Factors, such as the increasing penetration of cashless transaction concepts and the surging focus of enterprises on enhanced customer experience, are expected to drive the mobile point-of-sale (POS) terminals market at a robust CAGR of 17.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $19.5 billion revenue in 2019. In recent years, the soaring preference for cloud-enabled mPOS systems has become a prominent market trend, as they entail low operational costs.
The global demand for mPOS terminals will be driven by the mounting focus of business organizations on improving customer experience. For example, retail stores are installing mPOS devices to improve the shopping experience of customers by facilitating the payment process and preventing the need for standing in long queues. By saving customers’ time, retailers can build brand trust and loyalty. Thus, to expand the customer base, businesses are swiftly migrating from conventional payment modes to smartphone and tablet POS.
Read More: mPOS Terminals Market Analysis and Demand Forecast Report
Additionally, the flourishing restaurant sector, on account of the rising disposable income of people and growing trend of the ‘eating out’ culture, will also propel the mPOS terminals market growth in the forthcoming years. Restaurant owners are providing handheld mPOS terminals to their staff to enable diners to place their orders at tables and avoid the hassle of standing in long queues. By accelerating the order process, restaurants can accommodate more customers during their operating hours.
The application segment of the mPOS terminals market is categorized into food service, healthcare, hospitality, retail, sports and entertainment, warehouse, and others. Under this segment, the retail category will generate the highest revenue in the forecast years, owing to the accelerating adoption rate of POS technology at retail stores. Adoption of this technology cuts the queues of customers and assists retail store owners in capturing sales rapidly. This category is further classified into convenience stores, discount stores, department stores, specialty stores, and supermarkets/hypermarkets.
Currently, the players operating in the mPOS terminals market, such as Samsung Electronics Co. Ltd., QVS Software Inc., Posera Ltd., and BBPOS Ltd., are launching new products to expand their customer base and portfolio. For example, in October 2019, Samsung Electronics Co. Ltd. partnered with Mobeewave Inc. to launch a near field communication (NFC)-supported contactless payment acceptance solution for mobile devices. This solution enables customers to make payments by tapping their contactless debit or credit cards or e-wallets, such as Google Pay, Apple Pay, and Samsung Pay, on the NFC-based devices by Samsung.
Globally, the Asia-Pacific (APAC) mPOS terminals market generated the highest revenue during the historical period (2014–2019), and it will also exhibit the fastest growth throughout the forecast period. This can be attributed to the rapidly growing retail, healthcare, and hospitality sectors in the region, on account of the swift urbanization and economic boom in regional countries. Moreover, the rising preference for contactless payment will also support the market growth in the region.
Therefore, the growing focus of businesses on providing an enhanced customer experience and the booming restaurant sector are the major growth drivers of the market.