mPOS Terminals Market 2023-2030: Size, Share, and Growth Forecast
The Mobile Point of Sale (mPOS) Terminals Market has witnessed significant growth in recent years, driven by the continuous transition from cash to electronic payments worldwide. According to market reports, the market size for mPOS terminals reached USD 20.3 billion in 2021 and is projected to grow at a CAGR of 18.5 percent during the forecast period. The surge in adoption of advanced payment methods like mPOS, particularly in developed and developing countries, has fueled this growth.
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One of the key trends in the mPOS terminals market is the preference for cloud-based solutions. As per Mckinsey & Company Inc., the adoption of cloud technologies in the retail sector is expected to reach 71% by the end of 2020, as it offers lower operational costs and increased efficiency compared to conventional systems that require on-site servers. The COVID-19 pandemic has also played a positive role in boosting the mPOS terminal market. With growing concerns about the transmission of the virus through physical cash, consumers have increasingly turned to mobile payment platforms such as Google Pay and Apple Pay, driving up the demand for mPOS devices.
Companies operating in the mPOS terminals market have been focusing on product innovation to enhance customer experience. Key players like Samsung Electronics, Volly, and Adyen have launched new products to stay competitive in the market. For instance, Samsung Electronics and Mobeewave Inc. introduced a near-field communication (NFC)enabled contactless payment acceptance solution for mobile devices, allowing customers to make payments by tapping their contactless cards or mobile wallets.
The retail application segment has witnessed significant growth as well, driven by the competition with online retailers. Physical stores have implemented advanced payment solutions like mPOS terminals to attract customers and improve their shopping experience. The market has also witnessed increased competition among mPOS vendors, leading to competitive pricing schemes and the provision of value-added services (VAS). Moreover,
strategic collaborations, partnerships, and acquisitions have been used by key players to expand their business portfolios.
North America currently dominates the global mPOS terminals market, with widespread awareness and adoption of mPOS solutions in the restaurant, retail, and hospitality sectors. However, the Asia Pacific region is expected to witness the highest growth during the forecast period, driven by increasing internet penetration and smartphone usage in emerging economies like India and China.
Despite the rapid growth, the market faces challenges related to standardization, data security, and cyber breach threats. Lack of proper knowledge among consumers regarding mobile transactions and contactless payments may hinder the market growth. The mPOS terminals market is highly competitive, with major players like AURES Technologies SA, Castles Technology Co. Ltd., PayPal Holdings Inc., and others striving to achieve top market positions through product differentiation, value-added services, and strategic partnerships.
With the growing adoption of digital payments and the increasing need for contactless payment solutions, the mPOS terminals market is expected to witness continued expansion in the coming years.
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