The Ongoing Shift in Retail Payment Methods through Electronic Devices Replacing the Hard Cash Has Prompted Many Companies and Individuals throughout the World to Embrace Sophisticated Handheld Point-Of-Sale Systems and Fuel Its Market Growth
United States, Rockville MD, June 19, 2022 (GLOBE NEWSWIRE) -- The mobile point of sale market (MPOS) is projected to reach a valuation of US$ 446.3 Billion by 2032 from US$ 23 Billion in 2022, rising rapidly at a CAGR of 34.5% throughout the forecast period.
Mobile and internet penetration among companies and consumers has expanded dramatically in mobile point of sale (MPOS) market. The fast global expansion of the internet has changed the way commerce and monetary operations are conducted.
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Larger retail companies are concentrating on increasing customer interaction and providing high levels of convenience. This has raised the need for mobile point-of-sale systems.
During the projected period, these factors are likely to fuel expansion in the worldwide mobile point-of-sale (MPOS) market. In the worldwide mobile point-of-sale (MPOS) market, MPOS value-added service (VAS) might give significant development potential.
What are the Major Challenges Experienced by the Mobile Point-of-Sale Market Players?
A surge in cybercrime or fraud activities over marketplaces has surfaced as a major plight in the digital space, along with the growth of demand for mobile point-of-sale systems. Trust issues pertaining to less awareness about the technological features of a wireless POS system can pose a major hindrance to the higher sales of mobile point-of-sale devices or terminals.
Digital solution companies developing POS software for mobile shops and others need to develop more robust and efficient systems to keep track of the ever-increasing flow of payments over portable POS devices at any location.
Storage and maintenance of the gigantic volume of data incurred through the transactions carried out through the POS tablet or any type of POS android device is a serious challenge that needs to be urgently overcome by the global mobile point-of-sale market players.
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Key Segments Covered in the Mobile Point of Sale Industry Survey
Rental Cars and Intercity Buses
In the present time leading competitors of the global mobile point-of-sale market are battling to for top positions by developing and increasing their product offerings. In conjunction with mobile POS software and hardware, prominent players are progressively diversifying their company portfolios by offering value-added services.
What are the Recent Developments in the Field of Mobile Point-of-Sale Market?
Visa, Inc. Partnered with Clip Company in November 2019 to boost the its sales of mobile point-of-sale and tablet POS systems among the retailers in Mexico.
Samsung Electronics teamed up with Mobeewave Inc. In October 2019 to introduce highly secure, contactless and NFC-enabled payment acceptance over its mobile devices.
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Key players in the Mobile Point of Sale Market
Hewlett-Packard Development Company L.P.
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.
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