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mPOS Terminals Global Market Analysis, Trends, Growth, Research And Forecast 2033
mPOS Terminals Global Market Analysis
According to The Business Research Company's, 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 growth in the historic period can be attributed to emergence of smart devices, shift in payment behavior, market entry of new players, regulatory changes, market consolidation..
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%. The growth in the forecast period can be attributed to market penetration, rise in digital transactions, e-commerce integration, remote work and transactions, consumer behavior shifts.. Major trends in the forecast period include ai and analytics integration.
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Market Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
mPOS Terminals Market 2024 Key Insights:
• The mpos terminals market will grow to $83.48 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%.
• Surge In Digital Payments Propels Growth Of The Mpos Terminal Market
• Technological Advancements Propel Innovation In The Mpos Terminals Market
• North America was the largest region in the mPOS terminals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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