Press release
Mobile Point Of Sale Devices Market Statistics, Emerging Trends, Key Drivers And Forecast To 2033
Mobile Point Of Sale Devices Market
The mobile point of sale devices market size is expected to see rapid growth in the next few years. It will grow to $83.25 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to growing popularity of biometric authentication, focus on sustainability, emergence of blockchain technology, rise of on demand delivery services. Major trends in the forecast period include personalization through AI, convergence with social commerce, augmented reality (AR) integration, rise of voice activated payments, focus on employee experience.
Market Overview -
Mobile point of sale (mPOS) devices refers to portable devices, that are equipped with software and hardware components to process transactions and accept payments from customers. These devices are used by businesses to conduct sales transactions remotely or in-store, providing flexibility and convenience in accepting payments.
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Impact of 5G Networks On The Mobile Point-Of-Sale Device Market
The expansion of 5G networks is expected to propel the growth of the mobile point-of-sale device market going forward. 5G networks refer to the fifth generation of wireless cellular technology that provides better capacity, more reliable connections, and faster upload and download rates. There is surge in 5G network expansion for fast and reliable data connectivity due to the widespread adoption. The use of 5G networks catalyzes mobile point-of-sale devices by enabling faster and more reliable connectivity, facilitating seamless transaction processing, enhanced user experiences, and broader adoption of mobile payment solutions across diverse retail environments. For instance, in September 2023, according to 5G Americas, a US-based industry trade organization, the 5G penetration rate in North America has reached an exceptional 40%, with a growth rate of 25.5% in the first half of 2023. The projections indicates that North America's 5G connections would reach a remarkable 669 million by 2028. Therefore, the expansion of 5G networks is driving the growth of the mobile point-of-sale device market.
Competitive Landscape -
Major companies operating in the mobile point of sale devices market are Amazon.com Inc., Alphabet Inc., Samsung Electronics Co Ltd., Panasonic Corporation, Hewlett-Packard Development Company, Cisco Systems Inc., Oracle Corporation, Toshiba Corporation, Fiserv Inc., Square Inc., Zebra Technologies Corp., Worldpay Inc., Ingenico Group, PAX Technology Inc., Adyen N.V, VeriFone Systems Inc., Fujian Newland Payment Technology Co Ltd., BlueSnap Payment Services Limited, Revel Systems Inc., PaySimple Inc., Upserve Inc., BBPOS Limited, CardFlight Inc., Touch Dynamic Inc., Paynear Solutions Private Limited
Innovative Mobile Applications Transforming Mobile Point Of Sale Market
Major companies operating in the mobile point-of-sale device market are developing mobile applications such as Smartphone TPV, to increase their profitability in this market. Smartphone TPV is a mobile application that allows mobile phones to be used as point-of-sale devices. For instance, in May 2023, CaixaBank, a Spain-based banking company, launched the smartphone TPV. This app transforms the way payments are accepted by allowing users to effortlessly handle card transactions of any size using their mobile devices, removing the necessity for extra equipment. It represents the inaugural launch in Spain by a financial institution of an app that can turn a smartphone into a complete POS terminal. The app is equipped with strong security features akin to conventional POS systems. It facilitates contactless payments and offers instant transaction monitoring.
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Key Segments -
The mobile point of sale devices market covered in this report is segmented -
1) By Solution Type: Integrated Card Reader Solutions, Card Reader Accessories, Dongles, Sleeves
2) By Technology: Biometrics, Bluetooth, Chip And Sign, Europay Mastercard And Visa Chip And Pin, Ethernet, Hybrid Technology Solutions, Magnetic-Stripe, Near Field Communication
3) By End Use: Restaurant Hospitality (Lodging), Healthcare, Retail Warehouse Or Distribution, Entertainment
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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