Mobile POS Terminals Market share to hit $48bn by the next seven years
Based on the software, an mPOS can function as a separate equipment which is normally connected to business bank account or can be a unified part of a bigger POS (point of sale) system.
As per the reports published by Global Market Insights, global mobile POS terminals market size contribution was $11.55 billion in 2015 and is projected to record a CAGR of about 19.1% during forecast timeline. Rise in inexpensive wireless communication techniques is stimulating industry growth during forecast timeline.
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Rising demand from end use sectors like hospitality sector and retail sector is expected to boost industry expansion. mPOS devices are used in retail as well as hospitality sectors for enhancing user experience by preventing delays in processing of payments.
Global (mPOS) Mobile POS terminals industry makes use of wireless devices to pay for products and services. Utilizing wireless systems can modernize many procedures like rental cabs, restaurants and purchasing food in stores. They help in reducing cost per each transaction in telecommunications industry by utilizing Wi-Fi devices, CDMA technologies and GPRS systems.
Global acceptance of the equipments along with compatible software provide firms with portable sale convenience. Furthermore, these wireless systems enhance worker efficiency and eradicates time delay in sales and services.
However, data security concern is a main challenge that has badly hindered the global (mPOS)mobile POS terminals market expansion and is also predicted to remain as an area of concern even during forecast period.
Global (mPOS)mobile POS terminals market is segmented into software components and hardware components.
Software components segment is projected to exceed $9.6 billion and register a CAGR of higher than 22.1% by end of forecast timeline.
Intelligent and proficient software synchronizes/co-ordinates screen terminal and barcode scanner functions to restore data as well as backup. It can also handle customer loyalty programs and detect purchasing patterns. All these factors are predicted to boost segment demand and growth.
Hardware segment is projected to record CAGR of about 18.1% during forecast timeline.
Global (mPOS) mobile POS terminals market is segmented into retail application, entertainment, healthcare, restaurant, warehouse and hospitality.
Retail application segment contributed higher than 30.1% to global industry share of 2015 in terms of revenue and is anticipated to record CAGR of about 17.9% during forecast timeline.
Entertainment segment is anticipated to touch revenue mark of about $4.36 billion by end of forecast timeline. It consists of amusement parks, casinos and tourism and all of these require robust mPOS terminal systems to attract customers.
Browse key industry insights spread across 100 pages with 108 market data tables & 11 figures & charts from the report, “(mPOS) Mobile POS Terminals Market Size By Component (Software, Hardware), By Application (Restaurants, Entertainment, Hospitality, Healthcare, Warehouse, Retail), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, China, India, Japan, Brazil, Mexico)” in detail along with the table of contents:
Global (mPOS) mobile POS terminals market is segmented into North America, Asia Pacific, MEA(Middle East & Africa), LATAM (Latin America) and Europe.
North American industry is anticipated to record a CAGR of 18.4% during forecast period and is fueled by U.S. mobile POS terminals industry growth.
Europe (mPOS)mobile POS terminals market price was higher than $3.1 billion in 2015.
Rise in number of consumers due to increase in small & medium sized firms and diminishing ownership costs is anticipated to favorably affect Asia Pacific (mPOS) mobile POS terminals industry trends.
Key industry players include QVS Software Incorporation, Zebra Technologies, First Data Corporation, Oracle Corporation, Ingenico S.A., Panasonic Corporation, HP Company, NEC Corporation, Posiflex Technology Incorporation, PAX Technology Limited and Verifone.
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