mPOS Terminals Global Market Report 2023: Rising use of Digital Payments is Expected to Boost Growth

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Jun 02, 2023, 20:45 ET

DUBLIN, June 2, 2023 /PRNewswire/ -- The "mPOS Terminals Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global mPOS terminals market is expected to grow from $29.40 billion in 2022 to $34.81 billion in 2023 at a compound annual growth rate (CAGR) of 18.4%. The mPOS terminals market is expected to grow to $68.38 billion in 2027 at a CAGR of 18.4%.

Major players in the mpos terminals market are Ingenico, PAX Global Technology Limited, NCR Corporation, Oracle Corporation, VeriFone Inc., Square Inc., Zebra Technologies Corp., Fiserv Inc., Panasonic Holdings Corporation, PAR Tech, New POS Technology Ltd., Posiflex Technology Inc., Intuit Inc., Newland Auto-ID Tech. Co. Ltd., and AURES Group.

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mPOS (mobile point-of-sale) terminals refer to smartphones, tablets, or other wireless devices that may wirelessly execute the tasks of a cash register or electronic point-of-sale terminal (POS terminal). An mPOS terminal is used to accept payments from digital wallets as well as credit, debit, and other card types.

The main components of mPOS terminals are POS terminals, POS software, and services. A point-of-sale (POS) terminal refers to a piece of hardware used in retail establishments to handle credit card payments. The various solutions involved are hardware and software that are deployed on-premises and cloud for applications in entertainment, healthcare, hospitality, restaurant, retail, warehouse, and others.

Technological advancement is the key trend gaining popularity in the mPOS terminals market. Major companies operating in the mPOS terminals market are focusing on developing technological advanced solutions to sustain in the market.

For instance, in May 2022, Square, a US-based manufacturer of business tools, launched Square for Restaurants mobile POS. The unique feature of Square is its capacity to assist restaurants of all shapes and sizes, in particular full-service restaurants (FSRs), in boosting their bottom line and operational effectiveness.

With Square, servers can quickly and easily process orders and payments at the table or while waiting in line. Even when there is a staffing shortage, restaurants employing the Square for Restaurants mobile POS test program will still be able to increase their revenues and turn more tables.

North America was the largest region in the mPOS terminals market in 2022. The regions covered in the mPOS terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the mPOS terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The rising use of digital payments is expected to boost the growth of the mPOS terminal market going forward. Digital payments refer to transactions that happen online or through digital channels without a physical exchange of money. Through near-field communication (NFC), which enables contactless payments by allowing users to wave one device over another NFC-compatible device, mobile POS systems can take payments through digital wallets.

For instance, according to a report published by the World Bank, a US-based provider of financial products and technical assistance, in 2022, globally, 76% of adults have a bank, other financial institution, or mobile money provider account as of 2021, up from 68% in 2017 and 51% in 2011.

Worldwide, two-thirds of adults currently send or receive digital payments, with developing economies accounting for an increasing share from 35% in 2014 to 57% in 2021. Therefore, the rising use of digital payments is driving the growth of the mPOS terminal market.

The mPOS terminals market consists of revenues earned by entities by providing contactless credit cards, and QR code payment services through mobile-based terminals. The market value includes the value of related goods sold by the service provider or included within the service offering.

The mPOS terminals market also includes sales of smartphones, tablets, mobile POS system, card and chip readers, and touch screens which are used in providing mPOS terminal services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. mPOS Terminals Market Characteristics

3. mPOS Terminals Market Trends And Strategies

4. mPOS Terminals Market - Macro Economic Scenario
4.1. COVID-19 Impact On mPOS Terminals Market
4.2. Ukraine-Russia War Impact On mPOS Terminals Market
4.3. Impact Of High Inflation On mPOS Terminals Market

5. mPOS Terminals Market Size And Growth
5.1. Global mPOS Terminals Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global mPOS Terminals Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. mPOS Terminals Market Segmentation
6.1. Global mPOS Terminals Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

POS Terminals
POS Software
Services

6.2. Global mPOS Terminals Market, Segmentation By Solution, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Hardware
Software

6.3. Global mPOS Terminals Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

On-Premise
Cloud-Based

6.4. Global mPOS Terminals Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Entertainment
Healthcare
Hospitality
Restaurant
Retail
Warehouse
Other Applications

7. mPOS Terminals Market Regional And Country Analysis
7.1. Global mPOS Terminals Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global mPOS Terminals Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/ixiuuo

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