Mobile Point-of-Sale (mPOS) Market
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 User - Restaurant, Hospitality, Healthcare, 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 2017 - 2025
Global Mobile Point-of-Sale (mPOS) Market: Snapshot
The global market for mobile point-of-sale (mPOS) is gaining significant impetus, thanks to the increasing preference for cashless transactions among people across the world. With the low total cost of ownership (TCO) and the ease of use mPOS solutions offer, owing to mobility, the market is anticipated to remain witnessing high growth over the next few years.
According to Transparency Market Research (TMR), the worldwide mPOS market, which is expected to attain a value of US$4.21 bn by 2017, will expand further at a remarkable CAGR of 35.40% between 2017 and 2025, reaching US$47.7 bn by the end of 2025.
Card Reader Accessories to Remain Most Valued Products
The global market for mPOS is broadly evaluated on the basis of the type of solution, technology, and end user. Based on the type of solution, the market is classified into integrated card reader solutions and card reader accessories. The demand for card reader accessories has been increasing at a higher growth rate than integrated card reader solutions. Researchers anticipate the scenario to remain so over the next few years, owing to the low cost of these accessories, which makes them affordable for small and medium sized businesses (SMBs) and micro merchants.
By technology, the market is bifurcated into hybrid technology solutions, EMV chip and pin, near field communication (NFC), chip and sign, magnetic stripes, and biometrics. NFC, EMV chip and pin, and hybrid technology solutions are the most preferred technologies in this market at present. Over the coming years, these technologies will remain in high demand. Restaurant, healthcare, hospitality, government, retail, entertainment, warehouse/distribution, transportation, and consumer utility services have surfaced as the key end users of mPOS solution. Owing to the significant expansion, the retail segment has been reporting a greater demand for mPOS systems than other end users and the trend is predicted to continue over the forthcoming years.
Europe to Maintain Lead
On the geographical front, the global market for mPOS is spread across the Middle East and Africa, South America, Europe, North America, and Asia Pacific. With a share of 34%, Europe led the global market in 2016. The significant proliferation of cloud computing has influenced the European market considerably over the last few years. Even in the near future, the Europe market for mPOS is expected to maintain its lead over the entire market, thanks to augmenting focus of mPOS solution vendors on merchant-related services and the increasing trend of internet of things (IoT) in this region. Apart from this, the escalating uptake of mPOS systems in European banks, in a bid to offer a lesser fee on transactions to customers, is also projected to aid the Europe market substantially over the next few years.
Among other regional market for mPOS, North America and Asia Pacific are anticipated to witness healthy growth in the years to come. While the presence of established players in a large number is boosting the North America mPOS market, the Asia Pacific market is predicted to gain considerably from the strengthening of the economic condition of various Asian countries, such as China, India, Indonesia, and Japan over the forthcoming years. Various social factors, such as favorable demographic profiles, consumer confidence, and urbanization trends are also expected to propel the Asia Pacific mPOS market in the near future.
At the forefront of the global mPOS market are Intuit Inc., Recruit Holdings Co. Ltd., Oracle Corp., Square Inc., Hewlett-Packard Development Co. L.P., First Data Corp., Bixolon Co. Ltd., iZettle AB, PAX Technology Ltd., VeriFone Systems Inc., PayPal Holdings Inc., Dspread Technology Inc., Posiflex Technology Inc., Citizen Systems Europe GmbH, Ingenico S.A., and Zebra Technologies Corp.
Need for Increased Customer Satisfaction Boosts Mobile Point-of-Sale (mPOS) Market
The global mobile point-of-sale (mPOS) market is prophesized to witness robust growth over the timeframe of forecast, thanks to growing demand for improving customer experience. Dedicated wireless devices, tablets, and smartphones are the mobile point-of-sale devices that accomplish the tasks of conventional electronic point-of-sale terminals and yet it can function untethered from any place. Most of the tablets and smartphones can be converted into a mobile point-of-sale terminal through the addition of a connected contactless mag-stripe card and a suitable mobile app. Such hassle-free integration of devices is likely to work in favor of the global mobile point-of-sale (mPOS) market in the enar future.
As mobile point-of-sale terminal runs on standard mobile computing devices, the system is also able to incorporate front-office capabilities like customer relationship management, marketing, and others. In addition to that, it could also integrate various back-office services like inventory management and invoice creation. They are capable of connecting the traditional point of sale systems, connect with the same business systems and share similar databases, which is likely to foster expansion of the global mobile point-of-sale (mPOS) market.
