May 15, 2020
According to the research report titled ‘mPOS Terminals Market Size By Solution By Deployment By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global mPOS terminals market is expected to record lucrative growth over 2020-2026.
For the record, a mobile point-of-sale system (mPOS) is a dedicated wireless device, smartphone or a tablet that operates as an electronic POS terminal or conventional cash register wirelessly.
Advancements in technology and growing integration of mPOS terminals in retail sector is a major driving the market growth. This system allows businesses such as sports venues, flea markets, market vendors, food trucks and home & repair services to accept card payments on the go. A mPOS terminal can also be synched with a POS hardware including a barcode scanner or a cash drawer.
mPOS terminal is a stand-alone system that is connected to the enterprise’s bank account. Consumer data is highly encrypted and stored in the cloud instead of the device and its application in sales & service organizations offers versatility in financial transactions without the need of connecting to a single location. This not only provides consumers with various payment options but also enhances the overall experience through quick service. Additionally, increasing popularity of digital wallets is stimulating the industry outlook.
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In terms of solution, hardware segment is predicted to expand significantly during the estimated timeframe. High concentration of hardware manufacturers coupled with affordability, improved user experience and low capital investments are aiding hardware solutions share.
Worldwide mPOS terminals market from retail application is expected to register substantial growth during the study period. Rising adoption of mPOS terminals in retail formats, regional markets and departmental stores is favoring the market scenario.
Considering the geographical landscape, North America mPOS terminals industry is anticipated to showcase a robust CAGR through 2026. Incorporation of advanced technologies across various industry verticals along with growing inclination towards EMV chip-based card payment are augmenting the regional demand.
Verifone Holdings Inc., Touch Dynamic, Square Inc., Shenzhen Zhengtong (SZZT) Electronics Co. Ltd., Shenzhen Xinguodu Technology Co. Ltd., Posiflex Technology Inc., PAX Technology Inc., PAR Technology Corp., Panasonic Corp., Newland Payment Technology, New POS Technology Ltd., NCR Corp., Micros Systems Inc., Ingenico Group, Fujian Newland Payment Technology Co. Ltd., First Data Corp., Diebold Nixdorf Inc., BITEL Co. Ltd., BBPOS Ltd. and AURES Technologies SA are the major companies in mPOS terminals market.