In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The mobile point of sale (mPOS) terminals are integrated mobile devices that function as electronic point of sale terminals. It can perform cash registration with the help of dedicated incorporation of the mobile equipment that works as electronic POS terminals. The mobile point of sale (mPOS) is equipped with the technology such as Wi-Fi, smartcard and radio frequency identification (RFID) technology. This wireless application enables the distant transfer of the payments. The mobile point of sale (mPOS) enables the transaction to be more versatile without being dependent to one location or one device. The mobile point of sale (mPOS) transactions are ideal for the various business such as sports venues, flea markets, food trucks and market vendors in order to conduct the credit and debit cards transaction easily. This technology is low cost and suitable for the small business.
The global mobile point of sale devices (mPOS) market is anticipated to expand at a CAGR of around 22% during 2018-2027. It is anticipated to reach the market size of USD 31.0 billion by 2027. The rising technological development in the field of the payments and transfer is anticipated to be the major reason fostering the growth of the global mobile point of sale devices (mPOS) market during the forecast period. For instance, Indian government in March 2016 introduced the RuPay debit card for all online transaction within India. The main purpose of introduction of the RuPay debit card is to enhance the purchasing power of the low income population.
The global mobile point of sale devices (mPOS) market can be segmented on the basis of solution, technology, end-user and region. On the basis of solution, it is sub-segmented into integrated card reader solutions and card reader accessories. On the basis of technology, it is sub-segmented into EMV chip and pin, hybrid technology solutions, chip and sign, magnetic-stripe, near field communication (NFC) and biometrics. The EMV chip is anticipated to be the leading sub-segment during the forecast period. The high application of the EMV chips across the various developed nations is anticipated to be the major reason for the growth of the sub-segment during the forecast period. However, the various other technologies are growing at a fast pace. For instance in April in 2017, Apple opened iOS 11 in order to support the NFC integrated applications on the iPhone. On the basis of end-user, it is sub-segmented into restaurants, transportation, hospitality, health care, public transport, retail, entertainment and government. The retail sector is anticipated to be the largest end-user of the mobile point of sale devices (mPOS) during the forecast period. The increasing number of transaction in the retail sector is encouraging towards the application of the mobile point of sale devices (mPOS). However, the government sector is anticipated to be the fastest developing sub-segment during the forecast. The various government policies are encouraging towards cashless transactions for enhancing the economy of the country. Thus, it is anticipated to showcase substantial growth during the forecast period.
By region, global mobile point of sale devices (mPOS) market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to hold the largest market share for the global mobile point of sale devices (mPOS) market during the forecast period. The highly developed industrial sector in the region coupled with the rising awareness regarding the POS transactions is anticipated to be the major factor for the growth of the global mobile point of sale devices (mPOS) market during the forecast period. Asia-Pacific region is anticipated to be the fastest developing region for the global mobile point of sale devices (mPOS) market. The stringent government policies in the region leads to the promotion of the cashless transactions across the different countries. This is anticipated to be the major factor fostering the growth of the global mobile point of sale devices (mPOS) market during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global mobile point of sale devices (mPOS) market in the following segments:
Global mobile point of sale devices (mPOS) market is further classified on the basis of region as follows:
The rising technological development is anticipated to be the major growth driver for the global mobile point of sale devices (mPOS) market. Additionally, the increasing number of the card based mode of the payment is anticipated to fuel growth of mobile point of sale devices. The rising technological development coupled with the introduction of the technologies such as NFC, Magnetic stripe, EMV and others is anticipated to boost the growth of the global mobile point of sale devices (mPOS) market. The other advantage of using mobile point of sale devices (mPOS) is that it enables transaction from distant places and includes high level of customizations as it offers centralized management of the data. Thus, it is growth driver for the global mobile point of sale devices (mPOS) market during the forecast period.
Moreover, the rise in the cybercrime activities across the globe coupled with the data security concerns is anticipated to restrain the growth of the global mobile point of sale devices (mPOS) market.
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