Mobile POS Terminals Market Forecast, and Growth Analysis | 2031

 

The mobile POS terminals market size is expected to grow at a CAGR of 10.1% from 2023 to 2031. The mobile POS terminals market includes growth prospects owing to the current mobile POS terminals market trends and their foreseeable impact during the forecast period. The mobile POS terminals market is growing due to increasing demand for mPOS systems and an increase in the adoption of card and online payments.

Mobile POS Terminals Market Analysis

Mobile POS terminals refer to a smartphone, tablet, or dedicated wireless device that performs the functions of a cash register or electronic POS terminal wirelessly. MPOS consists of a normal smartphone with a credit card reader and a 5G cell service, which lets mPOS have much less setup cost, and they can be used anywhere. A mobile point-of-sale calculates sales totals, processes payments, tracks inventory, collects business data, and much more.

Mobile POS Terminals Market Industry Overview

• The mobile POS terminals market is about devices that help businesses accept card payments anytime, anywhere.
• The mobile POS terminals market is a large and expanding sector, with lots of companies engaged in providing mPOS.
• Businesses use mobile POS terminals to make sales easier, faster, and more convenient for customers. These devices are handy for small businesses, food trucks, delivery services, and events.

Mobile POS Terminals Market Driver

Increase in the Adoption of Card and Online Payments To Drive The Mobile POS Terminals Market

• The digital payments ecosystem has gained traction in recent years. The internet penetration and the rise in the usage of smartphones are a few of the prominent factors boosting the growth of digital payments.
• According to the information by The World Bank in “Global Findex Database 2021,” ~40% of adults in the developing economies, excluding China, made a digital merchant payment by phone, card, or the internet; over one-third of adults in developing economies paid a utility bill directly from an account. These digital transactions were made for the first time after the start of the pandemic, and the number of transactions has been growing year by year. ACI Worldwide claimed that over 70.3 billion real-time payment transactions were processed globally in 2020, a surge of 41% compared to 2019.
• According to PayU, global volumes of cashless payments are expected to increase by more than 80% between 2020 and 2025. Cashless transactions are expected to reach 109% by 2025, making Asia Pacific the fastest region to record such growth.
• Mobile POS terminals offer businesses the flexibility to accept card payments anywhere, anytime, meeting the needs of today's on-the-go consumers. Such an increase in the adoption of card and online payments drives the mobile POS terminals market.

Mobile POS Terminals Market Report Segmentation Analysis

• Based on the components, the mobile POS terminals market is segmented into hardware, software, and services. The hardware segment is expected to hold a substantial mobile POS terminals market share in 2023.

Mobile POS Terminals Market Share Analysis By Geography

The scope of the mobile POS terminals market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant mobile POS terminals market share. In North America, the adoption of mobile POS terminals is driven by several factors. Firstly, consumers are increasingly preferring card payments over cash, making it crucial for businesses to offer convenient payment options. Secondly, the region's highly developed infrastructure and tech-savvy population provide opportunities for mobile payment innovations.

Mobile POS Terminals Market Report Scope

The "Mobile POS Terminals Market Analysis" was carried out based on component, application, and geography. On the basis of component, the market is segmented into hardware, software, and services.  On the basis of application, the market is segmented into restaurant, hospitality, healthcare, retail, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Mobile POS Terminals Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the mobile POS terminals market. A few recent key market developments are listed below:

• In December 2023, CaixaBank & ONCE announced a partnership to enhance the bank’s touch POS terminals for blind people. With this new functionality, CaixaBank reinforces its Android POS product, which enables and improves efficacy in the management of payments to professionals and self-employed workers, businesses, and companies.

[Source: CaixaBank, Press Release]

• In January 2022, Adyen announced the launch of mobile Android point of sale (POS) terminals in the EU, UK, and the US. This all-in-one Android terminals combine the flexibility of the Android platform with the security of a PCI-certified payment terminal.

[Source: Adyen, Press Release]

Mobile POS Terminals Market Report Coverage & Deliverables

The mobile POS terminals market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Mobile POS Terminals Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Mobile POS Terminals Market Report Analysis

MARKET PLAYERS

Mobile POS Terminals Market Report Scope

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