worldwide mobile POS terminals market is predicted to accrue a valuation of over USD 91.3 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Some of the basic factors driving this industry include the rising requirement for digital payments and the escalating number of cashless transactions. Mobile POS solutions are increasingly growing in popularity as they help users conduct financial transactions even at remote locations with ease and convenience. With the rising penetration of the internets, escalating technological advancements, and the expansive proliferation of mobile devices, the adoption of mobile POS terminals will serve to increase in the estimated timeline. Mobile POS terminals also help accept payments via contact-less cards, NFC enabled cards, and EMV chip-enabled cards.
Most businesses use these products in order to facilitate easier, faster checkouts. These terminals are used to offer quicker checkouts especially during high volume transactions, to enhance customer experience. Mobile POS terminals are also integrated with tablets and smartphones thereby providing a host of other benefits, such as excellent workforce efficiency, enhanced consumer experience, reduced serving time, and more.
Mobile POS terminals are connected to IMS (inventory management systems) in order to boost efficiency and also help users send digital receipts to customers, thereby enabling ease of deployment and better organization. Targeting increased profitability, even small businesses are now adopting these terminals. These terminals are also known to offer enhanced security, given that the transactions are not stored on devices but are encrypted instead.
With the reduced prices of mobile devices, as well as the escalating demand for portable & wearable devices, not to mention, the growing number of NFC-based transactions and technological advancements, the mobile POS terminals market is anticipated to expand at a considerable pace. The increasing adoption of Android and cloud-based POS devices has also helped impel the industry growth. In addition, the integration of mobile wallet payments along with mobile POS terminals in order to offer more than one payment option to users is also projected to bring about lucrative growth opportunities for industry players in the coming years.
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The end-user landscape of the global mobile POS terminals market is segregated into restaurants, hospitality, retail, healthcare, and others. As per the report, the retail sector will dominate the worldwide market over 2017-2026 owing to the escalating product demand from grocery and departmental stores, specialty retail stores, and supermarkets and hypermarkets. Retail establishments are increasingly turning to mobile POS solutions to meet the high volume of quicker checkouts. These terminals also help ensure fast service, offer customer loyalty solutions, reduce human errors, and offer past transaction data.
Component-wise, the market is split into software and hardware components. Hardware components comprise bar code scanners, magnetic strip readers, and mobile devices, bar code scanner, and magnetic strip reader. While the use of software is diverse, as per specific industry requirements, hardware components are massively used across numerous industries. Mobile POS terminals market from software components is expected to depict a significant CAGR over 2017-2026, pertaining to the extra features offered, such as business process monitoring, customer loyalty programs, and employee management.
Geographically, North America amassed the highest valuation in 2017, and is anticipated to dominate the global market over the forecast timeline. The growth will be fueled by the rising adoption of advanced EMV and NFC-enabled devices for reducing security breaches and frauds pertaining to payments. The escalating mobile device penetration, product affordability, and rising acceptance by SMBs will further support the industry expansion in the region.
Some of the pivotal highlights of the report include:
- In 2017, the hardware component emerged as a dominant segment in the global mobile POS terminals market, with respect to revenue.
- Regionally, North America is anticipated to lead the global mobile POS terminals market revenue over 2017-2026.
- The retail sector is projected to dominate the global industry over the estimated timeframe.
The competitive spectrum of this industry is inclusive of some of the most reputed companies such as Pax technology Limited, Posiflex Tachnology, NEC Corporation, VeriFone Systems, Hewlett-Packard Company, Oracle Corporation, Squirrel Systems, Panasonic Corporation, Ingenico S.A., and Toshiba Corporation. Novel product launch and collaborations are known to be two of the prime strategies adopted by these companies to meet the rising demands of consumers.