Increasing demand for wireless communications technologies to drive (mPOS) mobile POS terminals market growth
(mPOS) Mobile POS Terminals Market size was evaluated at $11.54 billion for 2015 with CAGR of 19% during forecast timeframe. Increase in cost effective wireless communications technologies is promoting industry demand during forecast timeframe. Growing demand from end use industries like hospitality and retail is predicted to propel industry growth. Retail and hospitality sectors utilize these mobile POS terminals for payments and enhance user experience by preventing payment processing delays occurring owing to big queues in the industry.
Healthcare segment is predicted to touch $4.36 billion by end of forecast period. This segment has made huge investments in mobile POS terminals industry due to growing concerns of handling liability, reducing costs and complying with government rules.
The industry also uses wireless equipments to improve payment for products & services. Using wireless communication technology can simplify different procedures ranging from rental cabs to food purchase at grocery stores. It helps in substantial reduction of price per transaction in areas of high telecommunication prices by making use of technologies like CDMA, Wi-Fi and GPRS. Wireless communication technology also helps in enhancing worker productivity and removes time delay for sales.
However, safety concern is a key threat that has adversely affected the industry growth and is predicted to inhibit its expansion during forecast timeframe. Enhancing security by using data encryption techniques and firewalls can help dealers overcome issues related to data security.
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The industry is segmented into software and hardware components.
Software segment is predicted to cross $9.5 billion mark by end of 2023 and register a CAGR of greater than 22% during forecast timeframe. Effective software combines functions of screen terminals and barcode scanners thus offering data restoration and backup characteristics. It also handles user loyalty processes and identifies consumer purchasing behaviour.
(mPOS)Mobile POS terminals market is predicted to register CAGR of 18% for hardware segment.
Mobile POS terminals industry is segmented into two key applications including retail application and entertainment sector.
Retail segment contributed greater than 30% of total revenue share of the industry for 2015 and is predicted to register CAGR of 17.8% during forecast period. The industry is anticipated to create value for dealers, resulting in greater integrated store services.
Entertainment sector is predicted to touch $4.35 billion mark by end of forecast timeframe. It includes cinemas, amusement parks, pubs, casinos, tourism and stadiums.
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North America is predicted to register a CAGR of 18.3% during forecast timeframe. It is driven by U.S. (mPOS) mobile POS terminals market expansion.
European industry was evaluated at more than $3 billion for 2015. Growing consumer base owing to increase in server message blocks (SMBs) and reduction in total ownership costs is predicted to favourably impact APAC (mPOS) mobile POS terminals market share.
Key industry participants profiled in the report include Zebra Technologies, Posiflex Technology Incorporation, VeriFone, Panasonic Corporation, Hewlett-Packard Company, First Data Corporation, Oracle Corporation, Ingenico S.A., NEC Corporation, PAX Technology Limited and QVS Software Incorporation.
Author Name : Dhananjay Punekar