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mPOS Terminals Market Outlook, Opportunities And Strategies 2024-2033
mPOS Terminals Market Outlook
As per the report, the mpos terminals market size has grown rapidly in recent years. It will grow from $34.72 billion in 2023 to $41.25 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The mpos terminals market size is expected to see rapid growth in the next few years. It will grow to $83.48 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%.
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Surge In Digital Payments Propels Growth Of The Mpos Terminal Market
The rising use of digital payments is expected to boost the growth of the mPOS terminal market going forward. Digital payments refer to transactions that happen online or through digital channels without a physical exchange of money. Through near-field communication (NFC), which enables contactless payments by allowing users to wave one device over another NFC-compatible device, mobile POS systems can take payments through digital wallets. For instance, according to a report published by the World Bank, a US-based provider of financial products and technical assistance, in 2022, globally, 76% of adults have a bank, other financial institution, or mobile money provider account as of 2021. Worldwide, two-thirds of adults currently send or receive digital payments, with developing economies accounting for an increasing share to 57% in 2021. Therefore, the rising use of digital payments is driving the growth of the mPOS terminal market.
Technological Advancements Propel Innovation In The Mpos Terminals Market
Technological advancement is the key trend gaining popularity in the mPOS terminals market. Major companies operating in the mPOS terminals market are focusing on developing technological advanced solutions to sustain in the market. For instance, in May 2022, Square, a US-based manufacturer of business tools, launched Square for Restaurants mobile POS. The unique feature of Square is its capacity to assist restaurants of all shapes and sizes, in particular full-service restaurants (FSRs), in boosting their bottom line and operational effectiveness. With Square, servers can quickly and easily process orders and payments at the table or while waiting in line. Even when there is a staffing shortage, restaurants employing the Square for Restaurants mobile POS test program will still be able to increase their revenues and turn more tables.
The mpos terminals market covered in this report is segmented -
1) By Component: POS Terminals, POS Software, Services
2) By Solution: Hardware, Software
3) By Deployment: On-Premise, Cloud-Based
4) By Application: Entertainment, Healthcare, Hospitality, Restaurant, Retail, Warehouse, Other Applications
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Major companies operating in the mpos terminals market report are Ingenico Group, PAX Global Technology Limited, NCR Corporation, Oracle Corporation, VeriFone Inc., AURES Group, Fiserv Inc., Intuit Inc., New POS Technology Ltd., Newland Auto-ID Tech. Co. Ltd., Panasonic Holdings Corporation, PAR Technology, Posiflex Technology Inc., Square Inc., Zebra Technologies Corp., BBPOS Limited, Bitel Co. Ltd., Diebold Nixdorf Incorporated, First Data Corporation, Fujian Newland Payment Technology, HP Development Company L.P., Micros Systems Inc., NEC Corporation, SAMSUNG ELECTRONICS, Shenzhen Zhengtong (SZZT) Electronics Co Ltd, Adyen N.V., iZettle AB, PayPal Inc., Sage Pay Limited, SumUp Payments UAB .
Contents of the report:
1. Executive Summary
2. mPOS Terminals Market Report Structure
3. mPOS Terminals Market Trends And Strategies
4. mPOS Terminals Market - Macro Economic Scenario
5. mPOS Terminals Market Size And Growth
…..
27. mPOS Terminals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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