The rising sale of smartphones, high digitization rate, and increasing penetration of the internet are leading to the growing trend of contactless payments. As per Capgemini, compared to 598 billion in 2018, 876 billion digital payments would be done by the end of 2021.
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In India, specifically, this number increased by 58.8% in 2018–19, in comparison to 50.4% in 2017–18.
Therefore, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process.
Retail To Be Largest Application Area of mPOS Systems
Till 2030, the retail category will continue generating the highest revenue in the mobile POS terminals market, as retailers are increasingly deploying such systems to help customers pay for stuff at any place in the store, which helps save the time otherwise wasted in long queues. For instance, in 2018, POS terminals were deployed in 350 stores across the U.S. by Walmart Inc.
The hardware bifurcation held larger share in the mobile POS terminals market during the historical period (2014–2019), because of the rapid increase in digital payments in the retail, food service, healthcare, hospitality, and various other industries, which creates a high requirement for different types of smartphone point-of-sale terminals.
During the forecast period, faster growth in the mobile POS terminals market would be witnessed by the cloud bifurcation, at a CAGR of 21.6%. This is attributed to the numerous advantages of cloud-based mPOS solutions, such as better access to the data from any device, anywhere, reduced expenditure on IT infrastructure, and automatic backup of data.
Asia-Pacific (APAC) dominated the mobile POS terminals market in 2019, and it will keep contributing the highest revenue till 2030. This is ascribed to the advancing healthcare, retail, and hospitality industries in the region, as a result of the high rate of urbanization. Mobile point-of-sale terminals find widespread adoption in the retail industry, which is the largest in APAC.
Product Launches Characterize Competition in the Market
The competition in the mobile POS terminals market is currently shaped by product launches, as they give the players the chance to showcase their technologies and make new customers.
For instance, in November 2019, a new mPOS solution with enhanced features was launched by Tulip Inc. It is a software as a service (SaaS)-based solution, which includes an updated interface and out-of-the-box connectors for external devices.
Similarly, in March 2019, Upserve Inc. introduced an mPOS system for table-side check-out. With this system, customers at restaurants can order food as well as pay for it right from their table.
Major companies in the global mobile POS terminals market include Posera Ltd., PAR Technology Corporation, Ingenico Group S.A., Newland Payment Technology, New POS Technology Limited, PAX Technology Corporation, Touch Dynamic, Square Inc., Shenzhen Xinguodu Technology Co. Ltd., VeriFone Holdings Inc., Samsung Electronics Co. Ltd., HP Inc., Panasonic Corporation, NCR Corporation, Lenovo Group Limited, Toshiba Corporation, QVS Software Inc., Oracle Corporation, Zebra Technologies Corporation, SPECTRA Technologies Holdings Co. Ltd., First Data Corporation, Diebold Nixdorf Incorporated, BBPOS Ltd., Aures Technologies S.A., SZZT Electronics Shenzhen Co. Ltd., Toast Inc., Bitel Co. Ltd., and Posiflex Technologies Inc.
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