What Is The Scope Of The Global Mobile Point Of Sale Devices Market?
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.
Mobile Point Of Sale Devices Global Market Report 2024 provides data on the global mobile point of sale devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The mobile point of sale devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Mobile Point Of Sale Devices?
The market for mobile point-of-sale devices has experienced significant growth recently, expanding from $39.63 billion in 2023 to $45.88 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.8%. The historic growth has been driven by early smartphone adoption, limited access to traditional point-of-sale systems, the emergence of cloud-based solutions, government initiatives promoting cashless transactions, and the rise of mobile payment apps. Looking forward, the market is projected to grow to $83.25 billion by 2028 at a CAGR of 16.1%, driven by the growing popularity of biometric authentication, sustainability efforts, blockchain technology, and the rise of on-demand delivery services. Key trends include personalization through AI, integration with social commerce, augmented reality applications, voice-activated payments, and a focus on improving employee experience.
What Factors Are Driving Growth In The Mobile Point Of Sale Devices Market?
The growth of 5G networks is anticipated to accelerate the development of the mobile point-of-sale device market. 5G networks represent the fifth generation of cellular technology, offering enhanced capacity, more reliable connections, and faster data transfer rates. The widespread rollout of 5G networks is fostering rapid data connectivity, which supports mobile point-of-sale devices by providing faster and more dependable connections, facilitating smoother transaction processing, improving user experience, and encouraging mobile payment adoption across various retail settings. For example, in September 2023, 5G Americas, a U.S.-based industry trade group, reported that 5G penetration in North America reached 40%, with a 25.5% growth rate in the first half of 2023. The forecast predicts 5G connections in North America to rise to 669 million by 2028. As such, the expansion of 5G networks is fueling the mobile point-of-sale device market.
Get Your Free Sample of the Global Mobile Point Of Sale Devices Market Report
What Are The Main Segments Of The Global Mobile Point Of Sale Devices Market?
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
What Emerging Trends Are Influencing The Growth Of The Mobile Point Of Sale Devices Market?
Leading companies in the mobile point-of-sale device market are enhancing their profitability by developing mobile applications like Smartphone TPV, which enable mobile phones to function as point-of-sale devices. For example, in May 2023, CaixaBank launched the Smartphone TPV app in Spain, transforming mobile phones into full POS terminals. This app allows users to accept card transactions of any size directly through their mobile devices, eliminating the need for additional equipment. It includes strong security features similar to traditional POS systems and supports contactless payments with instant transaction monitoring.
What Is The Largest Region In The Mobile Point Of Sale Devices Market?
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.
