Mobile POS Terminals Market worth over $80bn by 2026
Published Date: March 13, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Mobile POS Terminals Market size is set to exceed USD 80 billion by 2026, according to a new research report by Global Market Insights, Inc.
The focus of government administrations on cashless economy and digitization initiatives will drive the mobile POS terminals market revenue. Several countries are focusing on cashless transactions due to the benefit of convenience and security in payment processing. The transition toward digital society will result in a high market demand for mPOS devices among industries to accept contactless payments from customers.
For instance, in May 2018, the Singapore Government announced its plan to become a check-free and cashless nation by 2025. The French Government prohibited cash transactions over 1,000 Euro (USD 1,108.4), while the UK banned the sale of 500 Euro notes at exchange offices since 2010. In August 2018, the Swedish Government announced plans to become the first cashless nation globally by 2023. Such initiatives to restrict cash usage will result in customer shift toward digital payment methods, proliferating the mobile POS terminals market size.
The rise in customer inclination toward mobile wallets, such as Google Pay & Apple Pay, will encourage businesses to implement mobile POS terminal to conduct on-the-go financial transactions. The portability and versatility of mobile POS terminals compared to traditional POS devices make them ideal for businesses to improve the customer experience by speeding up service and offering multiple payment options.
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Demand for effective inventory management tools to improve business operations is propelling the mobile POS terminals market value
The demand for mobile POS terminal software applications is increasing among retailers to access their stores from remote locations and combat the causes of declining revenues in the absence of supervision. The software provides owners with regular updates on tasks performed inside the retail outlets. Inventory management tool enables tracking & sorting of products in physical & online stores. It also tracks product information, significantly improving customer services. The software developers in the market have introduced POS software that is compatible with EMV compliance and NFC payments, enabling faster & secure payments for customers.
Browse key industry insights spread across 350 pages with 481 market data tables and 48 figures & charts from the report, “Mobile POS 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), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising number of data breaches and the need to prevent unauthorized access to customer data will increase the adoption of on-premise mobile POS terminals
On-premise deployment is expected to gain a high momentum in the coming years owing to rising data security concerns with cloud solutions. For instance, in September 2016, Lightspeed, a Canada-based cloud POS provider, reported a data breach of 38,000 clients by hackers to steal their credit card details. The rising need to handle multiple processes, such as customer management and inventory control, is expected to drive the market demand for on-premise mPOS terminals.
Ease in bill payments are driving the mobile POS terminals market demand in the healthcare sector
Healthcare indusrty is experiencing a high demand for these solutions due to increased ease in paying bills of treatment and medicines. Hospital bills include charges of surgeries and other costly treatments, which are difficult to pay in cash. mPOS terminal offer flexible payment solutions to the patients by paying their bills through debit or credit cards.
The terminals are used in different areas in the hospital including hospital cafeteria, counter, and pharmacy. These payment solutions offer convenient, faster, and secured system for electronic payment methods. Moreover, the increasing popularity of mobile wallets, such as Android Pay, Samsung Pay, and Apple Pay, is driving the adoption of the mobile POS terminals in the sector.
Government initiatives to encourage digitization and market growth in the retail sector are driving the market demand
The Asia Pacific mobile POS terminals market is predicted to register exponential growth during the forecast period. The market growth is attributed to rapid urbanization in the developing countries and growth of retail, hospitality, and healthcare sectors. In June 2019, retail sales in China was reported to be USD 5.29 trillion due to the continued explosion of e-commerce.
The development of the e-commerce sector in countries including India, Japan, Singapore, and favorable government initiatives, such as China's Digital Guangdong initiative and South Korea's e-government strategy, will accelerate the market demand in the region.
In Latin America, an increase in the adoption of online shopping has forced retailers to expand their market presence to provide fast delivery to their customers. For instance, in January 2020, Walmart Inc. opened 134 stores in Mexico owing to the regional market growth in the retail sector. The rise in retail business will promote the adoption of these systems to manage inventory, enhance customer engagement, and improve profitability.
Industry players are adopting collaboration strategies to remain competitive in the market
Prominent companies operating in the mobile POS terminals market include Zebra Technologies, Verifone, SZZT Electronics, Square, Inc., Shenzhen Xinguodu Technology Co., Ltd., Posiflex Technology, PAX Global Technology, Oracle (Micros), New POS Technology, NCR Corporation, Ingenico Mobile Solutions, Fujian Newland Payment Technology Co., Ltd., First Data Corporation, Diebold Nixdorf, Bitel Co., Ltd., and BBPOS.
These firms are introducing advanced devices to sustain in the highly competitive market. For instance, in January 2020, Star Micronics, a manufacturer of POS and customer engagement technologies, announced launch of mPOP, a tablet POS, to provide reliable power and network access through one cable connection.