Mobile POS Systems Market Dynamics: Growth, Emerging Trends, and Forecast

Dec 22, 2023

Exploring Mobile POS Systems Market from 2023 to 2030: An In-Depth Study

The Mobile POS Systems Market Research Report offers an extensive and in-depth examination of the market, covering a wide range of aspects. It provides valuable insights into market trends, drivers, challenges, and opportunities, enabling stakeholders to make informed decisions. The report also includes a competitive landscape analysis, profiling key players and their strategies, as well as a segmentation analysis to understand the market dynamics at a granular level. The report serves as a comprehensive resource for businesses and investors seeking a comprehensive understanding of the market and its potential.

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In addition, the Mobile POS Systems Market Research Report presents a detailed regional analysis, highlighting market trends and growth opportunities across different regions. It incorporates data and analytics, including statistical tables and charts, to support its findings and enhance comprehension. The report also offers strategic recommendations and actionable insights for businesses and investors to capitalize on emerging market trends and drive their growth. With its comprehensive analysis and valuable insights, the report serves as a valuable tool for decision-making and staying competitive in the market.

✤Top Key Players:

MICROS Systems Panasonic Corporation Samsung Electronics Co. Hewlett-Packard Company Cisco Systems Inc. Toshiba Corporation VeriFone Systems Inc. PAX Technology Limited First Data Corporation Ingenico S.A Posiflex Technology NEC Corporation Square Inc. Epicor Software Corporation Squirrel Systems

✤Market Segmentation :

Key Market Overview:

Mobile POS system market is estimated to be worth USD 255.7 Billion by 2030 from a value of USD 42.1 Billion in 2022, and the market is anticipated to register a CAGR of 25.3% from 2022 to 2030.

A mobile point-of-sale system also referred to as mPOS or point-of-sale app, is a portable tablet or smartphone that works as a cash register. This aids merchants to virtually accept payments from any location via the availability of such devices, the mPOS platform, and an internet connection. Thus, mobile POS systems work as an ideal alternative for businesses such as home and repair services, food trucks, market vendors, and others.

The mobile POS terminals are also utilized to manage inventories and assets, and send and receive digitalized notes, invoices, and others. In terms of hardware, such devices permit mobile POS to remotely accept payments using wireless applications. Typically, the mobile Point of Sale terminals is plugged directly into the audio jack or charging port of the smart devices which aids the operations associated with the IOS or android phone application.

The surging awareness among enterprises and consumers accelerates the demand, especially in terms of the fast-paced quick service restaurant (QSR) environment. Such integration of POS aids the restaurants in fostering exceptionally fast, secure, and accurate customer service. Thus, multiple end-users utilize the POS software due to the low initial cost and high-performance operational investments.

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Market Dynamics:

Driver:

The rising use of mobile technologies for finances especially by micro-merchants and SMEs along with the advancement in the wireless network infrastructure drives the market growth during the forecast period. Furthermore, the government regulations for supporting cashless payment are further accelerating the growth of the mobile POS market.

Restraint:

The growing concerns about data security and cybercrimes restrains the market growth during the forecast period in terms of mPOS terminals and smartphones. Also, the lack of an onsite IT team to resolve any technical issues along with the vulnerability of mPOS devices to like dirt, water, and breakage backdrop the growing market of mobile POS systems.

COVID-19 Impact:-

The mobile POS systems market witnessed a major decline during the initial phases of the COVID-19 pandemic due to government lockdown impositions and reduced manufacturing activities. The closure of restaurants and retail chains resulted in the reduced usage of mPOS solutions for sales and financial management. Furthermore, the situation started to shift in the favor of the market with the resumption of the hospitality sectors post COVID-19. Thus, the overall market growth witnessed an enhanced demand due to raised limits for contactless payments and optimized cashless transactions, especially in such sectors.

Wireless Network Security Market Segmentation:

By Deployment

The deployment segment is bifurcated into on-premise, and cloud-based. The on-premise deployment contributed over 50% of the market share in 2022. The business merchants primarily rely on using on-premise mPOS due to high-security features and complete dependability in terms of financial management. Thus, the major dependence on on-premise mPOS deployment aids in elevating inventory control operations and comprehensive software. Moreover, the cloud-based deployment also supports the growth of the mobile POS systems market statistics in terms of volume. This deployment is expected to witness significant growth due to the easy integration within business operations and reduced financial expenditures on physical drivers and hard drives. The cloud-based deployment also allows business merchants to automatically back up their financial transactions which aid in getting the sales reports anywhere.

By Component

The component segment is separated into hardware, software, and services. The hardware component contributed the largest revenue share of over 16% to the market growth. Multiple mPOS hardware are rich in features such as a user-friendly interface, faster checkout systems, and robust security. Thus, businesses utilize such mPOS hardware to improve staff performance coupled with the effective tracking of sales. Furthermore, the software component is anticipated to support the market growth in terms of volume. Multiple end users such as retail, hospitality, and healthcare industry are highly reliant on mPOS software to reduce the processing time of a large number of financial data. Thus, the ability to speed up the service, decrease wait times, and availability of multiple payment options boost the adoption of mPOS software.

