The global mobile point-of-sale (POS) terminals market generated a revenue of $19.5 billion in 2019 and will progress at a CAGR of 17.9% between 2020 and 2030, according to the estimates of P&S Intelligence, a market research company based in India. The main factors fueling the expansion of the market are the rising focus of businesses toward providing a much better customer experience and the growing popularity of cashless transactions across the world.

“Focus on Enhanced Customer Experience Is Driving the mPOS Terminals Market”

A key driver for the mPOS terminals market is the increasing focus of brands and businesses on enhancing the experience of their customers. As the long check-out queues at retail outlets and markets cause the wastage of time and often discourage the customers from visiting the store again, businesses are increasingly adopting mobile POS solutions and installing them in their stores all over the world. This will lead to faster check-out times as the customers can now complete the purchase of products by simply paying for the items digitally.

This way, the adoption of these solutions leads to higher customer satisfaction levels, which in, turn, boosts brand loyalty and trust. Apart from this, the rapid advancement of the restaurant sector in several countries is also predicted to positively impact the growth of the mPOS industry in the future years. As per many studies, the food service industry attained a valuation of $47.7 billion in 2017 and is expected to demonstrate a 5.1% CAGR between 2018 and 2023.

“Expanding Restaurant Industry Is Offering mPOS Terminals Market Growth Potential”

The adoption of handheld mobile POS terminals in restaurants allows the staff to take orders at the table without making the diners wait for a long period of time. This way these terminals enhance the overall customer experience. Based on application, the mPOS terminals market is categorized into warehouse, food service, hospitality, retail, sports and entertainment, and healthcare. Out of these, the retail category is predicted to dominate the market in the forthcoming years, because of the growing adoption of mobile POS solutions by retailers.

Depending on deployment type, the market is divided into cloud and on-premises categories. Of these, the cloud category is predicted to exhibit a higher CAGR in the market in the years to come. This is because the deployment of mPOS solutions via cloud offers automatic data backup and better mobility in comparison to the on-premises deployment. In addition to this, cloud deployment leads to a huge reduction in business expenditure as it doesn’t require sophisticated IT (information technology) infrastructure.

“A Key Trend in the mPOS Terminals Market is the Preference for Cloud-Based Solutions”

Historically, the mobile POS terminals market recorded the highest growth in the Asia-Pacific (APAC) region. Moreover, the market will demonstrate the highest CAGR in this region in the upcoming years. This is credited to the boom of the healthcare, retail, and hospitality sectors, due to rapid economic growth, in regional countries such as China and India. In addition to this, the region is home to a flourishing retail sector, which is further augmenting the requirement for cashless transactions.

Thus, it can be said with full confidence that the market will exhibit rapid expansion across the world in the forthcoming years, primarily because of the growing popularity of cashless transactions and the rising requirement for faster payment processes and check-out times at retail stores around the world.

Authors Bio:

Abhishek has around 5+ years of experience in market research and consulting services for ICT & Semi-conductor domain. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Grand View Research Inc., Phronesis Partners: Research & Consulting, and Genpact.

Some of the projects delivered by him include Devops, IoT, automation technologies, Natural language processing, data warehousing, and gamification.