ID: MRFR/ICT/7334-HCR | February 2021 | Region: Global | 100 pages
Mobile Point of Sale (POS) Market was valued at USD 21.3 Billion in 2019 and is expected to register a CAGR of 23.4% during the forecast period.
Mobile POS is an integrated mobile device such as a smartphone or a tablet that functions as an electronic point of sale terminal. Mobile POS consist of hardware and software. The mobile POS hardware is equipped with Wi-Fi, Voice over Internet Protocol (VoIP), Radio Frequency Identification (RFID), and smart card, among other advanced features. These hardware devices allow mobile POS terminals to accept the payments remotely using wireless applications. The mobile POS terminals are also used to manage assets and inventories, send digitized notes, send and receive invoices, and capture signatures at the counters. The major driving factor for the growth of the mobile POS market is the increasing penetration of mobile technologies and advancements in the wireless network infrastructure. The rising government support and regulations conducive to the use of digital technologies are further driving the growth of the mobile POS market. Further, the rising adoption of contactless payment solutions is expected to create a significant growth opportunity for the market during the forecast period. However, the growing data-security concerns are expected to restrain market growth during the forecast period.
Mobile POS Market has been segmented based on Component, Deployment, Connectivity, Application, and Region/Country.
By Component, the global mobile POS Industry has been divided into hardware, software, and services. The services segment has been further divided into professional and managed services.
By Deployment, the global mobile POS industry has been divided into cloud and on-premise.
Based on connectivity, the global mobile POS market has been divided into 3G/4G, Wi-Fi, Bluetooth, and others.
On the basis of application, the global mobile POS market has been divided into retail, restaurants, healthcare, entertainment, hospitality, and others
Geographically, the global mobile POS market has been analyzed for five regions—North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America.
Global Mobile POS Market is estimated to register a CAGR of 23.4% over the forecast period. The geographic analysis of the global mobile POS market has been conducted for North America, Europe, the Asia-Pacific, the Middle East & Africa, and South America.
North America held the largest market share being an early adopter of the advanced technologies and high adoption of mobile devices. North America consists of countries such as the US, Canada, and Mexico. The US accounted for the largest market share, followed by Canada and Mexico.
The Asia-Pacific is expected to be the fastest-growing regional market during the forecast period due to the growing number of e-commerce transactions and the increasing trend of mobile payments. Europe is expected to be the second-largest market for mobile POS during the forecast period. The markets in countries such as the UK and Germany are expected to grow at a fast pace in the coming few years.
Source: MRFR Analysis
The Global Mobile POS Market is registering a high growth due to the rising number of online payments, the proliferation of RFIDs, and the growth of retail infrastructure in various developing countries. Major players are partnering with enterprises as a part of their inorganic strategy and investing in new product development as a part of their key organic growth strategy to enhance their position in the market and cater to the industry demand. For instance, in January 2019, HP has partnered with PayPal to release its all in one POS unit. This unit is targeted mainly at hospitality companies and small and medium-sized businesses, with PayPal handling the payments and other financial services.
The Key Players in the Global Mobile POS Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Hewlett-Packard Company (US), Cisco Systems Inc (US), MICROS Systems (US), Panasonic Corporation (Japan), Toshiba Corporation (Japan), VeriFone Systems Inc (US), PAX Technology Limited (China), Samsung Electronics Co (South Korea), First Data Corporation (US), Ingenico S.A (France), Posiflex Technology (Taiwan), NEC Corporation (Japan), Square, Inc.(US), Epicor Software Corporation (US), and Squirrel Systems (Canada) among others. The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
Frequently Asked Questions (FAQ) :
The global mobile POS market can rise at 23.4% CAGR by 2025.
The market can value above USD 21.3 Billion by 2025.
Hardware and software are some mobile POS components.
Epicor Software Corporation (US), Square, Inc. (US), Squirrel Systems (Canada), and NEC Corporation (Japan) are some reputed names in mobile POS market.
Increase in partnership among companies can drive the market.