs has attracted
SMBs to invest in this technology. Reduced customer time in line, increased
security, free floor space and paper-free receipting services are the features
driving mPOS terminals demand over traditional or fixed terminals.
The growing penetration of tablet devices, rising base of SMBs and
micro-merchants, need for effective line-busting schemes to encourage card
adoption are expected to propel market growth over the coming years. However,
lack of standardization and data security concerns may restrain mobile POS
terminals market growth. Increased penetration of Near
Field Communication (NFC) in mobile devices is expected to augment
demand.
Further key findings from the study suggest:
- The mobile POS terminals market primarily includes components such
as hardware and software. Mobile POS hardware systems accounted for
majority of the market share in 2014; the segment is expected to lose market
share through the forecast period. The software segment is expected to
witness growth as consumers shift towards the use of consumer-grade
electronics devices such as tablets for managing their POS needs.
- Retail segment accounted for over 30% of the overall market share in
2014. Growing adoption of mobile POS technology across SMBs and
micro-merchants is expected to drive segment growth.
- Asia Pacific and Latin America mobile POS terminals market are
expected to witness substantial growth over the forecast period. This may
be primarily attributed to increasing low-cost manufacturing activities in
the region. Surge in demand across application segments is expected to
spur the regional market.
- Notable companies operating in the industry such as Verifone,
Ingenico, and Micros Systems provide various handheld and tablet-based
mobile POS solutions. Verifone Systems introduced these solutions for SMBs
along with iPayment to address the need of the marketplace.
Access full
research report on global mobile POS terminals market:
www.grandviewresearch.com/industry-analysis/mobile-pos-terminals-market
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Created on Apr 19th 2020 13:39. Viewed 338 times.