With the increasing penetration of mobile point-of-sale (mPOS) solutions, a number of companies have been encouraged to extend their product portfolios, among which Bixolon Co. Ltd., First Data Corp., Hewlett-Packard Development Co., Oracle Corp., PayPal Holdings, and VeriFone Systems Inc. are the leading ones. A new study by Transparency Market Research (TMR), a shift in the focus of mPOS solution vendors toward emerging economies that are considered to be mPOS-ready, such as India, China, Mexico, and Brazil can be observed over the next few years on account of the rising base of card users, increasing penetration of smart phones and tablets, and the technological advancements, states the research report.
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According to the research study, the global market for mPOS will reach US$4.2 bn by 2017. Further, expanding at an exceptional CAGR of 35.40% during the period from 2017 to 2025, the opportunity in this market is anticipated to attain a value of US$47.7 bn by the end of the forecast period. Currently, the demand for card reader accessories is much higher than integrated card reader solutions and the trend is projected to remain so over the next few years. NFC, EMV chip and pin, and hybrid technology are predicted to maintain their demand in this market in the near future. Among end users, the retail industry is likely to continue commanding a high number of mPOS solutions over the forthcoming years. Geographically, Europe is at the forefront of the global mPOS market at present. Researchers expect the scenario to remain same throughout the period of the forecast, notes the research study.
With favorable conditions, such as increasing penetration of cards and a burgeoning installed base of smartphone and Internet users, many a countries, particularly the U.K., the U.S., and Japan, are offering advantageous opportunities for the growth of the global market for mPOS,” states a TMR analyst. People across the world are preferring cashless transactions, especially mobile payments, which is the main factor behind the significant growth of this market. The rising popularity of cloud-based solutions in the information technology sector is another important factor that is fueling the usage of mPOS, globally.
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Over the forthcoming years, developing economies are anticipated to witness a healthy inflow of investments from leading solution vendors, owing to the presence of a combination of favorable macroeconomic factors, such as a large pool of small and micro merchants and implementation of positive government policies. This, as a result, will reflect greatly on the global market in the near future, states the report.
While the worldwide mPOS market is expected to expand steadily in the near future, it may be deterred by the high cost incurred in the installation and maintenance of mPOS solutions. Apart from this, the unorganized state of mPOS in various emerging countries, particularly in India, may also hinder the growth of this market over the forthcoming years. However, this factor also points out the scope for organized retail and the large-scale rollout of mPOS technologies and services in developing domestic markets, leading to a thriving future, reports the market study.