By Solution Type

The solution type is categorized into integrated mPOS Solutions, and card reader accessories. The card reader accessories solution is anticipated to comprise a major mobile POS Systems market share contribution of over 66.5%. The surging usage of credit and debit card users and the rising number of global bank account holders augment the adoption of card payment machines by multiple end users. These accessories provide enhanced compatibility with multiple technologies like EMV and NFC which covers the inclusive aspect of mPOS solutions. Thus, portable and small card reader devices aid high adoption majorly due to their convenience. Also, integrated mPOS solutions are largely adopted for improving inventory management, and controlled order management in terms of the purchasers and suppliers, and others.

By Technology

The technology segment is categorized into hybrid technology solutions, magnetic-stripe, EMV chip and pin, chip and sign, near field communication (NFC), and biometrics. Hybrid technology solutions contributed the largest share to the growth of the market in terms of value. Such hybrid technology is referred to as the reliable and versatile type of solution which provides flexibility or compatibility with any mode of transaction such as debit/credit card, NFC, Unique Payment Interface (UPI), and others. Thus, the growing technological advancements in hybrid payments and transfer technologies foster market growth during the forecast period. Also, the EMV chip and pin are expected to witness a surge in demand due to the fast and secure processing of credit and debit card payments. Thus, these EMV chips and pins facilitate in-store transactions easier without compromising on the security aspects.

By End Use

The end user is segmented into entertainment, healthcare, restaurant, and retail. The restaurants contributed over 55.2% of revenue share to the market growth in 2022. Multiple small, medium and large restaurants are consistently shifting towards digitization of their business operations. This adoption of mPOS solutions aid in optimizing the processing and ordering operations by providing flexible and scalable payment options. Thus, the high adoption of mPOS by restaurants for facilitating connectivity and resource usability bolsters market growth. Furthermore, retail businesses are also expected to witness significant growth during the forecast period. This fosters an efficient business model adoption of transaction processing through secure and better accounting within the retail chains of business.

Global Mobile POS Systems Market report offers a valuable resource for gaining a deeper understanding of the industry. Available in multiple formats (PDF, PPT, Word, Excel) and accompanied by an interactive online dashboard, the report provides you with convenient access to the information you need. With this report, you can stay updated on the latest trends and make informed decisions based on reliable data. It covers essential aspects such as geographic regions, segmentation, and the financial results of key competitors, allowing you to assess market dynamics and competitive landscape.

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The Mobile POS Systems Market Report highlights several leading regions and countries that play a significant role in this industry. These regions have been identified based on their market size, growth potential, and contribution to the overall market dynamics. The Mobile POS Systems market report provides insights into the market dynamics, trends, and opportunities within these leading regions and countries. It allows industry players to understand the specific market conditions, consumer preferences, and regulatory frameworks that exist in each region.

Leading Regions & Countries Mentioned In Mobile POS Systems Market Report:

‣North America (United States, Canada, and Mexico)‣Europe (Germany, UK, France, Italy, Russia and Spain, etc.)‣Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia, etc.)‣South America (Brazil, Argentina and Colombia, etc.)‣Middle East and Africa (South Africa, UAE, and Saudi Arabia, etc.)

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Key features and insights offered by Mobile POS Systems Market research report:

The Mobile POS Systems Market Research Report provides a comprehensive and detailed analysis of various aspects related to the market such as,

➺Market Size and Forecast: The report presents the current market size and projects the future growth trajectory of the market, providing valuable insights into market opportunities and potential.

➺Market Trends and Dynamics: It analyzes the prevailing market trends, including drivers, restraints, challenges, and opportunities, and evaluates their impact on the market's growth and direction.

➺Competitive Landscape: The report offers a thorough assessment of the competitive landscape, profiling key players, their strategies, market share, and recent developments. It helps stakeholders understand the market's competitive intensity and make informed business decisions.

➺Segmentation Analysis: The report segments the market based on various parameters such as product type, application, end-use industry, and geography. This segmentation enables a deeper understanding of market dynamics and targeted insights into specific market segments.

➺Regional Analysis: It covers a comprehensive analysis of the market across different regions, highlighting regional trends, market size, growth opportunities, and key factors shaping the market in each region.

➺Mobile POS Systems Market Opportunities and Future Outlook: The report identifies emerging market opportunities, untapped regions, and potential growth areas for investors and businesses. It helps stakeholders strategize and make informed decisions for future market entry or expansion.

➺Mobile POS Systems Market Insights and Recommendations: Based on the analysis, the report offers actionable insights, recommendations, and strategic guidance for businesses and investors to capitalize on market trends and maximize their growth potential.

➺Data and Analytics: The report incorporates comprehensive data and analytics, including statistical tables, charts, and graphs, to support its findings and enhance understanding.

➺Industry Collaboration and Partnerships: It includes industry collaborations, partnerships, and mergers and acquisitions that shape the market landscape and influence its future direction.

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