Smart Mobile POS Market
Smart Mobile POS Market Size, Share & Trends Analysis Report by Product (Handheld, Desktop), by Application (Retail, Restaurant, Hospitality, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Smart Mobile POS Market Forecast Year:||2022 - 2028|
|Smart Mobile POS Market Historical Year:||2016 - 2021|
|Smart Mobile POS Market 2021:||USD 3.5 Billion|
|Smart Mobile POS Projected Market 2028:||USD 14.9 Billion|
|Smart Mobile POS Market CAGR:||27.4%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||North America|
The Global Smart Mobile POS Market is valued at USD 3.5 Billion in the year 2021 and is projected to reach a value of USD 14.9 Billion by year 2028. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 27.4% 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.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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.
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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.
Key players operating in the Global Smart Mobile POS Market include Fujian Centerm, Ingenico (Landi), Newland Payment, PAX Technology, SZZT, Electronics, Xinguodu, Verifone, NEWPOS, Smartpeak, Elo Touch, Clover Network Justtide, Hisense, Wintec and others.
Segmentation of the Global Smart Mobile POS Market:
Frequently Asked Questions
the global demand for Smart Mobile POS
in terms of revenue?
The global Smart Mobile POS valued at USD 3.5 Billion in 2020 and is expected to reach USD 14.9 Billion in 2028 growing at a CAGR of 27.4%
are the prominent players
in the market?
The prominent players in the market are Fujian Centerm, Ingenico (Landi), Newland Payment, PAX Technology, SZZT, Electronics, Xinguodu, Verifone, NEWPOS, Smartpeak, Elo Touch, Clover Network Justtide, Hisense, Wintec.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 27.4% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Smart Mobile POS include
- Growing Retail Industry Worldwide
region accounted for the
largest share in the market?
North America was the leading regional segment of the Smart Mobile POS in 2020.