Summary: A recent study published by Report Ocean Market Research predicts that the global Mobile POS Terminals market is poised to exceed USD 81.3 billion by 2026. In 2017, the hardware component segment dominated the global market in terms of revenue, and North America is expected to lead in contributing to the global market revenue during the forecast period.
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Key Growth Drivers:
The mobile POS terminals market is primarily driven by the increasing number of cashless transactions and the growing need for digital payments. These solutions allow users to conduct financial transactions at remote locations with convenience and ease. The proliferation of mobile devices, increasing internet penetration, and technological advancements boost the adoption of mobile POS terminals. These terminals are capable of accepting payments through EMV chip-enabled cards, contactless cards, and NFC-enabled cards.
Businesses are adopting mobile POS terminals to enable faster and more convenient checkouts, particularly during high-volume transactions, resulting in improved customer experience. Integrated with mobile devices such as smartphones and tablets, these terminals offer benefits like reduced serving time, higher workforce efficiency, and enhanced customer experience. They are also connected to inventory management systems, further improving efficiency and providing features like sending digital receipts to consumers. Small businesses are increasingly adopting mobile POS terminals for increased profitability.
Mobile POS terminals provide enhanced security as transactions are encrypted and not stored on devices. Declining prices of mobile devices, increased demand for portable and wearable devices, rising NFC-based transactions, and technological advancements further fuel market growth. The adoption of cloud-based and Android POS devices is also boosting market expansion. The integration of mobile wallet payments with mobile POS terminals to offer additional payment options is expected to create numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017 and is expected to maintain its leadership throughout the forecast period. The growing adoption of advanced NFC and EMV-enabled devices to minimize frauds and security breaches related to payments is driving growth in this region. The increased penetration of mobile devices, affordable mobile POS terminals, and growing acceptance by small and medium-sized businesses further support market growth. The use of POS terminals in various industries such as healthcare, retail, and hospitality accelerates its adoption.
The global mobile POS terminals market is segmented into hardware components and software components. Hardware components encompass mobile devices, bar code scanners, and magnetic strip readers. Software components vary according to industry-specific requirements. The software segment is expected to grow significantly due to additional features such as customer loyalty programs, employee management, and business process monitoring. The growing adoption of cloud-based mobile POS solutions will also supplement market growth.
The report categorizes end-users of mobile POS terminals into retail, restaurants, healthcare, hospitality, and others. The retail sector is expected to dominate the market throughout the forecast period due to high demand from large supermarkets, hypermarkets, grocery and departmental stores, and specialty retail stores. Retailers turn to mobile POS solutions to accommodate high-volume fast checkouts, ensuring faster service, providing data related to past transactions, offering customer loyalty solutions, and reducing human errors.
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Key companies profiled in the report include VeriFone Systems, Oracle Corporation, Ingenico S.A., Pax Technology Limited, Squirrel Systems, Toshiba Corporation, Posiflex Technology, Panasonic Corporation, NEC Corporation, and Hewlett-Packard Company. These companies consistently introduce new products and collaborate with other market leaders to innovate and meet evolving consumer needs and requirements.
The report is designed to provide answers to critical questions related to the target market, competitors, products or services, pricing, distribution channels, customer satisfaction, market size and growth, and more, making it a valuable resource for decision-makers and professionals.
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