The Global Mobile POS Terminals Market is expected
to reach USD 42.99 billion by 2022, according to a new study by Grand View
Research, Inc. Mobile POS terminals have evolved from basic payment processing
tools to advanced analytics solution providers with greater processing
capability and wireless communication support. The inflection of these
terminals came with the adoption of consumer grade devices such as tablets for
business use. Ubiquitous wireless connectivity such as the Bluetooth,
availability of mobile printers, scanners, card readers and peripheral devices;
and multiple platform support have driven the mobile POS terminals market in
various applications.
Sophisticated
data analytics, growing credit card payments and ever-changing consumer
expectations are expected to spur the mobile POS terminals industry. This
growth has encouraged retailers to leverage new applications and strategies to
deliver seamless customer experience. Mobile applications have the ability to
create new channels for revenue growth; as a result, vendors are increasingly
trying to understand various marketing channels available in order to leverage
technology to compete. Flexibility of having a tablet-based mobile POS owing to
low installation costs has attracted SMBs to invest in this technology. Reduced
customer time in line, increased security, free floor space and paper-free
receipting services are the features driving mPOS terminals demand over
traditional or fixed terminals.
The growing
penetration of tablet devices, rising base of SMBs and micro-merchants, need
for effective line-busting schemes to encourage card adoption are expected to
propel market growth over the coming years. However, lack of standardization
and data security concerns may restrain mobile POS terminals market growth.
Increased penetration of Near Field Communication (NFC) in mobile devices is
expected to augment demand.
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Further key findings from the study suggest:
- The mobile POS terminals market primarily includes components such as hardware and software. Mobile POS hardware systems accounted for majority of the market share in 2014; the segment is expected to lose market share through the forecast period. The software segment is expected to witness growth as consumers shift towards the use of consumer-grade electronics devices such as tablets for managing their POS needs.
- Retail segment accounted for over 30% of the overall market share in 2014. Growing adoption of mobile POS technology across SMBs and micro-merchants is expected to drive segment growth.
- Asia Pacific and Latin America mobile POS terminals market are expected to witness substantial growth over the forecast period. This may be primarily attributed to increasing low-cost manufacturing activities in the region. Surge in demand across application segments is expected to spur the regional market.
- Notable companies operating in the industry such as Verifone, Ingenico, and Micros Systems provide various handheld and tablet-based mobile POS solutions. Verifone Systems introduced these solutions for SMBs along with iPayment to address the need of the marketplace.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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