The demand for mobile point-of-sale (mPOS) solutions is consistently rising over the past few years after the advent of various cashless technologies. The rising number of government initiatives that advocate cashless economy are further intensifying the need for effective and hassle free solutions from the key vendors in mobile point-of-sale (mPOS) market. The demand in the mobile point-of-sale (mPOS) market is also driven by the constant requirement of streamlining and enhancing the customer experience across various end use industry verticals.
Furthermore, the low cost associated with the technological solutions in the mobile point-of-sale (mPOS) market allows their adoption not only in large scale industries but also makes it easier and affordable for the small and medium sized enterprises. The key benefits of mobile point-of-sale (mPOS) solutions are reliability, enhanced connectivity, hassle free cashless transaction experience, and increased affordability for vendors and end users across the globe.
The rising consumer preference of cashless transactions, bolstered by an increasing effort by governments across the world on shifting to cashless economy is fuelling the growth within the mobile point-of-sale (mPOS) market. Furthermore, the recent bout with COVID-19 pandemic has further underlined the need for cashless transactions, providing lucrative opportunities for expansion in the mobile point-of-sale (mPOS) market in recent times. Affordability and ease of use are amongst the key benefits of the mobile point-of-sale (mPOS) solutions.
Retail Segment Dominates the Mobile point-of-sale (mPOS) Market
The major types of products and solutions offered by the key vendors in mobile point-of-sale (mPOS) market include card reader accessories, such as sleeves and dongles as well as integrated card reader solutions. Major types of technologies utilized by these key vendors in mobile point-of-sale (mPOS) market include EMV chip and pin, chip and sign, biometrics, hybrid technology solutions, magnetic stripe, and near filed communication or NFC, among others. The card reader accessories segment dominates the demand within the mobile point-of-sale (mPOS) market.
Some of the major end users, making use of the key benefits of mobile point-of-sale (mPOS) solutions and services are hospitality, retail, entertainment, government, restaurants, health care, warehouse or distribution, transportation (including rental cars and intercity buses as well as other forms of public transport), and consumer utility services, among others. Proliferation of digitalization across various end use industries is driving the adoption of the services and solutions in the mobile point-of-sale (mPOS) market. The retail segment contributes to a large extent, significant portion of the demand within the landscape of the mobile point-of-sale (mPOS) market.
Europe Leads the Mobile point-of-sale (mPOS) Market in Terms of Demand
The demand for mobile point-of-sale (mPOS) market is particularly high in various regions of the world. The regional landscape of the mobile point-of-sale (mPOS) market provides us with information pertaining to various geographical regions, including North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Geographically, the Europe region is most likely to lead the charts within the mobile point-of-sale (mPOS) market in coming years. This trend can be attributed to the rising trend and adoption of modern and supplementary technologies, such as internet of things or IoT as well as the rapid integration and adoption of these novel solutions in mobile point-of-sale (mPOS) market in various leading European banks and financial institutions. Other regions, anticipated to witness considerable growth in the mobile point-of-sale (mPOS) market include Asia Pacific as well as North America.
The landscape of the mobile point-of-sale (mPOS) market is filled with several competent international as well as regional players and vendors. Some of the key vendors in mobile point-of-sale (mPOS) market include Recruit Holdings Co., Ltd., Square, Inc., First Data Corp., iZettle AB, VeriFone Systems, Inc., Dspread Technology, Inc., Citizen Systems Europe GmbH, Zebra Technologies Corp., Intuit Inc., Oracle Corp., Hewlett Packard Development Co. L. P., Bioxolon Co. Ltd., PAX Technology, Ltd., PayPal Holdings Inc., Posiflex Technology, Inc., and Ingenico S. A., among others
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