mPOS Terminals Market share forecast to grow at 19% CAGR to surpass USD 48 billion by 2023: Global Market Insights Inc.
An mPOS (mobile point of sale) is a tablet, smartphone or a wireless equipment which performs operations of cash register or electronic point sale terminal. Its execution allows sales and service sectors to carry out monetary deals in place and enhance user experience. It can be inexpensive allowing small firms to carry out business deals instead of investing in an electronic register. Based on the software, an mPOS can function as a separate equipment which is normally connected to business bank account or can be a unified part of a bigger POS (point of sale) system. As per the reports published by Global Market Insights, global mobile POS terminals market size contribution was $11.55 billion in 2015 and is projected to record a CAGR of about 19.1% during forecast timeline. Rise in inexpensive wireless communication techniques is stimulating industry growth during forecast timeline.
Industry Trends Rising demand from end use sectors like hospitality sector and retail sector is expected to boost industry expansion. mPOS devices are used in retail as well as hospitality sectors for enhancing user experience by preventing delays in processing of payments. Global (mPOS) Mobile POS terminals industry makes use of wireless devices to pay for products and services. Utilizing wireless systems can modernize many procedures like rental cabs, restaurants and purchasing food in stores. They help in reducing cost per each transaction in telecommunications industry by utilizing Wi-Fi devices, CDMA technologies and GPRS systems. Global acceptance of the equipments along with compatible software provide firms with portable sale convenience. Furthermore, these wireless systems enhance worker efficiency and eradicates time delay in sales and services. However, data security concern is a main challenge that has badly hindered the global (mPOS)mobile POS terminals market expansion and is also predicted to remain as an area of concern even during forecast period. Component Trends Global (mPOS)mobile POS terminals market is segmented into software components and hardware components.
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