Newark, New Jersey, May 16, 2022 (GLOBE NEWSWIRE) — According to a report by Fior Markets, the global mobile point-of-sale (mPOS) market is expected to grow from $19.21 billion in 2019 to $62.46 billion in 2019. by 2027, at a CAGR of 15.76% during the forecast period from 2020 to 2027. The North America region led the market and was valued at USD 7.68 billion in 2019. The region has a highly developed technological infrastructure, which supports the growth of the mobile point of sale (mPOS) market. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 20.16% during the forecast period. Rising Indian government initiative for cashless economy is positively influencing the growth of the market in this region. China is seeing strong growth in the mobile point-of-sale (mPOS) market as consumers and retailers widely use the technology for transactions ranging from buying newspapers to buying drinks from vending machines.
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Key players in the global mobile point of sale (mPOS) market include PosX, Aures Technologies, Honeywell, Motorola, Socket, Clover, Verifone, Psiflex, First Data Corporation, and PAX Global Technology, among others. Key companies are investing heavily in research and development activities for the development of an innovative mobile POS system. For example, in June 2017, Verifone announced the launch of its new handheld and mobile point-of-sale (mPOS) products to use its fully integrated, Linux-based Verifone Engage platform.
The type segment includes portable terminals and tablets. The tablet segment is expected to grow at the highest CAGR of 21.26% during the forecast period. POS mobile tablets support various applications such as transparent payments, self-ordering and shopping assistant. In addition to this, many companies are manufacturing mobile POS tablets which is further driving the growth of this particular segment. The enterprise segment is categorized into SMEs and large enterprises. The large enterprise segment dominated the market and was valued at $10.56 billion in 2019. High adoption of mobile point of sale (mPOS) by large enterprises is one of the major factors driving the growth of this segment. Application segment categorized into Entertainment, Hospitality, Healthcare, Retail, Inventory & Warehousing, and Others. The retail segment dominated the market and held a major market share of 34.65% in 2019. The retail industry around the world is constantly focusing on improving the customer experience to gain a competitive advantage in the market. Currently, mobile POS is one of the most preferred solutions in retail for inventory management, payment and shopping assistant, driving the growth of the market.
The global mobile point-of-sale (mPOS) market is growing rapidly over the past few years, driven by changing consumer payment method preferences. In addition to this, the rising trend of cloud-based mobile POS, is influencing the market growth even more positively. However, increasing cyber breach threats might hamper the market growth over the forecast period.
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About the report:
The global Mobile Point of Sale (mPOS) market is analyzed on the basis of value (USD Million). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
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