According to a new study published by Report Ocean Market Research the worldwide Mobile POS Terminals market is anticipated to reach over USD 81.3 billion by 2026. In 2017, the hardware component dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
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The rising number of cashless transactions and growing need for digital payments primarily drive the growth of this market. Mobile POS solutions enable users to conduct financial transactions at remote locations with increased convenience and ease. Growing proliferation of mobile devices, increasing internet penetration, and technological advancement boosts the adoption of mobile POS terminals. Mobile POS terminals are also capable of accepting payments through EMV chip-enabled cards, contact-less cards, and NFC enabled cards.
Mobile POS terminals are used by business to enable faster and easier checkouts. These terminals provide quicker checkouts during high volume transactions, thereby increasing customer experience. Mobile POS terminals are integrated with mobile devices such as smart phones and tablets, which offer benefits such as reduced serving time, higher workforce efficiency, while improve customer experience. These terminals are connected to inventory management systems, to further improve efficiency. Mobile POS terminals allow users to send digital receipts to consumers for better organization, and ease of use. Small businesses are increasingly adopting mobile POS terminals for increased profitability.
Mobile POS terminals offer enhanced security as transactions are encrypted and not stored on devices. The declining prices of mobile devices, increasing demand for portable & wearable devices, rising NFC-based transactions, and technological advancements further supplement the growth of mobile POS terminals. The rising adoption of cloud-based and Android POS devices also boosts market growth. Integration of mobile wallet payments with mobile POS terminals to offer additional payment options to users is expected to create numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The growing adoption of advanced NFC and EMV-enabled devices with the aim to minimize frauds and security breaches related to payments are driving growth in this region. Increasing penetration of mobile devices, affordable mobile POS terminals, and growing acceptance by small and medium-sized businesses further supports market growth in this region. The use of POS terminals in varied industries such as healthcare, retail, and hospitality among others accelerates its adoption.
On the basis of components, the global mobile POS terminals market is segmented into hardware components, and software components. The hardware components include mobile devices, bar code scanner, and magnetic strip reader. The hardware is used across various industries with software varying according to industry specific requirements. The software segment is expected to grow significantly in the coming years owing to additional features offered such as customer loyalty programs, employee management, and business process monitoring. Growing adoption of cloud-based mobile POS solutions would also supplement market growth.
The various end-users of mobile POS terminals include retail, restaurants, healthcare, hospitality, and others. The retail sector is expected to dominate the market throughout the forecast period owing to high demand from large supermarkets and hypermarkets, grocery and departmental stores, and specialty retail stores among others. The retail sector is turning to mobile POS solutions to cater to the high volume of fast checkouts. Use of POS terminals in the retail sector ensures faster service, provides data related to past transactions, offers customer loyalty solutions, and reduces human errors.
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The well-known companies profiled in the report include VeriFone Systems, Oracle Corporation, Ingenico S.A., Pax technology Limited, Squirrel Systems, Toshiba Corporation, Posiflex Tachnology, Panasonic Corporation, NEC Corporation, and Hewlett-Packard Company. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
The report aims to provide answers to the following key questions:
Target Market:
Who is your target audience?
What are their demographic characteristics (age, gender, location, income, etc.)?
What are their needs and preferences?
Are there any emerging trends or changes in their behavior?
Competitors:
Who are your main competitors?
What products or services do they offer?
What are their strengths and weaknesses?
How do you differentiate yourself from them?
Product/Service:
What are the features and benefits of your product/service?
How does it meet the needs of your target market?
What is the unique selling proposition (USP) of your offering?
What improvements or modifications would customers like to see?
Pricing:
What is the perceived value of your product/service?
How does your pricing compare to competitors?
Are customers willing to pay the current price? If not, what price range would they find acceptable?
Are there any pricing strategies or promotions that would attract more customers?
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Distribution Channels:
How do customers prefer to purchase similar products/services?
What distribution channels are most effective for reaching your target market?
Are there any untapped distribution channels that could be explored?
How do customers feel about online purchasing and delivery options?
Customer Satisfaction:
How satisfied are your current customers with your product/service?
What are the factors that drive customer satisfaction or dissatisfaction?
Are there any unmet needs or pain points that your offering could address?
How likely are customers to recommend your product/service to others?
Market Size and Growth:
How large is your target market and what is its growth potential?
Are there any market segments that are underserved or have significant growth opportunities?
What are the barriers to entry for new competitors in the market?
Are there any external factors that could impact the market in the future (regulations, technology advancements, economic changes, etc.)?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Mobile Point-of-Sale (mPOS) Terminals market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Mobile Point-of-Sale (mPOS) Terminals market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Mobile Point-of-Sale (mPOS) Terminals market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Mobile Point-of-Sale (mPOS) Terminals business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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