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mPOS Terminals Market size surpassed USD 25 billion in 2022 and is projected to register 10% CAGR from 2023 to 2032. Technological advancements and the replacement of aging POS systems with modern terminals for improved payments via NFC-enabled cards or apps will support industry growth. The global market for POS terminals is likely to hit USD 190 billion by 2032.
Rapid digitization in the retail sector and the rising use of digital payment platforms such as Google Pay and Amazon Pay will drive the deployment of mPOS terminals. Low installation costs, ease of accessibility, and the availability of renting devices for small businesses have encouraged product adoption in recent years.
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Growing concerns associated with cyberattacks could restrain the espousal of mPOS systems. Robust implementation of mPOS devices in industries has escalated worries regarding data security. With the swift penetration of smart technologies and mobile devices, the incidences of sophisticated cyberattacks have surged at a substantial rise in recent years. However, developed countries such as the U.S., Japan, and the UK could bolster the mPOS terminals market expansion owing to the presence of a massive internet and smartphones user base coupled with the growing reliance on card payments methods.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 25 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 10% |
2032 Value Projection: | USD 100 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 585 |
Segments covered: | Solution, Deployment, Application, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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mPOS terminals market from the software segment is anticipated to attain over 15% gains through 2032. The increasing use of mPOS software can be attributed to surging demand for user-friendly, faster, and scalable checkout systems. Organizations are rapidly installing point-of-sale software in order to improve the efficiency of employee & customer management, tracking sales and overall business performance. Digitization of retail, restaurant, and hospitality industries should proliferate the dependence on mobile POS software.
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On-premise deployment type captured more than 50% of the mPOS terminals market share in 2022. Despite the increasing popularity of cloud-based models, merchants continue to prefer on-premise mPOS as it offers better security and dependability. The ability to effectively protect the financial data of clients has incited companies to switch to these models. The soaring incidences of data breaches and cyberattacks will elevate the demand for secure and comprehensive software pertaining to customer management and inventory control operations. This should positively influence the uptake of these solutions.
The mPOS terminals market revenues from restaurants application is estimated to reach USD 20 billion by 2032. Restaurants are steadily transitioning to digitally equipped businesses and streamlining the ordering and processing operations with the help of flexible & scalable payment options for optimum power usability and connectivity.
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Asia Pacific mPOS terminals market is expected to observe 15% growth from 2023 to 2032. During the last decade, countries including China, India, and Japan witnessed tremendous globalization and a substantial rise in consumer awareness regarding mPOS solutions. These countries are implementing new programs and initiatives to encourage the use of mPOS solutions across a broad spectrum of business verticals.
Some of the leading mPOS terminals industry players include Panasonic Corporation, AURES Technologies SA, Ingenico Group, PAX Technology, Inc., Bitel Co., Ltd., Micros Systems, Inc., Diebold Nixdorf, Incorporated, First Data Corporation, Fujian Newland Payment Technology, Posiflex Technology, Inc., Shenzhen Zhengtong (SZZT) Electronics Co Ltd, NCR Corporation, Newland Payment Technology, PAR Technology Corporation, BBPOS Limited, Shenzhen Xinguodu Technology Co., Ltd, Square Inc., Touch Dynamic, New POS Technology Limited, and VeriFone Holdings, Inc. These companies are undertaking strategic initiatives to expand their geographic footprint.
The COVID-19 pandemic had a positive impact on the mPOS terminals market. Due to increased focus on social distancing and mandatory use of masks to avoid contraction of COVID-19, digitization picked pace in the retail and hospitality sector. Several financial service providers raised the limits for contactless payments, thus facilitating simplified and streamlined cashless transactions. As a result, mPOS terminals gained traction as they allowed a faster and more seamless payment option.
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Market, By Solution
Market, By Deployment
Market, By Application
The above information has been provided for the following regions and countries: