Mobile POS Terminals Market Report
Mobile POS Terminals Market by Component (Hardware and Software), Type (Tablets, and Others (Handled Terminals and Smartphones)), Application (Restaurant, Hospitality, Healthcare, Retail, Warehouse, Entertainment, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Mobile POS Terminals Overview
A mobile Point of Sale (POS) terminal is a portable electronic device or system that is used in a variety of industries, primarily retail and hospitality, to provide secure and convenient financial transaction processing. These terminals allow businesses and individuals to take payments for goods and services using credit or debit cards, digital wallets, and other electronic payment methods without being tied down to a specific location.
Mobile POS terminals are often made up of hardware components such as smartphones, tablets, or dedicated portable devices, as well as specialized software applications that manage transaction processing, payment authorization, and receipt creation securely. This technology transforms the traditional payment paradigm by allowing businesses to perform sales on the go, whether in-store, at events, pop-up shops, or even curbside. Mobile POS terminals help businesses of all sizes improve customer service, reduce wait times, improve sales monitoring, and increase operational agility by providing a streamlined and fast payment experience.
Global Mobile POS Terminals Market Analysis
The global mobile POS terminals market size was $36.8 billion in 2022 and is predicted to grow with a CAGR of 11.3%, by generating a revenue of $107.3 billion by 2032.
COVID-19 Impact on Global Mobile POS Terminals Market
The COVID-19 pandemic has had a significant and diverse influence on the market for mobile POS terminals. The market initially endured a substantial slowdown as a result of lockdowns, travel restrictions, and social distancing measures, which resulted in widespread declines in consumer purchasing and a sharp decrease in brick-and-mortar retail activity. This resulted in a decrease in demand for mobile POS terminals, particularly in industries that rely largely on in-person transactions, such as hospitality, events, and small companies. However, while the pandemic raged on, a shift towards contactless and digital payment solutions gained traction, resulting in a surge in demand for mobile POS terminals as businesses looked to adapt to the new hygiene-conscious market.
E-commerce and delivery services have grown rapidly, necessitating the use of adaptable and mobile payment solutions. Furthermore, the pandemic pushed the integration of additional functions into mobile POS terminals, like health and safety measures, inventory management, and customer engagement capabilities, to address the increasing needs of businesses. The market also saw greater innovation in software and security to safeguard the safety of transactions and client data. Despite the initial setback, the mobile POS terminal market demonstrated endurance and flexibility, eventually developing to become a crucial participant in determining the future of retail and payment ecosystems by bridging the gap between online and offline commerce in a post-pandemic world.
Increased Adoption of Smartphones and Tablets to Drive the Market Growth
The mobile POS terminals market is rapidly expanding due to numerous main factors. For starters, the increased adoption of smartphones and tablets has provided a favorable atmosphere for market expansion, as these devices are increasingly being employed as multifunctional POS terminals, providing mobility and convenience. This trend is pushed further by a growing desire for cashless transactions, with businesses and consumers alike embracing electronic payment methods, driving the need for safe and efficient mobile payment solutions. Furthermore, the increasing digital revolution of numerous industries, including retail, hospitality, and transportation, is pressuring businesses to implement innovative payment technologies to improve consumer experiences and streamline operations. The low cost and flexibility of mobile POS solutions, which reduce the need for cumbersome traditional POS systems, are also important motivators. Furthermore, the COVID-19 pandemic has hastened the transition to contactless transactions, increasing demand for mobile POS devices that enable seamless and sanitary payments.
Data Breaches and Cyberattacks to Restrain the Market Growth
The mobile POS terminals market has grown rapidly in recent years, owing to rising use of digital payment solutions, the proliferation of smartphones and tablets, and a growing preference for convenient and seamless transaction experiences. However, amid its tremendous promises, various impediments have developed that may have an impact on the market's trajectory. Security worries about data breaches and cyberattacks continue to be a major barrier, discouraging both businesses and customers from fully embracing mobile POS systems due to concerns about exposed financial information. Furthermore, the reliance on consistent internet access is a barrier, as places with weak network coverage may encounter interruptions in transaction processing, limiting the reliability of mobile POS machines. Regulatory compliance and interoperability concerns also loom big, since different areas and industries have distinct payment processing standards and protocols, possibly impeding the seamless deployment of mobile POS solutions across broad markets.
Advancements in Technology to Drive Excellent Opportunities
The mobile POS terminals market has seen tremendous technological breakthroughs, transforming how organizations handle transactions and client interactions. Significant developments have been made in areas such as hardware miniaturization, networking, security, and software integration in recent years. The growth of mobile CPUs has allowed for the creation of sleek, sophisticated devices that provide seamless payment processing, inventory management, and customer engagement capabilities. NFC and Bluetooth capabilities have permitted quick contactless payments and simple device connection, improving the entire customer experience. Furthermore, developments in biometric authentication systems, such as fingerprint and facial recognition, have improved security, ensuring safe and convenient transactions. Cloud-based solutions have grown in popularity because they enable organizations to centrally manage and analyze data from numerous mobile POS devices, resulting in better informed decision-making and enhanced operational efficiency.
Global Mobile POS Terminals Market Share, by Component, 2022
The hardware sub-segment accounted for the highest market share in 2022. The hardware sector is crucial in determining how the landscape of digital payment solutions will look in the market for mobile point of sale (POS) terminals. The hardware elements that make up mobile POS terminals are considered as essential enablers of seamless, safe, and convenient transactions as mobile devices rapidly become the preferred platform for both businesses and consumers. These hardware components cover a wide range of capabilities, such as mobile devices or tablets with in-built card readers, NFC (Near Field Communication) support, barcode scanners, receipt printers, and long-lasting batteries to ensure continuous operation. A higher level of security and user confidence in mobile payment transactions has been made possible by the ongoing development and integration of cutting-edge technologies inside these hardware components, such as EMV chip card readers and biometric authentication sensors. Additionally, mobile POS hardware's scalability and agility support a variety of industries, including retail, hospitality, healthcare, and transportation, accelerating digital transformation and the move towards cashless economies.
Global Mobile POS Terminals Market Share, by Type, 2022
The others (handled terminals, and smartphones) sub-segment accounted for the highest market share in 2022. The "Others" section of the mobile POS terminals market includes a wide range of products and innovations that have a significant impact on the advancement of point-of-sale solutions. This group mostly consists of mobile devices like smartphones and portable terminals, both of which are fundamental in transforming the retail and service sectors. With their portability and adaptability, handheld terminals allow businesses to conduct transactions anywhere on their property, improve customer satisfaction by cutting down on wait times, and manage inventory effectively. On the other hand, due to their widespread acceptability, cellphones have emerged as powerful tools for mobile point of sale, transforming personal devices into payment processing centers. The proliferation of contactless payments, the rising desire for flexible and on-the-go payment options, and the incorporation of extra features like inventory tracking, loyalty programmes, and analytics all contribute to this market's expansion.
Global Mobile POS Terminals Market Share, by Application, 2022
The healthcare sub-segment accounted for the highest market share in 2022. The market for mobile POS terminals includes a significant and growing niche for healthcare. Mobile point-of-sale (POS) terminals are now essential tools for healthcare professionals due to the expanding digitization of healthcare services and the increased focus on patient-centric care. These terminals make it possible for healthcare organizations including hospitals, clinics, and pharmacies to boost operational efficiency while streamlining their payment procedures and improving patient experiences. With the use of mobile POS terminals, healthcare providers may conveniently and securely receive payments at the point of service for prescription drugs, medical services, and consultation fees. Accurate billing, fewer errors, and seamless data management are all made possible by the integration of mobile POS systems with electronic health record (EHR) systems. Additionally, mobile POS terminals allow healthcare professionals to handle payments for virtual appointments in an era of remote consultations and telehealth services, increasing their reach and offerings to a larger patient base. Mobile POS terminal providers are concentrating on integrating cutting-edge encryption and authentication techniques to safeguard sensitive patient information during transactions because data security and compliance remain crucial in the healthcare industry.
Global Mobile POS Terminals Market Share, by Region, 2022
The North America mobile POS terminals market generated the highest revenue in 2022. The mobile POS terminals market is dominated by the North American region, which asserts its dominance through technical advancement, widespread acceptance, and a dynamic business environment. North America has been at the forefront of the digital transition, which has translated into a strong demand for contemporary payment solutions. North America is a major driver of the global economy. The popularity of mobile POS terminals as a practical and effective way of payment processing for businesses of all kinds has been spurred by the region's excellent infrastructure, high smartphone penetration rates, and changing consumer tastes. The mobile POS ecosystem is being actively shaped by key participants in the payments sector, such as financial technology companies, payment processors, and software suppliers. North America continues to promote technical improvements like NFC, EMV, and biometric authentication, improving the whole customer experience, with a strong focus on security and data privacy. In conclusion, the North American region is a vibrant center for mobile POS innovation, driving the development of payment methods and influencing the direction of commerce.
Competitive Scenario in the Global Mobile POS Terminals Market
Investment and agreement are common strategies followed by major market players. Some of the leading mobile POS terminals market players are Fiserv, Inc., Hewlett Packard Enterprise Development LP, Ingenico, NEC Corporation, Oracle, Panasonic Holdings Corporation, PAX Technology, Posiflex Technology, Inc., QVS Software, and SAMSUNG.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Component
Segmentation by Type
Segmentation by Application
Key Companies Profiled
Q1. What is the size of the global mobile POS terminals market?
A. The size of the global mobile POS terminals market was over $36.8 billion in 2022 and is projected to reach $107.3 billion by 2032.
Q2. Which are the major companies in the mobile POS terminals market?
A. Fiserv, Inc. and Hewlett Packard Enterprise Development LP are some of the key players in the global mobile POS terminals market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q4. Which companies are investing more on R&D practices?
A. Ingenico, NEC Corporation, Oracle, and Panasonic Holdings Corporation are the companies investing more on R&D activities for developing new products and technologies.