April 26, 2022 04:42 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Smart Mobile POS Market finds that the increase in adoption of contactless payment by retailers is expediting market growth. Primarily driven by rising restaurant industry, the total Global Smart Mobile POS Market is estimated to reach USD 14.9 Billion by the year 2028.
The Global Market stood at a revenue of USD 3.5 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 27.40%.
Furthermore, the growing number of SMEs and micro merchants are also anticipated to augment the growth of the Global Smart Mobile POS Market, states Vantage Market Research, in a report, titled “Smart Mobile POS Market Size, Share & Trends Analysis Report by Product (Handheld, Desktop), by Application (Retail, Restaurant, Hospitality, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Rising Adoption of Contactless Payment by Retailers to Fuel Global Smart Mobile POS Market
The increase in adoption of contactless payment by retailers is expected to fuel the growth of the Smart Mobile POS Market during the forecast period. The outbreak of Covid-19 pandemic has led to increase in use of contactless smart mobile payments in spite of cost and security concerns. These contactless payment methods ensure the safety of both the retail workers and consumers. It is found that almost 65 to 70% of retailers now accept some form of contactless payment. The smart mobile POS systems are equipped with a touch screen which is effortlessly programmable and based on operating systems like Android, iOS or Windows. Further, these payments are accepted wherever you need and business owners with smart mobile POS devices could easily go the customers where they are, limiting contact at checkouts. Additionally, most of these mPOS software solutions also come with features that offer trades to track sales, email receipts, inventory and even set up loyalty programs that go straight through the system. Thus, it becomes a more convenient and modern way to accept payments, and also improve the customer experience, and increase productivity.
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Segmentation of the Global Smart Mobile POS Market:
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Expanding Restaurant Industry to Augment Market Growth
The rising restaurant industry is anticipated to augment the growth of the Smart Mobile POS Market within the estimated period. As per the 2022 State of the Restaurant Industry report by National Restaurant Association, the restaurant & foodservice industry was $678 billion in 2020 and is forecast to hit $898 billion in sales in ’22. It also estimated that the restaurants-and-accommodations sector created 1.7M job openings by mid ’21, which was the highest number in the 20-year history of the data set. Smart mobile point-of-sale systems solutions enable merchants as well as the restaurant owners to accept and process payments on the go and allow restaurants to increase sales and retain customers using their own tablets or smartphones. This in turn is expected to support the demand for smart mobile point-of-sale in near future. However, the rising security concerns and cyber-attacks are expected to hamper the growth of the market in near future. Moreover, the reduction in cost of wireless technology and increase in their reliability are further expected to open new market avenues within the estimated time period.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Smart Mobile POS Market highlights:
North America to Dominate the Global Smart Mobile POS Market
North America has dominated the Global Smart Mobile POS Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increased modernization of the payment industry in the region along with increasing offering of customized or business-specific solutions. Furthermore, the growing retail, hospitality, and entertainment industries in the region are also anticipated to fuel the growth of the market in the region.
List of Prominent Players in the Smart Mobile POS Market:
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Smart Mobile POS Market Size, Share & Trends Analysis Report by Product (Handheld, Desktop), by Application (Retail, Restaurant, Hospitality, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/smart-mobile-pos-market-391396
January, 2022: Adyen announced the launch of mobile Android POS terminals in the EU, UK, and the US. The devices represent a fundamental change in the role of the payment terminal, functioning as an all-in-one solution, eliminating the need for separate cash registers, barcode scanners, and customer facing displays.
March, 2021: Paytm announced the launch of Smart POS for androids to accept contactless payments. The move comes as companies battle it out in India over the growing number of consumers using digital channels for financial transactions and bill payments.
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