Mobile POS Systems Market (Updated Version Available)

Key Market Overview:

Mobile POS system market is estimated to be worth USD 255.7 Billion by 2030 from a value of USD 42.1 Billion in 2022, and the market is anticipated to register a CAGR of 25.3% from 2022 to 2030.

A mobile point-of-sale system also referred to as mPOS or point-of-sale app, is a portable tablet or smartphone that works as a cash register. This aids merchants to virtually accept payments from any location via the availability of such devices, the mPOS platform, and an internet connection. Thus, mobile POS systems work as an ideal alternative for businesses such as home and repair services, food trucks, market vendors, and others.

The mobile POS terminals are also utilized to manage inventories and assets, and send and receive digitalized notes, invoices, and others. In terms of hardware, such devices permit mobile POS to remotely accept payments using wireless applications. Typically, the mobile Point of Sale terminals is plugged directly into the audio jack or charging port of the smart devices which aids the operations associated with the IOS or android phone application.

The surging awareness among enterprises and consumers accelerates the demand, especially in terms of the fast-paced quick service restaurant (QSR) environment. Such integration of POS aids the restaurants in fostering exceptionally fast, secure, and accurate customer service. Thus, multiple end-users utilize the POS software due to the low initial cost and high-performance operational investments.

Report Attributes	Report Details
Study Timeline	2018-2030
Market Size in 2030 (USD Billion)	255.7 Billion
CAGR (2022-2030)	25.3%
By Deployment	On-Premise, and Cloud-Based
By Component	Hardware, Software, And Services
By Solution Type	Integrated mPOS Solutions, Card Reader Accessories (Dongles, Sleeves)
By Technology	Hybrid Technology Solutions, Magnetic-Stripe, EMV Chip and Pin, Chip and Sign, Near Field Communication (NFC), Biometrics
By End Use	Entertainment, Healthcare, Restaurant Retail (Convenience stores, Supermarket/Hypermarkets, Discount stores, Department stores, Specialty stores)
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	MICROS Systems, Panasonic Corporation, Samsung Electronics Co., Hewlett-Packard Company, Cisco Systems Inc., Toshiba Corporation, VeriFone Systems Inc., PAX Technology Limited, First Data Corporation, Ingenico S.A, Posiflex Technology, NEC Corporation, Square Inc., Epicor Software Corporation, Squirrel Systems

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Market Dynamics:

Driver:

The rising use of mobile technologies for finances especially by micro-merchants and SMEs along with the advancement in the wireless network infrastructure drives the market growth during the forecast period. Furthermore, the government regulations for supporting cashless payment are further accelerating the growth of the mobile POS market.

Restraint:

The growing concerns about data security and cybercrimes restrains the market growth during the forecast period in terms of mPOS terminals and smartphones. Also, the lack of an onsite IT team to resolve any technical issues along with the vulnerability of mPOS devices to like dirt, water, and breakage backdrop the growing market of mobile POS systems.

COVID-19 Impact:-

The mobile POS systems market witnessed a major decline during the initial phases of the COVID-19 pandemic due to government lockdown impositions and reduced manufacturing activities. The closure of restaurants and retail chains resulted in the reduced usage of mPOS solutions for sales and financial management. Furthermore, the situation started to shift in the favor of the market with the resumption of the hospitality sectors post COVID-19. Thus, the overall market growth witnessed an enhanced demand due to raised limits for contactless payments and optimized cashless transactions, especially in such sectors.

Wireless Network Security Market Segmentation:



By Deployment

The deployment segment is bifurcated into on-premise, and cloud-based. The on-premise deployment contributed over 50% of the market share in 2022. The business merchants primarily rely on using on-premise mPOS due to high-security features and complete dependability in terms of financial management. Thus, the major dependence on on-premise mPOS deployment aids in elevating inventory control operations and comprehensive software. Moreover, the cloud-based deployment also supports the growth of the mobile POS systems market statistics in terms of volume. This deployment is expected to witness significant growth due to the easy integration within business operations and reduced financial expenditures on physical drivers and hard drives. The cloud-based deployment also allows business merchants to automatically back up their financial transactions which aid in getting the sales reports anywhere.

