Smart Mobile POS Market

Market Synopsis:

The Global Smart Mobile POS Market is valued at USD 3.82 Billion in the year 2022 and is projected to reach a value of USD 26.35 Billion by year 2030. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 27.30% over the forecast period.

The ongoing transition of payment methods from cash to electronic payments has led businesses and individuals around the world to adopt advanced payment methods such as Mobile Point of Sale (mPOS). Many developed and developing countries around the world have seen the adoption of mPOS as card acceptance solutions, which have grown in popularity over traditional payment methods. The ability of mPOS to wirelessly connect with smartphones or tablets equipped with mobile card readers increases its adoption day by day. Furthermore, the system's advantageous features of low initial cost, quick onboarding, transparent pricing, and the ability to add value-added services are potentially increasing merchant and retailer interest. This potential interest in the mPOS system is expected to drive the market forward in the coming years.

Banks and the government are offering schemes and assistance to encourage card adoption, which is expected to contribute significantly to market growth. Previously, as many small and medium-sized businesses accept mPOS over traditional POS, the market is expected to boom with an increasing number of start-ups and SMEs. Furthermore, large enterprises are expected to adopt the mPOS system due to its ability to integrate payment and data collection while improving the in-store shopping experience. As a result, the rapidly increasing demand for debit and credit cards creates market opportunities for mPOS. The growth of the mPOS market is being driven by government support and regulation for cashless payment. The increasing penetration of mobile technologies and advancements in wireless network infrastructure are the primary drivers of the mobile POS market's growth. Furthermore, the increasing adoption of contactless payment solutions is expected to provide a significant growth opportunity for the market during the forecast period. Rising data-security concerns, on the other hand, are expected to stifle market growth over the forecast period.

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Market Segmentation:

The Smart Mobile POS Market is segmented on the basis of Product and Application. On the basis of product, the market is segmented into Handheld and desktop. On the basis of Application, the market is segmented into Retail, Restaurant, Hospitality and Others.

Based on Product:

On the basis of product, the market is segmented into Handheld and Desktop. The handheld type is a small, lightweight, portable device that the user can easily carry. It includes a built-in card reader and an LCD display for entering payment amounts and receiving customer confirmation. It includes a built-in printer and scanning devices, making it simple to process payments. Surging demand for advanced handheld terminals in the retail sector to provide customers with greater convenience and flexibility during payment transactions is expected to drive segmental adoption in the future.

Based on Application:

On the basis of Application, the market is segmented into Retail, Restaurant, Hospitality and Others. Due to merchants' increased adoption of point-of-sale technology, the retail segment is the most dominant. The mobile POS system aids retailers in completing sales processes rapidly, while customers can skip lines and complete transactions from anywhere in a large store.

North America is expected to acquire the largest market share during the year 2021

North America is likely to be the fastest-growing regional market over the forecast period with a market share of 42.10%. Furthermore, the presence of a large number of small and medium-sized businesses and micro-merchants drives the mPOS terminal market in North America. The increasing adoption of advanced technologies by merchants and retailers is expected to drive the market for mPOS terminals. Aside from that, banks across the regions have taken steps to support mPOS in order to charge users less for payments. However, increased card-based payment acceptance is expected to drive the growth of the mPOS market. Strategic partnerships, collaborations, and innovative product offerings are expected to expand the mPOS terminal portfolio during the forecast period.