Mobile Point-of-Sale (mPOS) Market (Solution Type – Integrated Card Reader Solutions and Card Reader Accessories (Dongles and Sleeves); Technology – Hybrid Technology Solutions, EMV Chip and Pin, Magnetic-Stripe, Chip and Sign, Near Field Communication (NFC), and Biometrics; End User – Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, Transportation (Public Transport and Rental Cars and Intercity Buses), Government, and Consumer Utility Services) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025
According to Transparency Market Research (TMR), the worldwide mPOS market, which is expected to attain a value of US$4.21 bn by 2017, will expand further at a remarkable CAGR of 35.40% between 2017 and 2025, reaching US$47.7 bn by the end of 2025.
At the forefront of the global mPOS market are Intuit Inc., Recruit Holdings Co. Ltd., Oracle Corp., Square Inc., Hewlett-Packard Development Co. L.P., First Data Corp., Bixolon Co. Ltd., iZettle AB, PAX Technology Ltd., VeriFone Systems Inc., PayPal Holdings Inc., Dspread Technology Inc., Posiflex Technology Inc., Citizen Systems Europe GmbH, Ingenico S.A., and Zebra Technologies Corp.
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Shift from Cash to Cashless Payment Driving Growth for Mobile Point-Of-Sale Solutions
Increasing affordability and growing spending capacity of people has led demand in the global mobile point-of-sale market. Moreover, growing acceptance for newer and advanced technologies is also projected to drive demand in this market. Rising internet connectivity, high internet penetration, and high demand for IoT technologies is augmenting growth in the global mobile point-of-sale market.
Application of mobile point-of-sale solutions is seen in restaurants, health care, retail, warehouse and distribution, hospitality, entrainment, government, and transportation sectors, which has augmented growth in the global mobile point-of-sale market. Additionally, shift seen towards cashless payments due to the rise of online transactions and mobile point-of-sale solutions have further expanded the global mobile point-of-sale market.
Card Reader Accessories to Remain Most Valued Products
The global market for mPOS is broadly evaluated on the basis of the type of solution, technology, and end user. Based on the type of solution, the market is classified into integrated card reader solutions and card reader accessories.
The demand for card reader accessories has been increasing at a higher growth rate than integrated card reader solutions. Researchers anticipate the scenario to remain so over the next few years, owing to the low cost of these accessories, which makes them affordable for small and medium sized businesses (SMBs) and micro merchants.