The need for mobile point-of-sale (mPOS) solutions has constantly increased over the last few years, following the advent of cashless technologies in various forms. The increasing number of government initiatives advocating a cashless economy further increases the demand for efficient and easy-to-use solutions from the major suppliers in the mobile point of sale (mPOS) industry. The need for a market for mobile point-of-sale (mPOS) marketplace is driven by the continuous need to streamline and improve the user experience across various industries that use the end-user.
In addition, the lower cost associated with technological solutions available in the mobile point of sale (mPOS) market permits their application not only to large-scale industries but can also make it more convenient and more affordable for small and medium-sized companies. The primary advantages of mobile point of sale (mPOS) solutions include:
- Reliability and connectivity enhancement.
- A smooth cashless transaction.
- A higher cost for both end-users and vendors around the globe.
The growing preference among consumers for cashless transactions, aided by an increasing effort from governments worldwide, is moving to a cashless economy and fueling the growth in the point of sale mobile (mPOS) industry. Additionally, the recent outbreak of the COVID-19 pandemic has highlighted the necessity for cashless transactions, presenting ample opportunities to expand this mobile point-of-sale (mPOS) marketplace in recent years. The ability to afford and the ease of use are among the significant advantages of mobile point-of-sale (mPOS) solutions.
The retail segment dominates the mobile Point-of-Sale (mPOS) market.
The leading solutions and products provided by the top suppliers of the mobile point-of-sale (mPOS) market are accessories for card readers, like dongles and sleeves, and integrated solutions for card readers. The main types of technologies used by these top vendors in the mobile point-of-sale (mPOS) market are EMV chip and pin chip and sign biometrics and hybrid technology solutions like magnetic stripe and near field communication, or NFC as well as NFC. The accessories for card readers are the largest market in this mobile point of sale (mPOS) marketplace.
A few of the essential end-users who are making use of the significant advantages of mobile point-of-sale (mPOS) options and products include entertainment, hospitality, retail restaurants, government, and health care, warehouses, or distribution transportation (including rental cars, intercity buses, as well as other modes of public transport) as well as consumer utility services, in addition to other things. Digitalization is spreading across many industries that use end-users and is driving the growth of solutions and services for the mobile point-of-sale (mPOS) industry. Retail accounts for an enormous, substantial demand in this mobile point-of-sale (mPOS) industry.
Europe leads the Mobile point of sale (mPOS) Marketplace in terms of demand.
The need for a mobile point of sale (mPOS) marketplace is especially significant in various regions around the globe. The landscape of the regional market for the mobile end of sale (mPOS) market gives us information related to different geographical regions, such as North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. Geographic, Europerope region is likely to become the domain for the mobile point of sale (mPOS) market over the next few years. This is due to the increasing popularity and use of the latest technology and other technologies like the internet of things IoT and the rapid integration and implementation of these innovative solutions in the mobile point of sale (mPOS) market across prominent European banking and financial establishments. Other regions that are expected to see significant expansion in the mobile point-of-sale (mPOS) market are the Asia Pacific and North America.
The mobile point-of-sale (mPOS) marketplace market is populated with a variety of reputable regional and international vendors and players. The major vendors that are in the mobile point of sale (mPOS) market are Recruit Holdings Co., Ltd., Square, Inc., First Data Corp., iZettle AB, VeriFone Systems, Inc., Dspread Technology, Inc., Citizen Systems Europe GmbH, Zebra Technologies Corp., Intuit Inc., Oracle Corp., Hewlett Packard Development Co. L. P., Bioxolon Co. Ltd., PAX Technology, Ltd., PayPal Holdings Inc., Posiflex Technology, Inc. as well as Ingenico S. A. and many more.