By Component

The component segment is separated into hardware, software, and services. The hardware component contributed the largest revenue share of over 16% to the market growth. Multiple mPOS hardware are rich in features such as a user-friendly interface, faster checkout systems, and robust security. Thus, businesses utilize such mPOS hardware to improve staff performance coupled with the effective tracking of sales. Furthermore, the software component is anticipated to support the market growth in terms of volume. Multiple end users such as retail, hospitality, and healthcare industry are highly reliant on mPOS software to reduce the processing time of a large number of financial data. Thus, the ability to speed up the service, decrease wait times, and availability of multiple payment options boost the adoption of mPOS software.

By Solution Type

The solution type is categorized into integrated mPOS Solutions, and card reader accessories. The card reader accessories solution is anticipated to comprise a major mobile POS Systems market share contribution of over 66.5%. The surging usage of credit and debit card users and the rising number of global bank account holders augment the adoption of card payment machines by multiple end users. These accessories provide enhanced compatibility with multiple technologies like EMV and NFC which covers the inclusive aspect of mPOS solutions. Thus, portable and small card reader devices aid high adoption majorly due to their convenience. Also, integrated mPOS solutions are largely adopted for improving inventory management, and controlled order management in terms of the purchasers and suppliers, and others.

By Technology

The technology segment is categorized into hybrid technology solutions, magnetic-stripe, EMV chip and pin, chip and sign, near field communication (NFC), and biometrics. Hybrid technology solutions contributed the largest share to the growth of the market in terms of value. Such hybrid technology is referred to as the reliable and versatile type of solution which provides flexibility or compatibility with any mode of transaction such as debit/credit card, NFC, Unique Payment Interface (UPI), and others. Thus, the growing technological advancements in hybrid payments and transfer technologies foster market growth during the forecast period. Also, the EMV chip and pin are expected to witness a surge in demand due to the fast and secure processing of credit and debit card payments. Thus, these EMV chips and pins facilitate in-store transactions easier without compromising on the security aspects.

By End Use

The end user is segmented into entertainment, healthcare, restaurant, and retail. The restaurants contributed over 55.2% of revenue share to the market growth in 2022. Multiple small, medium and large restaurants are consistently shifting towards digitization of their business operations. This adoption of mPOS solutions aid in optimizing the processing and ordering operations by providing flexible and scalable payment options. Thus, the high adoption of mPOS by restaurants for facilitating connectivity and resource usability bolsters market growth. Furthermore, retail businesses are also expected to witness significant growth during the forecast period. This fosters an efficient business model adoption of transaction processing through secure and better accounting within the retail chains of business.

By Region

The regional segment comprises of Asia Pacific, Europe, North America, Latin America, the Middle East, and Africa. In the context of the region, North America is estimated to augment the market trends during the forecasted period. The large presence of small, medium and large enterprises located in North America utilize mPOS solutions to boost versatile and secure transaction management.



Europe is also expected to provide lucrative growth opportunities for the expansion of the market across the region. The major retailers, business merchants, and public ventures are aware in terms of financial management via mPOS systems due to government expenditures on technological advancement.

Mobile POS Systems Market Competitive Landscape:

The research report published on the mobile POS systems market includes an in-detailed analysis of major indicators to assess the business value chain of market players. Multiple aspects are covered in the report to understand product launches, market trends, and company profiling to understand the strategies adopted by major market players. Mentioned are the major industry conglomerates that comprise the current market presenceâ€\"

• MICROS Systems
• Panasonic Corporation
• Samsung Electronics Co.
• Hewlett-Packard Company
• Cisco Systems Inc.
• Toshiba Corporation
• VeriFone Systems Inc.
• PAX Technology Limited
• First Data Corporation
• Ingenico S.A
• Posiflex Technology
• NEC Corporation
• Square Inc.
• Epicor Software Corporation
• Squirrel Systems

Recent Developments

• In October 2019, Samsung Electronics collaborated with a Canadian-based startup named Mobeewave Inc., to deploy contactless, highly secure, and NFC-enabled payment acceptance functional on mobile devices globally.

• In January 2022, the Dutch e-commerce company, Adyen, introduced mobile Android POS terminals for U.K., E.U., and U.S. The mobile POS device acts as an inclusive payment solution that also provides an app management system. This enables business merchants to connect and manage apps needed on a regular basis like loyalty programs and inventory management.

• In May 2022, the U.S.-based firm named Square announced the release of Square for Restaurants mobile POS software. This is a mobile POS software that also comprises the hardware solutions suite. The software assists full-service restaurants (FSRs) to enhance their operational efficiency.