Continuous shift in retail payment methods through electronic devices replacing cash has prompted many businesses and individuals across the globe to adopt sophisticated portable POS systems and fueling its market growth
USA, Rockville MD, June 19, 2022 (GLOBE NEWSWIRE) — The mobile point-of-sale (MPOS) market is expected to reach a valuation of US$446.3 billion by 2032 from US$23 billion in 2022 , rapidly increasing at a CAGR of 34.5% throughout the forecast period.
Mobile and Internet penetration among businesses and consumers has grown significantly in the mobile point-of-sale (MPOS) market. The rapid global expansion of the Internet has changed the way business and monetary transactions are conducted.
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Large retail companies focus on increasing customer interaction and providing high levels of convenience. This raised the need for mobile point of sale systems.
During the projected period, these factors are expected to fuel the expansion of the global Mobile Point of Sale (MPOS) market. In the global mobile point-of-sale (MPOS) market, the value-added service (VAS) MPOS could offer significant development potential.
What are the main challenges faced by players in the mobile point of sale market?
An increase in cybercrime or marketplace fraud activities has emerged as a major issue in the digital space, along with the growth in demand for mobile POS systems. Trust issues related to lesser knowledge of the technological features of a wireless POS system can be a major barrier to increasing sales of mobile POS devices or terminals.
Digital solutions companies developing point-of-sale software for mobile and other stores need to develop more robust and efficient systems to track ever-increasing flow of payments on portable point-of-sale devices at any location.
Storing and maintaining the gigantic volume of data generated by the transactions performed through the POS tablet or any type of Android POS device is a serious challenge that needs to be urgently addressed by the players in the global mobile POS market.
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Key segments covered by the Mobile point of sale Industry survey
Currently, major competitors in the global mobile POS market are vying for the top spots by developing and increasing their product offerings. Along with mobile POS software and hardware, leading players are gradually diversifying their business portfolios by offering value-added services.
What are the recent developments in the field of Mobile Point of Sale market?
Visa, Inc. partnered with Clip Company in November 2019 to boost its sales of mobile POS systems and tablets at retailers in Mexico.
Samsung Electronics partnered with Mobeewave Inc. in October 2019 to introduce highly secure, contactless, and NFC-enabled payment acceptance to its mobile devices.
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The key players in the Mobile point of sale Market
Main takeaways from Mobile point of sale Market research
In the solution type industry, Mobile Point of Sale (MPOS) market embedded card reader solutions are expected to flourish at the fastest CAGR of 40.5%.
With a CAGR of 48.4%, hybrid technology solutions are expected to witness significant growth in the technology sector of the mobile point-of-sale (MPOS) market.
The Mobile Point of Sale (MPOS) market size in the United States is expected to reach US$93.6 billion by 2032, growing at a CAGR of 32.9% during the research period.
UK is projected to reach a market size of US$32.4 billion in Mobile Point of Sale (MPOS) by 2032 growing at a CAGR of 33.0% over the research period.
The Chinese Mobile Point of Sale (MPOS) market is expected to be worth US$39.7 billion by 2032, growing at a CAGR of 40.2% over the forecast period.
Japan is projected to have a Mobile Point of Sale (MPOS) market size of US$31.9 billion by 2032 growing at a CAGR of 40.8% over the research period.
By 2032, India is expected to reach a market size of US$93.9 billion in Mobile Point of Sale (MPOS), growing at a CAGR of 57.8% over the research period.
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