- Retailers put large bets on mobile point-of-sale (mPOS) terminals to retain customer loyalty by harnessing factors of 'convenience' and 'speed' in contactless payments
- Whether NFC-enabled POS terminals define the adoption of next-generation mPOS terminals remains to be seen. In deciding this, customer data and security to play key role
ALBANY, New York, March 12, 2020 /PRNewswire/ -- Mobile Point-of-Sale Terminals Market: Current Prospects
The mPOS terminals market has already taken off, in the backdrop of rapid pace of digitization. Staggering numbers of contactless payment terminals adopted by merchants and retailers worldwide comprise mPOS terminals. Integration with internet of things (IoT) technologies has raised the criteria of convenience and accessibility. Rise in use of EMV chip-enabled payment cards for shopping among customers, and growing adoption of NFC-enabled POS in retail stores are key to propelling market to reach valuation of ~US$ 12 bn in 2019.
Advent of cloud-based solutions and the proposition of 'monitor business anytime, anywhere' for businesses of all sizes are crucial to define the future growth opportunities for players in the mPOS terminals market. The market is projected to garner an astounding CAGR of staggering CAGR of ~37% during 2019–2027, pushing the valuation to ~US$ 152 bn by this period-end.
Vendors lean on offering tailored solutions to merchants to meet their specific need, note analysts. Developing countries of Asia Pacific are key to new investment avenues for providers of mPOS terminals solutions, add the authors. They further opine that vendors should be cautious about system malfunction.
Key Takeaways of Mobile Point-of-Sale Terminals Market
Of the various authentication types, biometrics segment to clock CAGR of ~38% during 2019–2027
Popularity of NFC-based mPOS terminals to surpass the growth rate of biometrics; the former segment to expand at CAGR of ~45% during forecast period
Europe holds the leading share-- ~US$ 4.2 bn in 2019—and, is likely to retain its dominance
North America comes second in relation the share in the global mPOS terminals market
Expansion of the Asia Pacific market will be remarkable—the regional market to clock CAGR of ~44% from 2019 to 2027
Mobile Point-of-Sale Terminals Market: Key Driving Factors and Promising Avenues
Growing popularity of NFC-based contactless card payments among smartphone-wielding customers, especially in developing countries, in the face of sheer pace of digitization of businesses supports the growing prospect of mPOS terminals market. Following trends support the evolution. Further, relentless focus on ensuring safety of customer data paves way for innovation in mPOS systems.
With more than 59% of the world's population online, retail businesses have massive opportunities on their cards
Millions of installed base of cellular POS terminals in 2018, and still growing by significant margins year-over-year drives the shift from POS to mPOS
mPOS payments are increasingly forming key part of customer retention strategies. Businesses in the retail, hospitality, and entertainment sectors leverage the gains for inventory management and providing loyalty programs, aside from contactless payments.
Growing numbers of small merchants are becoming a promising target cohort for vendors in the mPOS terminals market
Regulatory push for EMV-compliant mPOS solutions for merchants is one of the prominent growth trends.
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Key Impediments for Players in Mobile Point-of-Sale Terminals Market Study
A stiff competition arises from the popularity of mobile wallets among consumers, mainly due to them getting attracted to deals and cashback offers. This has also fueled customers preferring wallets as payment mode for online shopping.
Another veritable challenge is maintaining the privacy of customer's data.
How can Aspiring Players Navigate Competitive Landscape
Providers of mPOS terminals are gearing toward forging long-term partnerships with merchants, particularly in the government and retail sectors. They are also tapping into customized solutions, based on the size of merchants.
Forward integration by suppliers presents a moderate threat to well-entrenched players, and they are aiming at backward integration to promote consolidation. Financial services companies focused on expanding their payment businesses to new markets also present lucrative avenues to vendors in the mPOS terminals market.
Some of the promising players in the mPOS terminals market are Intuit, Inc., Fiserv Inc. (First Data Corporation), Bixolon Co., Ltd., Square, Inc., and PayPalHoldings, Inc.
Mobile Point-of-Sale Market - Worldwide mPOS market, which is expected to attain a value of US$4.21 bn by 2017, will expand further at a remarkable CAGR of 35.40% between 2017 and 2025, reaching US$47.7 bn by the end of 2025
Point of Sale Receipt Printer Market - Market for global point of sale (PoS) receipt printers will likely expand at a healthy clip. A report by Transparency Market Research predicts the market to rise at a CAGR of 7.7% during the period between 2016 and 2025 to become worth US$ 4.2 bn by 2025.
Point-of-Sale Terminals Market - The global POS terminals market was valued at USD 7.99 billion in 2016 and is expected to expand at a CAGR of 12.9%. Moreover, by 2026, the global point-of-sale installed base is expected to reach 758.6 million units, at a CAGR of 19.6% over the forecast period 2018 – 2026.
Point-of-Sale Keyboard Market - The advancements in technology have resulted in the growth in demand for POS terminal solutions. Increasing adoption of credit and debit cards in transactions is further fueling the demand for POS terminals, which is in turn driving the POS keyboard market.
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