The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Mobile Point Of Sale Devices Global Market Report 2024, the mobile point of sale (mPOS) devices market is expected to show significant growth in the forecast period.

 

Introduction

The mobile point of sale (mPOS) devices market has experienced significant growth in recent years. This blog explores the current market size, future projections, key growth drivers, trends, and the impact of 5G networks on the mPOS market.

 

Market Size and Growth

• Current Market Size (2023): $39.63 billion
• Projected Market Size (2024): $45.88 billion
• CAGR (2023-2024): 15.8%
• Forecast for 2028: $83.25 billion
• CAGR (2024-2028): 16.1%

 

Key Growth Drivers

1. Early Smartphone Adoption: The widespread use of smartphones has laid a strong foundation for the mPOS market.
2. Limited Traditional POS Accessibility: In areas with limited access to traditional POS systems, mPOS provides a viable alternative.
3. Emergence of Cloud-Based Solutions: Cloud technology has enabled more flexible and scalable mPOS solutions.
4. Government Initiatives: Early government initiatives promoting cashless transactions have accelerated mPOS adoption.
5. Rise of Mobile Payment Apps: The proliferation of app stores and mobile payment apps has driven market growth.

 

View More On The Mobile Point Of Sale Devices Market Report 2024 – https://www.thebusinessresearchcompany.com/report/mobile-point-of-sale-devices-global-market-report

 

Future Growth Factors

1. Biometric Authentication: Increasing use of biometrics for secure transactions.
2. Focus on Sustainability: Growing emphasis on eco-friendly mPOS solutions.
3. Blockchain Technology: Integration of blockchain for enhanced security and transparency.
4. On-Demand Delivery Services: Rise in on-demand services requiring mobile payment solutions.

 

Trends Shaping the Market

1. Personalization Through AI: Use of AI to offer personalized customer experiences.
2. Convergence with Social Commerce: Integration of mPOS with social media platforms for seamless transactions.
3. AR Integration: Augmented reality enhancing the shopping experience.
4. Voice-Activated Payments: Growth in voice-activated payment solutions.
5. Focus on Employee Experience: Improving the user experience for employees operating mPOS systems.

 

Impact of 5G Networks on the mPOS Market

• Enhanced Connectivity: 5G networks provide faster and more reliable data connections, essential for mPOS devices.
• Improved Transaction Processing: Faster upload and download rates facilitate seamless transactions.
• Broader Adoption: 5G networks enable wider use of mPOS solutions across diverse retail environments.
• Example: In September 2023, 5G Americas reported that the 5G penetration rate in North America reached 40%, with projections indicating 669 million connections by 2028.

 

Major Players in the mPOS Market

• Key Companies: Amazon, Alphabet, Samsung, Panasonic, HP, Cisco, Oracle, Toshiba, Fiserv, Square, Zebra Technologies, Worldpay, Ingenico, PAX Technology, Adyen, VeriFone, Fujian Newland Payment Technology, BlueSnap, Revel Systems, PaySimple, Upserve, BBPOS, CardFlight, Touch Dynamic, Paynear Solutions.

 

Innovative Mobile Applications Transforming the Market

• Smartphone TPV: In May 2023, CaixaBank launched the Smartphone TPV app, turning mobile phones into POS devices, eliminating the need for additional hardware. This app offers strong security features and supports contactless payments, revolutionizing the payment acceptance process in Spain.

 

Ingenico’s Strategic Acquisition

• Acquisition of Phos: In March 2023, Ingenico acquired Phos to expand its client services and strengthen its position in the payments industry. Phos specializes in software-only POS solutions, enabling smartphones and tablets to function as payment terminals.

 

Market Segmentation

1. By Solution Type: Integrated Card Reader Solutions, Card Reader Accessories, Dongles, Sleeves
2. By Technology: Biometrics, Bluetooth, Chip and Sign, EMV Chip and Pin, Ethernet, Hybrid Technology Solutions, Magnetic-Stripe, NFC
3. By End Use: Restaurant Hospitality, Healthcare, Retail Warehouse, Distribution, Entertainment

 

Regional Insights

• Largest Region (2023): North America

 

Conclusion

The mobile point of sale (mPOS) devices market is poised for rapid growth, driven by technological advancements, increasing demand for mobile payment solutions, and the expansion of 5G networks. As major companies continue to innovate and expand their offerings, the market is set to evolve, offering enhanced transaction capabilities and improved user experiences across various industries.

 

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The Mobile Point Of Sale Devices Global Market Report 2024  provides an in-depth analysis on the mobile point of sale (mPOS) devices market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the mobile point of sale (mPOS) devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –

Mobile Learning Global Market Report 2024

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