Ocean View, DE -- (SBWIRE) -- 06/17/2020 -- Global mPOS terminal market is anticipated to witness robust growth throughout the coming timeframe owing to technological advancements and increasing demand from the retail industry. A mobile point-of-sale system is a tablet, smartphone, or a dedicated wireless device that carries out the operations of a conventional cash register or electronic POS terminal wirelessly.
A mobile point-of-sale system is an ideal way for businesses like home & repair services, food trucks, market vendors, flea markets, and sports venues to accept card-based payments on the go. To implement mobile point-of-sale, a business requires a proper internet connection, along with a debit and credit card reader, as well as an application that is downloaded to the device it needs to utilize for the transactions. A mPOS can further be paired with a POS hardware such as a cash drawer and a barcode scanner.
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Based on the software, a mPOS can function as a stand-alone system that is simply connected to the business's bank account or can also be used as a part of a bigger legacy POS system. In order to protect the data of cardholders, consumer data is encrypted as well as stored on the cloud instead of the device.
Handheld mPOS terminals are turning out to be vital for small and medium-sized retail outlets as it helps in enhancing customer's shopping experience. These terminals allow shoppers to make payments through debit & credit cards, mobile wallets, and EMV/chip cards, lowering payment processing time for stores. Integration of advanced technologies like biometric fingerprint ID and facial detection could facilitate improved authorized and secured transactions.
Cloud-based mPOS solutions are expected to witness lucrative demand owing to its remarkable benefits like flexible functionalities and low cost. They offer consumers the ability to efficiently use POS platform with the help of a stable internet connection.
Besides, mPOS software allows tracking orders, managing inventory, and storing vital customer data, helping enhance store profitability and productivity. Furthermore, these solutions deliver high level of user comfort compared to on-premise terminals as well as better functionality.
The mPOS terminal market is bifurcated in terms of solution, deployment, application, and regional landscape.
With respect to solution, the market is bifurcated into hardware and software. The hardware solution segment is further divided into handheld terminal and tablet. It is observed that hardware manufacturers including First Data, Verifone, PAX Global Technology, and Ingenico provide mobile computers, tablets, and handheld terminals. The affordability of hardware solutions along with enhanced user experience as well as low initial investment are expected to spur the market growth.
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Based on application, the mPOS terminal market is segmented into entertainment, hospitality, retail, healthcare, restaurant, warehouses, and others. The retail application segment is further classified into convenience stores, discount stores, supermarket/hypermarket, department stores, specialty stores, and others.
Among these, the demand for mPOS terminals has increased substantially over the past few years owing to increased deployments throughout departmental stores, regional markets, and retail formats. For example, Gucci, The Home Depot, Disney, Apple, Inc., Nordstrom, and Urban Outfitters, stores are some of the early adopters of mPOS terminals.
Table of Contents (ToC) of the report:
Chapter 4. mPOS Terminal Market, By Solution (Revenue, Shipment)
4.1. Key trends by solution
4.2. Hardware
4.2.1. Market estimates and forecast, 2015 – 2026
4.2.2. Handheld terminal
4.2.2.1. Market estimates and forecast, 2015 – 2026
4.2.3. Tablet
4.2.3.1. Market estimates and forecast, 2015 – 2026
4.3. Software
4.3.1. Market estimates and forecast, 2015 – 2026
Chapter 5. mPOS Terminal Market, By Deployment (Revenue)
5.1. Key trends by deployment
5.2. On-premise
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Cloud-based
5.3.1. Market estimates and forecast, 2015 – 2026
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