USD 32.45 billion
Report ID: SQSG45J2009 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 67 | Figures: 75
Global Mobile Point Of Sales Market size was valued at USD 32.45 billion in 2021 and is poised to grow from USD 36.07 billion in 2022 to USD 85.11 billion by 2030, growing at a CAGR of 11.1% in the forecast period (2023-2030).
The demand for cashless transactions among consumers around the world is giving the global market for mobile point-of-sale (mPOS) a considerable boost. Because of the mobility-enabled low total cost of ownership (TCO) and user-friendliness that mPOS systems provide, the industry is expected to continue seeing rapid expansion over the coming years.
The global adoption of trying to cut payment systems like Mobile Point of Sale (mPOS) has been prompted by the ongoing shift of payment methods from cash to electronic payments. The adoption of mPOS as card acceptance solutions in both developed and developing nations worldwide has increased its popularity over more conventional payment options. The ability of mPOS to wirelessly connect with smartphones or tablets via a mobile card reader increases usage every day. Potentially growing interest among merchants and retailers is the system's beneficial attributes of low starting cost, rapid onboarding, transparent pricing, and ability to provide value-added services. Mobile point of sale (mPOS) systems are convenient, affordable, and appropriate for many kinds of enterprises. They feature SIM card slots that make it possible for merchants to do business successfully from a distance. During the forecast period, the size of the market for mobile point of sale (mPOS) devices is anticipated to increase.
US Mobile Point Of Sales Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 32.45 billion
Integrated Card Reader Solutions
Integrated Card Reader Solutions
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The Global Mobile Point-Of-Sales Market is segmented based on the Solution type, Technology and region. Based on the Solution Type, the market is segmented as Integrated Card Reader Solutions, Card Reader Accessories. Based on the Technology, the market is segmented as Hybrid Technology Solutions, EMV Chip and Pin, Magnetic-Stripe, Chip and Sign, NFC, Biometrics. Based on Region Mobile Point Of Sales Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Mobile Point Of Sales Market Analysis by Solution Type
The integrated card reader solutions market has surpassed the card reader accessories market in terms of growth rate. The integrated card reader solutions market is anticipated to grow at a CAGR of 40.5 percent over the course of the forecast period because to the integration of complex algorithms and better-performing software to meet the demands of mobile point-of-sale consumers. More than integrated card reader solutions, the need for card reader accessories has been growing. Due to the low cost of these accessories, which makes them accessible to small and medium sized businesses (SMBs) and micro merchants, researchers estimate the situation to remain as is for the next few years.
Mobile Point Of Sales Market Analysis by Technology
By type of technology, the market is divided into biometrics, near field communication (NFC), chip and sign, magnetic stripes, and hybrid technology solutions for EMV chip and pin and chip and sign transactions. In this market, NFC, EMV chip and pin, and hybrid technology solutions are now the most popular options. These technologies will continue to be in great demand during the upcoming years. During the projected period, the EMV chip and pin is expected to dominate the technology sub-segment. In industrialised countries, the EMV chips and pin are employed in a variety of applications. As a result, it is projected that it will encourage the sub-growth segment's over the forecast period. The number of other technologies, however, is expanding quickly. Alongside the development of portable POS machines, other crucial technologies are also progressing. For instance, the Apple IPad POS system, which debuted with iOS 11, supports NFC-enabled applications and aims to take the lead in the industry.
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In terms of location, the Middle East and Africa, South America, Europe, North America, and Asia Pacific make up the majority of the world's mPOS market. In 2016, Europe dominated the global market with a share of 34%. Over the past few years, the substantial growth of cloud computing has had a huge impact on the European market. Due to the growing emphasis that mPOS solution suppliers are placing on merchant-related services as well as the expanding internet of things (IoT) trend in this region, it is anticipated that the Europe market for mPOS will continue to dominate the global market even in the near future. In addition, the industry in Europe is anticipated to benefit significantly over the next few years from the growing adoption of mPOS systems in European banks in an effort to give clients lower transaction fees.
North America and Asia Pacific are two regions where the mPOS industry is expected to grow strongly in the years to come. While the North American mPOS market is benefiting from the presence of numerous established players, the Asia Pacific market is anticipated to grow significantly over the coming years as a result of the improvement in the economies of several Asian nations, including China, India, Indonesia, and Japan. In the near future, it is anticipated that a number of societal factors, including favourable demographic profiles, customer confidence, and urbanisation trends, would also fuel the Asia Pacific mPOS market.
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Mobile Point Of Sales Market Driver
Mobile Point Of Sales Market Restraint
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Leading players in the worldwide mobile point-of-sale market are now competing for the top spots by expanding and enhancing their product lines. Prominent businesses are steadily broadening their company portfolios with mobile POS software and hardware by providing value-added services. To gain a competitive edge and generate the most income over the forecast period, the businesses operating in the mobile point-of-sale terminals market do their best to incorporate the most recent technological innovations into their products. Due to these terminals' improved characteristics, such as a better user experience and portability, it is anticipated that they may alter payment methods.
Mobile Point Of Sales Market Top Players Company Profiles
Mobile Point Of Sales Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Mobile Point-Of-Sales Market Analysis, Since a few years ago, the global mobile point of sale (mPOS) market has grown quickly due to shifting consumer preferences for payment methods. Additionally, the growing trend of cloud-based mobile POS is contributing to the market's expansion in a positive way. However, the market's expansion throughout the anticipated period may be hampered by rising cyber breach threats.
|Market size value in 2021||USD 32.45 billion|
|Market size value in 2030||USD 36.07 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Mobile Point Of Sales Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mobile Point Of Sales Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45J2009