The Mobile Point of Sale market is predicted to grow at an impressive CAGR of 33.5%. It is estimated to reach a value of nearly US$ 446.3 Billion by 2032 from US$ 17 Billion in 2021. The mobile point of sale (mPOS) market refers to the use of mobile devices such as smartphones, tablets, and other handheld devices as a means of accepting payments for goods and services. It is a rapidly growing market that has been spurred on by the increasing use of smartphones and tablets, as well as the rise of e-commerce and online shopping
The mPOS market is being driven by a number of factors, including the convenience of using mobile devices for payment processing, the ability to process payments in real-time, and the flexibility of using mobile devices to accept payments from anywhere. This is particularly beneficial for small and medium-sized businesses that may not have the resources to invest in traditional point of sale (POS) systems. The market is expected to continue to grow in the coming years, with a number of new players entering the market and established players expanding their offerings. The COVID-19 pandemic has also accelerated the growth of the mPOS market, as more businesses turn to mobile payment processing to reduce contact and provide a more hygienic payment experience.
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Overall, the mobile point of sale market is expected to continue to grow as more businesses adopt mobile payment processing solutions, and as the technology continues to advance and become more user-friendly
Key Takeaways from Mobile Point of Sale Market Study
- In the solution type sector, integrated card reader solutions from the mobile point of sale (MPOS) market are anticipated to flourish at the quickest CAGR of 40.5%.
- With a CAGR of 48.4%, hybrid technology solutions are predicted to grow significantly in the technology sector of the mobile point of sale (MPOS) market.
- The market size for mobile point of sale (MPOS) 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.
- United Kingdom is expected to reach a market size of US$ 32.4 Billion in mobile point of sale (MPOS) by 2032, with a CAGR of 33.0% during the research period.
- China’s mobile point of sale (MPOS) market is expected to be worth US$ 39.7 Billion by 2032, with a CAGR of 40.2% over the forecast period.
- Japan is expected to have a market size for mobile point of sale (MPOS) of US$ 31.9 Billion by 2032, with a CAGR of 40.8% during the research period.
- By 2032, India is expected to reach a market size of US$ 93.9 Billion in mobile point of sale (MPOS), with a CAGR of 57.8% during the research period.
What is the Covid-19 Impact on Global Mobile Point-of-Sale Market?
The COVID-19 pandemic has had a significant impact on the global mobile point-of-sale (mPOS) market. As businesses across the world had to shift to remote working, mPOS systems became increasingly popular as they allowed for contactless payments, enabling businesses to continue operating while adhering to social distancing guidelines. This led to a surge in demand for mPOS solutions, especially in sectors such as retail, hospitality, and healthcare. The pandemic also accelerated the adoption of digital payment solutions, further driving the growth of the mPOS market. However, the market also faced challenges such as supply chain disruptions and reduced consumer spending due to economic uncertainty, leading to a mixed impact on the overall market.
What are the Recent Developments in the Field of Mobile Point-of-Sale Market?
North America is currently the largest market for mPOS solutions, with the United States being a major contributor. This is due to the high penetration of smartphones and tablets, as well as the presence of a large number of small and medium-sized businesses.
Europe is also a significant market for mPOS solutions, with countries such as the United Kingdom, Germany, and France being major contributors. This is due to the high adoption of digital payments and the need for businesses to provide contactless payment options.
The Asia-Pacific region is expected to be the fastest-growing market for mPOS solutions, driven by the increasing adoption of smartphones and the growing e-commerce industry. China, India, and Japan are expected to be major contributors to the growth of the market in the region.
Latin America and the Middle East and Africa are also expected to see growth in the mPOS market, driven by the increasing adoption of digital payments and the need for businesses to offer contactless payment options.