Mobile Point-of-Sale (mPOS) Market - Card Reader Accessories to Remain Most Valued Products
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According to the research study, the global market for mPOS will reach US$4.2 bn by 2017. Further, expanding at an exceptional CAGR of 35.40% during the period from 2017 to 2025, the opportunity in this market is anticipated to attain a value of US$47.7 bn by the end of the forecast period. Currently, the demand for card reader accessories is much higher than integrated card reader solutions and the trend is projected to remain so over the next few years. NFC, EMV chip and pin, and hybrid technology are predicted to maintain their demand in this market in the near future. Among end users, the retail industry is likely to continue commanding a high number of mPOS solutions over the forthcoming years. Geographically, Europe is at the forefront of the global mPOS market at present. Researchers expect the scenario to remain same throughout the period of the forecast, notes the research study.
Promising Opportunities in U.K., U.S., and Japan Propel Market’s Growth
“With favorable conditions, such as increasing penetration of cards and a burgeoning installed base of smartphone and Internet users, many a countries, particularly the U.K., the U.S., and Japan, are offering advantageous opportunities for the growth of the global market for mPOS,” states a TMR analyst. People across the world are preferring cashless transactions, especially mobile payments, which is the main factor behind the significant growth of this market. The rising popularity of cloud-based solutions in the information technology sector is another important factor that is fueling the usage of mPOS, globally.
Over the forthcoming years, developing economies are anticipated to witness a healthy inflow of investments from leading solution vendors, owing to the presence of a combination of favorable macroeconomic factors, such as a large pool of small and micro merchants and implementation of positive government policies. This, as a result, will reflect greatly on the global market in the near future, states the report.
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High Installation and Maintenance Cost to Act as Hindrance
While the worldwide mPOS market is expected to expand steadily in the near future, it may be deterred by the high cost incurred in the installation and maintenance of mPOS solutions. Apart from this, the unorganized state of mPOS in various emerging countries, particularly in India, may also hinder the growth of this market over the forthcoming years. However, this factor also points out the scope for organized retail and the large-scale rollout of mPOS technologies and services in developing domestic markets, leading to a thriving future, reports the market study.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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