Pune, India, May 13, 2021 (GLOBE NEWSWIRE) -- The Global Mobile POS Market Size has been estimated to reach USD 19.9 billion in 2021 and is anticipated to grow at a CAGR of 21.9% from 2021 to 2030.
Mobile POS is an integrated device like a tablet or smartphone that operates as an electronic point of sale terminal. Mobile POS constitutes hardware and software. The mobile POS hardware is equipped with Wi-Fi, smart card, and radio frequency identification (RFID), among other modern features. These hardware mechanisms allow POS terminals to accept payments remotely utilizing wireless applications. The mobile POS terminals are also utilized to control assets and inventories, send and receive invoices, send digitize notes, and record signatures at the counters.
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Increasing government support rules conducive to the utilization of digital technologies are further driving the growth of the mobile POS market. Further, the rising adoption of contactless payments is anticipated to create remarkable development opportunities for the market during the predicted period. However, rising data security concerns are expected to restrain market development during the forecast period.
One of the major drivers for the mobile POS market is the increasing focus of companies on improving the experience of customers. As check-out queues at the market and big stores often lead to a wastage of customers’ time, mobile POS solutions are being increasingly adopted. This way consumers can complete the sales procedures right from the main product area in a shop, by paying for goods digitally and avoiding the long queues. Such solutions lead to enhanced consumer satisfaction, which further builds brand loyalty and trust, which is why companies are quickly moving from conventional networks to smartphones and tablets POS.
Some Noted Developments Considered in the Report:
- October 2019 – Samsung Electronics collaborated with Mobeewave Inc., to deploy extremely secure, contactless, and NFC-enabled payment acceptance on mobile devices globally.
- October 2019- Microchip introduced a Bluetooth 5.0 certified, dual-mode IC for audio solutions. The IS2083 IC has special features like flash memory and power amplifier, which enables it to assist Sony’s LDAC technology.
- June 2018 - National Bank started a mobile point of sale market solution named National Bank Easy Pay in collaboration with Mobeewave, Inc. The national bank is becoming the first Canadian financial institution to offer services specifically to SME clients. By adopting this payment method, easy pay solution retailers can accept payments via contactless credit cards and consumer's digital wallets.
COVID-19 Impact on Global Mobile POS Market
The QMI team has closely monitored the impact of COVID-19 on the global mobile POS market, and it is observed that the demand for mobile POS has increased during the pandemic time. It is anticipated to grow at a healthy pace from mid-2021. To cater to the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.
Mobile payments will be more resilient and gain a bigger lead over card payments, as their adoption will increase due to the ongoing social distancing measures and concerns about the over utilization of cash and plastic. All these factors are well mentioned and analyzed in this report.
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Global Mobile POS Market, By Component
By component, the global mobile POS market is segmented into hardware, software, and services. The services segment has been further segmented into professional services and managed services. The hardware segment is anticipated to dominate the market. Increasing concentration on enhanced customer experience and emergence of cashless transactions are the important factors that are encouraging the growth of the mobile POS industry. The services segment is anticipated to dominate the market, as a variety of point-of-sale hardware is needed for digital payments, which are broadly being adopted in the foodservice, retail, and hospitality sectors across the globe.
Global Mobile POS Market, By Deployment
By deployment, the global mobile POS market is segmented into cloud and on-premise. The cloud segment is expected to register faster development in the mobile POS market during the predicted period, as the cloud deployment of mobile POS software and applications offers improved mobility and automatic data backup services. Additionally, due to the less requirement for advanced information technology (IT) infrastructure, the cloud also helps users to save money.
Global Mobile POS Market, By Application
By application, the global mobile POS market is segmented into retail, restaurants, healthcare, entertainment, hospitality, and others. The retail segment is the dominating segment due to the increasing adoption rate of point-of-sale technology by retailers. The mobile POS technology helps the retailers in carrying out the sales process quickly, while consumers can avoid standing in line and finish the transactions from wherever they are in a big store.
Global Mobile POS Market, By Region
By region, the global mobile POS market is segmented as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Asia Pacific is to contribute the largest revenue to the global market for mobile POS in 2021, and the trend will continue in the upcoming years as well. This can be attributed to the rapid urbanization in the zone, which is fostering the development of the retail, hospitality, and healthcare sectors. Also, the retail sector of the region has recorded the highest adoption of advanced technologies in the world, and it accounts for the largest acquisition of mobile POS terminals in the Asia Pacific region.
Some Major Findings of the Global Mobile POS Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- In-depth global mobile POS market analysis by above-mentioned segments along with an analysis of trend-based insights and factors
- Profiles of the major key market players that are operating in the global mobile POS market, which include Hewlett Packard Enterprises Company, Cisco Systems, Inc., Micros Systems Inc., Panasonic Corporation, Toshiba Corporation, Verifone Holdings, Inc., PAX Technology Ltd., Samsung Electronics Co., Ltd., Ingenico Group SA, NEC Corporation, Square Inc., Epicore Software Corporation, Squirrel Systems, and Oracle Corporation, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global mobile POS market
- Impact of COVID-19 on the global mobile POS Market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Mobile POS Market, By Component (Hardware, Software, and Services Professional Services and Managed Services) By Deployment (Cloud and On-Premises), By Connectivity(3G/4G, Wi-Fi, and Bluetooth), By Application (Retail, Restaurants, Healthcare, Entertainment, Hospitality, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2021-2030” in-depth analysis along with the table of contents (ToC).
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