mPOS Terminals Market size is anticipated to exceed USD 100 billion by 2032, according to the recent research report by Global Market Insights Inc.
Rising use of smart technologies will support the deployment of mPOS terminals. A mobile POS system offers multiple benefits over traditional POS terminals such as lower installation costs and easy accessibility. Businesses can also rent out mPOS terminals at an affordable rate to enhance scalability within their operations. These devices do not store any credit and debit card data and help reduce liability on businesses by encrypting all transactions. The rising threat of security breaches should encourage end users to adopt such data storage methods to ensure compliance with data privacy and security regulations such as PCI DSS.
Integration of POS hardware to offer advanced connected features
The mPOS terminals market from hardware solution segment will witness nearly 10% CAGR between 2023 and 2032. Increasing focus on improving customer satisfaction, reducing operational expenditure, enhancing operational efficiency, and streamlining payment processing has led to the development of advanced POS hardware. Manufacturers of POS hardware are addressing the demand for connected point-of-sales systems by adding features such as wireless connectivity, NFC, and RFID. Increasing efforts to provide durable and cost-effective payment devices will complement the industry outlook.
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SMBs using cloud-based mPOS terminals for improving business performance
The cloud-based mPOS terminals industry is slated to attain over 15% gains from 2023 to 2032. Cloud-based mPOS systems allow users access to the platform via an internet connection from any location. These terminals have emerged considerably popular as businesses become more digital and demand sophisticated technologies for increasing operational output. SMBs and small merchants are rapidly switching to cloud point-of-sales due to flexible pricing options and improved functionalities such as inventory tracking, data monitoring, and maintaining transaction records.
Rapid integration of mPOS terminals in healthcare settings
Healthcare application is estimated to capture more than 15% of the mPOS terminals market by the end of 2032. This sector is rapidly installing mobile point-of-sale terminals to simplify the payment process required to opt for treatments and medicines provided at hospitals and clinics. Increasing digitalization of healthcare facilities is encouraging operators to integrate these payment terminals.
Browse key industry insights spread across 300 pages with 545 market data tables and 40 figures & charts from the report, “mPOS Terminals Market Size By Solution (Hardware [Handheld Terminals, Tablet], Software) By Deployment (On-Premise, Cloud-Based) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Growing adoption of cloud computing in Europe
Europe mPOS terminals market is poised to observe 25% growth by 2032. The region is expected to emerge as a hotspot for industry players, owing to the increasing popularity of cloud computing. Several businesses are partially or fully operating on the cloud, eliminating massive expenses associated with security and infrastructure. Furthermore, a rise in the number of POS manufacturers in the region will support the industry development.
New product launches to boost industry expansion
Some of the leading mPOS terminals industry participants are Panasonic Corporation, Ingenico Group, PAX Technology, Inc., Bitel Co., Ltd., Micros Systems, AURES Technologies SA Inc., Diebold Nixdorf, Incorporated, First Data Corporation, Fujian Newland Payment Technology, Posiflex Technology, Inc., NCR Corporation, PAR Technology Corporation, BBPOS Limited, Square Inc., Touch Dynamic, New POS Technology Limited, and VeriFone Holdings, Inc. These competitors are advancing their product development efforts.