mPOS Terminal Market Size - By Component (Hardware, Software, Service), By Product (Handheld Terminal, Tablet) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail, Warehouse), By Deployment Model, By Technology & Forecast, 2024 - 20

mPOS Terminal Market Size - By Component (Hardware, Software, Service), By Product (Handheld Terminal, Tablet) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail, Warehouse), By Deployment Model, By Technology & Forecast, 2024 - 2032

mPOS Terminal Market size will record over 9% CAGR from 2024 to 2032, majorly propelled by rapid innovations for enhancing functionality and user experience. For instance, in June 2024, Castles Technology introduced MP200 – NexGen MobilPay™, its new mPOS device to allow businesses of all sizes to take payments on the move. The incorporation of features, such as real-time data analytics, advanced security measures, cloud integration, and AI-driven insights in mPOS terminals is providing businesses with valuable tools for operational efficiency and customer engagement. The easy access to customizable and personalized mPOS solutions to meet the specific needs of different industries and businesses will boost the industry growth.

The mPOS terminal industry is segmented into component, product, deployment model, technology, application, and region.

By product, the industry value from the tablet segment may witness lucrative growth through 2032. mPOS terminal tablets offer businesses the flexibility to process transactions anywhere for enhancing the customer experience, making them beneficial for companies that operate outside traditional retail environments, such as food trucks, pop-up shops, and outdoor markets. These tablets are also user-friendly and can be quickly deployed for reducing the training time required for employees.

With respect to application, the mPOS terminal market size from the hospitality segment will record expansion from 2024 to 2032, owing to their benefits of versatility, mobility, and the ability to enhance customer service. mPOS terminals enable the waitstaff to take orders and process payments directly at the table, thereby reducing the wait times by minimizing errors in order taking and enhancing the overall dining experience. Ease of quick and efficient processing of transactions in events and banquets will also boost the segment growth.

Europe mPOS terminal industry share will expand through 2032 due to the rapid growth of the hospitality sector, including restaurants, cafes, and hotels. Compliance with EU’s stringent regulatory standards, such as the General Data Protection Regulation (GDPR) and Payment Services Directive 2 (PSD2) is also shaping the development and adoption of mPOS systems in the region. The rise in the number of small and medium-sized enterprises (SMEs) will play a key role in the market growth.