mPOS Terminals Market Size By Solution (Hardware [Handheld Terminals, Tablet], Software) By Deployment (On-Premise, Cloud-Based) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
mPOS terminal market is anticipated to witness robust growth throughout the coming timeframe owing to technological advancements and increasing demand from the retail industry. A mobile point-of-sale system is a tablet, smartphone, or a dedicated wireless device that carries out the operations of a conventional cash register or electronic POS terminal wirelessly.
A mobile point-of-sale system is an ideal way for businesses like home & repair services, food trucks, market vendors, flea markets, and sports venues to accept card-based payments on the go. To implement mobile point-of-sale, a business requires a proper internet connection, along with a debit and credit card reader, as well as an application that is downloaded to the device it needs to utilize for the transactions. A mPOS can further be paired with a POS hardware such as a cash drawer and a barcode scanner.
Based on the software, a mPOS can function as a stand-alone system that is simply connected to the business’s bank account or can also be used as a part of a bigger legacy POS system. In order to protect the data of cardholders, consumer data is encrypted as well as stored on the cloud instead of the device.
mPOS applications enable sales and service organizations to carry out financial transactions in a manner that is more versatile without needing to be connected to a single location. This also subsequently enhances the customer experience by speeding the service as well as wait times and providing various payment options.
With payment through mobile wallets such as Apple Pay and Google Pay gaining popularity among customers, these mPOS systems are better equipped to handle those consumers who just wish to dip or tap their cellphones to make payment.
The mPOS terminal market is bifurcated in terms of solution, deployment, application, and regional landscape.
With respect to solution, the market is bifurcated into hardware and software. The hardware solution segment is further divided into handheld terminal and tablet. It is observed that hardware manufacturers including First Data, Verifone, PAX Global Technology, and Ingenico provide mobile computers, tablets, and handheld terminals. The affordability of hardware solutions along with enhanced user experience as well as low initial investment are expected to spur the market growth.
Based on application, the market is segmented into entertainment, hospitality, retail, healthcare, restaurant, warehouses, and others. The retail application segment is further classified into convenience stores, discount stores, supermarket/hypermarket, department stores, specialty stores, and others.
Among these, the demand for mPOS terminals has increased substantially over the past few years owing to increased deployments throughout departmental stores, regional markets, and retail formats. For example, Gucci, The Home Depot, Disney, Apple, Inc., Nordstrom, and Urban Outfitters, stores are some of the early adopters of mPOS terminals.
From a regional frame of reference, the North America mPOS terminals market dominates the global industry landscape due to rapid pace technology adoption as well as rising demand throughout industry verticals in the region. The move toward EMV chip-based card payment, mainly in the U.S., has driven upgrades of existing systems in the region, thereby driving the market growth.
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