Innovative strategies are used by leading players operating in the global mobile point-of-sale market, observes Transparency Market Research. Competition among these players is also expected to rise mainly to strengthen their position in the global market. They are also expected to obstruct growth of small players. Moreover, prominent players are also using different organic and inorganic activities to get larger share and create their dominance among other players. For example, recently square and TouchBistro extended their collaborated to enable process payments. They used Square on the TouchBistro iPad mobile app across the UK.
Other players are also taking substantial steps to increase their shareholding in the global mobile point-of-sale market. Oracle Corp., PAX Technology Ltd., Ingenico S.A., PayPal Holdings Inc., VeriFone Systems Inc., iZettle AB, and First Data Corp.
According to TMR analysis, the global mobile point-of-sale market is expected to rise at staggering 35.40% CAGR over the forecast period between 2017 and 2025. In terms of valuation, the market is likely to touch US$47.7 bn by the end of 2025. In 2017, the market earned US$4.2 bn.
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Based on technology, the demand for EMV chip and pin, NFC, and hybrid technology solutions is comparatively high than others. This growth is attributed to the low cost of devices such as tablets, card swipe dongles, handheld terminals, as compared to cash and register systems. Moreover, higher rate of investment by using these technologies and ease of deployment led demand in these segments. With respect to geography, Europe held maximum share in the global mobile point-of-sale market in 2016. Over the forecast period, this region is likely to maintain to dominance. Growing demand for mPOS solution by vendors for merchant-related services and significant rise in IoT based services has further led demand in this market. However, Asia Pacific and North America are also expected to hold substantial share in the market in the forthcoming years. Bettering economic condition, urbanization, and growing confidence among customers in this solution is driving demand for mobile point-of-sale in these regions.
Increasing affordability and growing spending capacity of people has led demand in the global mobile point-of-sale market. Moreover, growing acceptance for newer and advanced technologies is also projected to drive demand in this market. Rising internet connectivity, high internet penetration, and high demand for IoT technologies is augmenting growth in the global mobile point-of-sale market.
Application of mobile point-of-sale solutions is seen in restaurants, health care, retail, warehouse and distribution, hospitality, entrainment, government, and transportation sectors, which has augmented growth in the global mobile point-of-sale market. Additionally, shift seen towards cashless payments due to the rise of online transactions and mobile point-of-sale solutions have further expanded the global mobile point-of-sale market.
Though the demand in the global mobile point-of-sale market, some factors might deter growth in this market. Unorganized nature of mobile point-of-sale solutions especially in developing regions economies is expected to deter growth demand in the global mobile point-of-sale market. Moreover, high cost of deployment of mobile point-of-sale solutions in the industrial framework might refrain small businesspersons to easily adopt these solutions.
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These restraints might overcome due to high demand for smartphones in both developed and developing regions. Moreover, increasing use of these solutions in different industries is also expected to fuel growth in this market.
The global mobile point-of-sale (mPOS) market is segmented based on:
- Integrated Card Reader Solutions
- Card Reader Accessories
- Hybrid Technology Solutions
- EMV Chip and Pin
- Chip and Sign
- Near Field Communication (NFC)
- Health Care
- Public Transport
- Rental Cars and Intercity Buses
- Consumer Utility Services