The global mobile point-of-sale (mPOS) market features a high degree of competition. The presence of a large number of players narrows down the scope of differentiation, which makes it difficult for market participants to enhance their visibility, finds Transparency Market Research (TMR) in a new study. PAX Technology Ltd., Ingenico S.A., and VeriFone Systems Inc. were the torch bearers in the global mPOS market 2015.
These players are investing large sums in enhancing their customer engagement practices and methods. Moreover, several key players are making massive investments in making their offerings available across all three major smartphone OS, namely Windows, iOS, and Android. “The immense potential and low capital investment requirement are attracting new players to foray into the arena, which is likely to intensify the competition in the mPOS market in the near future,” says TMR’s lead analyst.
The global mPOS market has a valuation of US$2.0 bn in 2015 and is estimated to rise to US$38.0 bn by the end of 2024, progressing at a phenomenal CAGR of 38.0% between 2016 and 2024.
Asia Pacific to Register Noteworthy CAGR during Forecast Period
On the basis of solution type, the demand for card reader accessories is anticipated to witness a meteoric rise, with the segment expanding at a CAGR of 43.3% during the forecast period. Geographically, North America and Europe will account for a substantial cumulative share in the global market throughout the review horizon. Despite the prominence of developed regions, Asia Pacific will emerge highly lucrative during the same period. India and China will be the most promising nations in terms of mPOS implementation. Rapid globalization and the increasing consumer awareness regarding mPOS solutions are contributing to the growth of the region.
Advent of NFC and EMV Technologies to Fuel Growth Prospects
The advent of technologies such as EMV and near field communication (NFC) has been a shot in the arm for the global mPOS market. “These technologies offer an easier and faster way to conduct transactions and enable improved inventory management techniques,” says a TMR analyst. Digital wallets such as PayPal, Google Wallet, and Apple Pay use the NFC technology for their operation. The burgeoning awareness regarding the benefits of mPOS such as easy usage, portability, positive returns on investment, and the low upfront cost is providing a fillip to the market. Due to this, mPOS are being increasingly used in various applications, including inventory management, bill printing, and digital payments.
Developing economies such as India, China, and Mexico are likely to emerge as new destinations for mPOS providers. The increasing globalization and the booming retail sector are among the primary factors supplementing the growth of the mPOS market in developing regions. Banks are also proving debit and credit cards with NFC and/or EMV enabled, thereby boosting consumer awareness regarding mPOS solutions.
Security concerns related to data breaches are creating a dent in the adoption of mPOS solutions, however, the gradual shift towards more secure chip card technology is anticipated to mitigate this challenge over the coming years. Rapid advancements in wireless technologies are also expected to shape the future of the global mPOS market.
The above data has been derived from a report, titled “Mobile Point-of-Sale (mPOS) Market (Solution Type - Integrated Card Reader Solutions and Card Reader Accessories (Dongles and Sleeves); Technology - Hybrid Technology Solutions, EMV Chip and Pin, Magnetic-stripe, Chip and Sign, Near Field Communication (NFC) and Biometrics; End Use - Restaurants, Hospitality, Health Care, Retail, Warehouse/Distribution, Entertainment, Transportation (Public Transport and Rental Cars and Intercity Buses), Government, and Consumer Utility Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global mobile point-of-sale (mPOS) market is segmented as follows:
Global mPOS market, by Solution Type
- Integrated Card Reader Solutions
- Card Reader Accessories
Global mPOS market, by Technology
- Hybrid Technology Solutions
- EMV Chip and Pin
- Chip and Sign
- Near Field Communication (NFC)
Global mPOS market, by End Use
- Health Care
- Public Transport
- Rental Cars and Intercity Buses
- Consumer Utility Services
Global mPOS market, by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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