Government Initiatives to Move toward a Cashless Economy to Accelerate Market Growth
The rapid growth of the global mobile point-of-sale (mPOS) market is ascribed to the existing robust ecosystem of associated service providers. These service providers are resultants of the potential of technology to enhance customer experience and offer operational flexibility. It also increases sales and lessens costs.
In addition, benefits connected to the use of point-of-sale terminals amongst various industrial segments are likely to benefit the market. Furthermore, a rise in the number of initiatives by the government to move to a cashless economy and society is likely to encourage the growth of the global mobile point-of-sale (mPOS) market in forthcoming years.
Low cost coupled with hassle-free migration to Europay, Mastercard and Visa or EMV payment method is likely to work in favor of the global mobile point-of-sale (mPOS) market. Apart from the decreased cost of installation, automated settlements, improved customer experience, and flexible processing payments are prophesized to increase opportunities for sales for the market in years to come.
Global Mobile Point-of-Sale (mPOS) Market: Report Description
This report on the global Mobile Point-of-Sale (mPOS) Market provides analysis for the period 2015-2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global mobile point-of-sale (mPOS) market growth during the said period. The study provides a comprehensive analysis on market growth throughout the above mentioned forecast period in terms of revenue and volume estimates (in US$ Mn and Million Units), across different geographies.
There is a growing push around the globe toward technology-enabled financial inclusion of the masses at the bottom of the pyramid and of small businesses. Mobile-enabled technology is seen to be a catalyst to achieve this goal, as mobility leads to faster deployment and improved quality of services. Moreover, mobility-based solutions are cost effective and offer ease of use. Mobility has led to the emergence of new business models in the payment space, driving innovation in the way financial transactions happen. A key aspect for the success of emerging models is the convergence of the diverse needs of merchants, customers, telecom operators, banks, and device vendors.
Global Mobile Point-of-Sale (mPOS) Market: Segmentation
The mobile point-of-sale (mPOS) market has been segmented on the basis of solution type, technology, end-use, and geographically. Based on Solution type, the market has been further classified into integrated card reader solutions and card reader accessories. Card reader accessories include dongles and sleeves. By technology, the market is further classified into hybrid technology solutions, EMV chip and pin, magnetic-stripe, chip and sign, near field communication (NFC) and biometrics.
End-use segments considered under the scope of the study include restaurants, hospitality, healthcare, retail, warehouse/distribution, entertainment, transportation, government, and consumer utility services. Transportation includes public transport and rental cars and intercity buses. The study provides volume and revenue base data for all the segments across the geographies considered in the study.
Global Mobile Point-of-Sale (mPOS) Market: Geographical Outlook
Geographically, the report classifies the global mobile point-of-sale (mPOS) market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue and volume generation. Furthermore, the study also includes quantitative analysis of the competitive scenario for region wise prominent countries. These countries include the U.S, Canada, Germany, France, U.K., Spain, Italy, China, India, Japan, Indonesia, GCC countries, South Africa, and Brazil. The market size and forecast for each region has been provided for the period from 2015 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025.
The report also includes key market indicator in the mobile point-of-sale (mPOS) market. Porter five forces analysis is also included in the report. Value chain Analysis which identifies the process of distribution of the product in the mobile point-of-sale (mPOS) is also covered in the report. The report also covers segment wise comparison matrix for all regions covered in the scope of our research. The report also includes market attractiveness analysis for all the segments and for all the regions in the scope of study which identifies and compares segments’ market attractiveness on the basis of CAGR and market share index.
Global Mobile Point-of-Sale (mPOS) Market: Competitive Analysis
The report also includes competition landscape which covers competition matrix, market position analysis of major players in the global mobile point-of-sale (mPOS) market based on their 2016 revenues, profiling of major players (mobile point-of-sale (mPOS) market provider). Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are included to explain the company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments carried out by the leading players.
Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for past years. The key players profiled in the global mobile point-of-sale (mPOS) market include Bixolon Co., Ltd., Citizen Systems Europe GmbH, Dspread Technology, Inc., First Data Corporation, Hewlett-Packard Development Company L.P., Ingenico S.A., Intuit, Inc., iZettle AB, Oracle Corporation (MICROS Systems, Inc.), PAX Technology Ltd., PayPal Holdings, Inc., Posiflex Technology, Inc., Recruit Holdings Co., Ltd., Square, Inc., VeriFone Systems, Inc., and Zebra Technologies Corp.
The global mobile point-of-sale (mPOS) market is segmented as below:
By Solution type
By End User