mPOS Terminals Market Size By Solution (Hardware [Handheld Terminals, Tablet], Software) By Deployment (On-Premise, Cloud-Based), By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/

mPOS Terminals Market Size By Solution (Hardware [Handheld Terminals, Tablet], Software) By Deployment (On-Premise, Cloud-Based), By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

The global mPOS terminals market is anticipated to witness extensive growth over 2032. Emerging banking trends such as cashless payments and on-the-go banking are proliferating the installation of mPOS terminals across a spectrum of end-user industries. Advancements in internet technologies and bandwidth along with the penetration of smartphones will offer lucrative opportunities for mPOS system providers.

A wide variety of businesses including retail and restaurants are replacing conventional POS with mPOS terminals as they are more cost-effective, user-friendly, and easily accessible. These terminals are also gaining popularity as they can minimize errors associated with manual cashier systems. Some of the other advantages of mPOS systems include real-time business monitoring, e-invoice, greater sales outcome, and enhanced customer experience.

Several entities are launching advanced mPOS products into the market. For instance, in May 2022, Mastercard introduced a biometric POS payment system that allows shoppers to pay at checkouts or via mobile apps using facial recognition. Meanwhile, in August 2021, Amazon started giving $10 in credit to its customers in exchange for using its new biometric scanners called Amazon One.

The mPOS terminals market is segregated into solution, deployment, application, and region.

Based on solution, the industry is fragmented into hardware and software. The hardware segment is estimated to witness over 10% CAGR between 2023-2032. Hardware products such as handheld terminals and tablets are experiencing a dramatic growth in demand. For instance, handheld terminals are widely used in restaurants and the retail sector as they offer easy installation, better mobility, and automatic data backup. Increasing efforts to build innovative handheld terminals with advanced features and functions will complement the industry outlook.

By deployment, the mPOS terminals market is categorized into cloud and on-premise. Cloud-based mPOS terminals segment is projected to expand at over 15% CAGR through 2030. Growing need for cost-effective data storage and monitoring solutions is driving end-user inclination toward cloud-based POS. For instance, in August 2022, Comviva, a leading digital financial solutions company, received TR-TSP certification for Mastercard Cloud-based Payments (MCBP) to facilitate remote in-app payments.

In terms of application, the industry landscape is classified into healthcare, entertainment, hospitality, warehouses, restaurants, and retail. The entertainment segment accounted for a revenue share of more than USD 2.5 billion in 2022. mPOS terminals are used at concerts, movie theaters, sports venues, and amusement parks. The rapid adoption of digital technologies and kiosks and mPOS screens across entertainment venues help enhance customer experience. Furthermore, entertainment businesses are focusing on modern sales support and technological aid for detailed revenue attribution for post-pandemic recovery.

In regional landscape, South America mPOS terminals market is poised to surpass USD 4 billion by 2032. Increasing acceptance and awareness regarding electronic and digital payment methods will fuel the demand for mPOS terminals across the region. Additionally, substantial development initiatives in the telecommunication and retail sectors are accelerating the need for robust cash management infrastructures, augmenting optimum product adoption across South America.