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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.
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 Attribute | Details |
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Base Year: | 2022 |
mPOS Terminals 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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