From the period 2022 to 2028, the Global Smart Mobile POS Market is expected to reach USD 14.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 27.30%.
The Smart Mobile POS industry has experienced exceptional growth in recent years, and this trend is expected to continue in the coming years. The increase in the size of the Smart Mobile POS industry can be attributed to rising investments in Research and Development (R&D) activities, the entry of new players, product innovation, technological breakthroughs, effective resource allocation, and growing competition among business rivals to expand its regional as well as customer base. Government policies and incentives, as well as favorable legislation, are expected to drive the growth of the Smart Mobile POS Market in the near future. Customers' spending power will increase as their disposable income rises, contributing to the growth of the Smart Mobile POS Market. The increasing penetration of mobile technologies and advancements in wireless network infrastructure are the major driving factors for the growth of the mobile POS market. Furthermore, the increasing adoption of contactless payment solutions is expected to provide the market with a significant growth opportunity during the forecast period. However, rising data-security concerns are expected to stifle market growth over the forecast period.
Key Highlights from the Report
- On the basis of product, the market is segmented into Handheld and Desktop. The handheld gadget is a tiny, light, and portable device that the user may easily carry. It contains a built-in card reader and an LCD display for entering payment amounts and receiving client confirmation. In the future, segmentation adoption is expected to be aided by rising demand for improved handheld terminals in the retail sector, which will allow customers with greater convenience and flexibility during payment transactions.
- On the basis of Application, the market is segmented into Retail, Restaurant, Hospitality and Others. The retail segment is the most dominant due to retailers' increasing adoption of point-of-sale technology. The mobile POS technology assists retailers in completing the sales process quickly, while consumers can avoid standing in line and complete transactions from anywhere in a large store.
- Asia Pacific is the fastest regional segment in terms of growth. Due to the increasing number of e-commerce transactions and the growing trend of mobile payments, Asia-Pacific is expected to be the fastest-growing regional market throughout the forecast period. Increasing government support rules for the use of digital technologies are fueling the growth of the mobile POS market. Furthermore, the growing acceptance of contactless payments is expected to create significant growth opportunities for the market during the forecast period.
Some of the key players in the 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.
One of the major drivers of the mobile POS market is the increasing emphasis of businesses on improving the customer experience. Because check-out lines at markets and large stores frequently waste customers' time, mobile POS solutions are becoming more popular. Customers can complete sales procedures directly from the main product area in a store, paying for goods digitally and avoiding long lines. Such solutions increase consumer satisfaction, which in turn increases brand loyalty and trust, which is why businesses are rapidly transitioning from traditional networks to smartphone and tablet POS.
The expansion of the mobile POS market is being fueled by increasing government support policies that encourage the use of digital technology. Furthermore, the increased usage of contactless payments is expected to provide the market with significant growth possibilities throughout the forecast period. During the projection period, however, increased data security concerns are projected to stifle market growth.
With a market share of 42.10%, North America is expected to be the fastest-growing regional market over the projection period. Furthermore, the mPOS terminal market in North America is driven by a huge number of small and medium-sized businesses and micro-merchants. The market for mPOS terminals is projected to be driven by merchants and retailers' increased embrace of innovative technology. Aside from that, banks all over the world have begun to support mPOS in order to charge users less for their transactions. Increased acceptance of card-based payments, on the other hand, is likely to propel the mPOS market forward. During the projection period, strategic partnerships, collaborations, and novel product offerings are projected to grow the mPOS terminal portfolio.