Press Release
The mobile point-of-sale (mPOS) terminals market is growing on account of the rising preference for cashless payments and increasing demand for a better customer experience. As a result, the revenue generated from the sale of such machines will increase from $19.5 billion in 2019 at a CAGR of 17.9% during 2020–2030 (forecast period). An mPOS terminal is essentially a credit/debit card machine with its own internet connectivity or paired with the internet connection of a mobile phone or primary Wi-Fi.
Of software and hardware, the hardware bifurcation dominated the component segment of the mPOS terminals market during the historical period (2014–2019) because of the burgeoning adoption of such equipment in a range of industries, including retail, healthcare, and hospitality. During the forecast period, the faster growth in revenue generation is predicted to be witnessed in the software bifurcation, as mPOS software is being increasingly adopted for sales forecasting, inventory management, and customer relationship management.
Retail, hospitality, food service, warehouse, sports & entertainment, healthcare, and others are the categories of the application segment. In 2019, the retail category generated the highest revenue in the market as such machines are primarily used by small and large stores to simplify the process of making payments for purchases. This allows customers to avoid the serpentine queues at supermarkets and make a payment directly from the shopping area, thus resulting in convenience and helping build brand loyalty.
Presently, cloud software is the major mPOS terminals market trend because it enables users to significantly reduce their IT expenditure. As no additional infrastructure needs to be installed for the usage of cloud software, the initial investment is reduced. Moreover, cloud storage can be increased or decreased at will, which offers business scalability. Additionally, cloud software can be accessed from anywhere, at any time, from any internet-connected device, which might be of great help during home deliveries, when salespersons need to carry the mPOS terminal with them.
The strongest factor propelling the mPOS terminals market growth is the constant rise in the volume of cashless transactions. Governments around the world are encouraging such transactions as they help save paper money and allow income tax departments to keep a tab on spending anomalies. Moreover, such payments allow people to complete the transaction from wherever they are, without having to stand in long queues. Thus, seeing the rapid shift in consumer preference, which is, in part, credited to their rising knowledge on the new technologies, retail and other sectors are procuring mPOS machines.
