Mobile Point of Sale (mPOS) Terminal Market to Reach US$64.79 Billion by 2031: TMR Study

  • The rapid pace of product adoption by SMBs and micro-merchants presents tremendous opportunities for service providers in the mobile point-of-sale (mPOS) market; companies offering value-added and personalized services to generate revenue
  • Product differentiation strategy to unlock new opportunities; Asia Pacific to witness wide lucrative avenues, backed by increasing application of mPOS devices in emerging economies

WILMINGTON, Del., August 8, 2022 /PRNewswire/ — Demand for mobile point-of-sale (mPOS) terminals is growing among large retailers, primarily due to their role in improving the in-store shopping experience. The growing trend of using devices for digital transactions has prompted vendors to offer integrated payment solutions based on NFC and QR through point-of-sale terminals. The Global Mobile Point of Sale (mPOS) Terminal Market is expected to increase at a CAGR of 15.1% from 2022 to 2031.

Emerging economies are expected to provide first mover advantages for several mobile point-of-sale (mPOS) terminal market players. The continued expansion of the customer base for the use of payments via NFC and Europay, Master Card and Visa (EMV) widens the avenue. Solution providers reiterate the multiple key benefits of mobile point-of-sale (mPOS) for merchants in the restaurant, hospitality, and retail industries.

mPOS has enabled businesses in the retail and hospitality industries to drive customer engagement and manage inventory management. A concrete example is the use of mPOS terminals to track loyalty programs. The demand from SMBs and micro-merchants is creating huge revenue potential in the mobile point-of-sale (mPOS) terminal market.

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Key Findings of the Mobile Point of Sale (mPOS) Terminal Market Research

  • Suppliers offering value-added services to generate substantial profits: Major vendors in the Mobile Point of Sale (mPOS) market are geared towards offering augmented products. They offer services to add value to their offerings. These include using mPOS devices to provide end users with mobile discounts, promotional offers such as gift cards and vouchers. Furthermore, the study revealed that their relentless focus on product differentiation will open new profitable avenues in the mobile point of sale (mPOS) market. The drop in total cost of ownership (TCO) is encouraging SMEs and micro-merchants to increasingly adopt these mPOS terminals.
  • The Future of Digital Payments: Mobile Point of Sale (mPOS)—mPOS solutions are expected to shape the contours of the future of digital payment. This is largely attributed to the trend of increasing smartphone penetration. The increasing use of smart devices such as tablets for digital transactions will enrich the prospects for mobile point-of-sale (mPOS) terminals. For example, mPOS providers lately prefer to waive monthly fees and reduce maintenance fees to attract merchants.

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Mobile Point of Sale (mPOS) Terminal Market: Key Drivers

  • The rise in digital payment coupled with the massive penetration of smart devices among retail merchants of all sizes is a key driver of the mobile point-of-sale (mPOS) terminal market.
  • Advancements in payment technologies, especially in EMV and NFC, supported by governments to promote digital payments, are a key driver for the application of mobile point-of-sale (mPOS) terminals.

Mobile Point of Sale (mPOS) Terminal Market: Regional Growth Momentum

  • The Asia Pacific The Mobile Point of Sale (mPOS) Terminals Market is expected to grow at the most attractive CAGR over the forecast period 2022-2031. The region is seeing substantial lucrative opportunities from the growing trend of using NFC-enabled debit and credit cards for payment among consumers in the retail sector. Additionally, government initiatives to scale up digital payments in emerging economies have catalyzed growth. In addition, the growing number of mobile micro-counters in some countries has boosted the sales of mPOS terminals.
  • North America held the major share of the global mobile point-of-sale (mPOS) terminal market in 2021. Rising adoption of mPOS solutions by large and small merchants has driven revenue growth.

Mobile Point of Sale (mPOS) Terminal Market: Key Players

Some of the major Mobile Point of Sale (mPOS) Terminal Market players are Toast, Inc., Newland Payment Technology, NCR Corporation, Oracle Corporation, Lightspeed, Clover Network, Inc., NEC Corporation, Intuit, Inc., Square, Shopify Inc., VeriFone, Inc. and Ingenico Group SA

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Mobile Point of Sale (mPOS) Terminals Market Segmentation

  • Making up
    • Point of sale terminals
    • point of sale software
    • Services
      • Integration and implementation
      • Support & Maintenance
  • Final user
    • Detail
    • Restaurants
    • Health care
    • Hospitality
    • Entertainment
    • Others

Countries

  • WE
  • Canada
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia & IEC
  • Japan
  • China
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC
  • South Africa

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