Overview and Scope
Mobile point of sale (mPOS) devices refers to portable devices, that are equipped with software and hardware components to process transactions and accept payments from customers. These devices are used by businesses to conduct sales transactions remotely or in-store, providing flexibility and convenience in accepting payments.
Sizing and Forecast
The mobile point of sale devices market size has grown rapidly in recent years. It will grow from $39.63 billion in 2023 to $45.88 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to early smartphone adoption, limited traditional POS accessibility, emergence of cloud-based solutions, early government initiatives for cashless transactions, rise of app stores and mobile payment apps.
The mobile point of sale devices market size is expected to see rapid growth in the next few years. It will grow to $83.25 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to growing popularity of biometric authentication, focus on sustainability, emergence of blockchain technology, rise of on demand delivery services. Major trends in the forecast period include personalization through AI, convergence with social commerce, augmented reality (AR) integration, rise of voice activated payments, focus on employee experience.
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Segmentation & Regional Insights
The mobile point of sale devices market covered in this report is segmented –
1) By Solution Type: Integrated Card Reader Solutions, Card Reader Accessories, Dongles, Sleeves
2) By Technology: Biometrics, Bluetooth, Chip And Sign, Europay Mastercard And Visa Chip And Pin, Ethernet, Hybrid Technology Solutions, Magnetic-Stripe, Near Field Communication
3) By End Use: Restaurant Hospitality (Lodging), Healthcare, Retail Warehouse Or Distribution, Entertainment
North America was the largest region in the mobile point of sale devices market in 2023. The regions covered in the mobile point of sale devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of 5G networks is expected to propel the growth of the mobile point-of-sale device market going forward. 5G networks refer to the fifth generation of wireless cellular technology that provides better capacity, more reliable connections, and faster upload and download rates. There is surge in 5G network expansion for fast and reliable data connectivity due to the widespread adoption. The use of 5G networks catalyzes mobile point-of-sale devices by enabling faster and more reliable connectivity, facilitating seamless transaction processing, enhanced user experiences, and broader adoption of mobile payment solutions across diverse retail environments. For instance, in September 2023, according to 5G Americas, a US-based industry trade organization, the 5G penetration rate in North America has reached an exceptional 40%, with a growth rate of 25.5% in the first half of 2023. The projections indicates that North America’s 5G connections would reach a remarkable 669 million by 2028. Therefore, the expansion of 5G networks is driving the growth of the mobile point-of-sale device market.
Key Industry Players
Major companies operating in the mobile point of sale devices market are Amazon.com Inc., Alphabet Inc., Samsung Electronics Co Ltd., Panasonic Corporation, Hewlett-Packard Development Company, Cisco Systems Inc., Oracle Corporation, Toshiba Corporation, Fiserv Inc., Square Inc., Zebra Technologies Corp., Worldpay Inc., Ingenico Group, PAX Technology Inc., Adyen N.V, VeriFone Systems Inc., Fujian Newland Payment Technology Co Ltd., BlueSnap Payment Services Limited, Revel Systems Inc., PaySimple Inc., Upserve Inc., BBPOS Limited, CardFlight Inc., Touch Dynamic Inc., Paynear Solutions Private Limited
The mobile point of sale devices market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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