Mobile POS Terminals Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Type (Tablets, Others), By Application (Restaurants, Hospitality, Healthcare, Retail), By Region, And Segment Forecasts, 2023 - 2030

Mobile POS Terminals Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Type (Tablets, Others), By Application (Restaurants, Hospitality, Healthcare, Retail), By Region, And Segment Forecasts, 2023 - 2030

Mobile POS Terminals Market Growth & Trends

The global mobile POS terminals market size is expected to reach USD 85.11 billion by 2030, expanding at a CAGR of 11.1% from 2023 to 2030 according to a new study by Grand View Research, Inc. Mobile POS terminals have evolved from basic payment processing tools to advanced analytics solution providers with greater processing capability and wireless communication support. The inflection of these terminals came with the adoption of consumer-grade devices such as tablets for business use. Ubiquitous wireless connectivity such as Bluetooth, availability of mobile printers, scanners, card readers, and peripheral devices; and multiple platform support have driven the mobile POS terminals market in various applications.

Sophisticated data analytics, growing credit card payments and ever-changing consumer expectations are expected to spur the mobile POS terminals industry. This growth has encouraged retailers to leverage new applications and strategies to deliver seamless customer experience. Mobile applications have the ability to create new channels for revenue growth; as a result, vendors are increasingly trying to understand various marketing channels available in order to leverage technology to compete. The flexibility of having a tablet-based mobile POS owing to low installation costs has attracted SMBs to invest in this technology. Reduced customer time in line, increased security, free floor space, and paper-free receipting services are the features driving mPOS terminals to demand over traditional or fixed terminals.

The growing penetration of tablet devices, the rising base of SMBs and micro-merchants, need for effective line-busting schemes to encourage card adoption are expected to propel market growth over the coming years. However, lack of standardization and data security concerns may restrain mobile POS terminals market growth. Increased penetration of Near Field Communication (NFC) in mobile devices is expected to augment demand.

Mobile POS Terminals Market Report Highlights

• The mobile POS terminals market primarily includes components such as hardware and software. Mobile POS hardware systems accounted for the majority of the market share in 2022; the segment is expected to lose market share through the forecast period. The software segment is expected to witness growth as consumers shift towards using consumer-grade electronic devices such as tablets to manage their POS needs.
• The retail segment accounted for over 30% of the overall market share in 2022. Growing adoption of mobile POS technology across SMBs and micro-merchants is expected to drive segment growth.
• Asia Pacific mobile POS terminals market is expected to witness substantial growth over the forecast period. This may be primarily attributed to increasing low-cost manufacturing activities in the region. The surge in demand across application segments is expected to spur the regional market.
• Notable companies operating in the industry such as Verifone, Inc.; Ingenico; and Micros Systems provide various handheld and tablet-based mobile POS solutions. Verifone Systems introduced these solutions for SMBs along with iPayment to address the need of the marketplace.