According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) entitled “Mobile Point-of-Sale (mPOS) [By Solution Type (Integrated Card Reader Solutions and Card Reader Accessories); By Technology (Hybrid Technology Solutions, EMV Chip and Pin, Magnetic-stripe, Chip and Sign, Near Field Communication (NFC), and Biometrics); By End-use (Restaurants, Hospitality, Health Care, Retail, Warehouse/Distribution, Entertainment, Transportation, Government, and Consumer Utility Services)] Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024,” the mPOS market is expected to reach US$38.38 bn in revenue by 2024, rising from US$2.08 bn in 2015. The market is estimated to expand at a CAGR of 38.0% during the forecast period from 2016 to 2024.

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North America accounted for the largest share of the mPOS market in terms of shipment in 2015. The North America mPOS market is driven by the high concentration of the retail, entertainment, and hospitality sectors in the region. Furthermore, the transportation sector is expected to drive the market in the region, as rental cars and public transport are likely to adopt mPOS solutions to offer better customer service and improved transaction experience. Taxis are among the most highly preferred media for transport in the U.S., supporting the high adoption of mPOS in the region. Europe held the largest share of the mPOS market in 2015 in terms of revenue. European countries, such as the U.K., Germany, France, and Spain, have high a concentration of the retail and hospitality sectors. mPOS solutions benefit merchants by delivering better customer satisfaction through processing the payments faster at billing counters.

Asia Pacific is likely to grow the fastest in terms of revenue, shipment, and installed base during the forecast period. Asia Pacific has a significant number of micro, small, and medium enterprises (MSMEs) that are expected to increasingly adopt mPOS in order to facilitate card payments for their customers. Traditionally, micro and small merchants have avoided adopting fixed POS due to their high initial costs. Furthermore, China and Japan are the major countries in terms of adoption of mPOS solutions, considering the swiftness of technological adoption in these countries.

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Major companies operating in the mPOS market include Ingenico S.A., VeriFone Systems, Inc., International Technologies and Systems Corporation, Charge Anywhere, MagTek, Inc., PAX Technology Ltd., Wincor-Nixdorf International, AnywhereCommerce, Ezetap, goSwiff, Ltd., Infinite Peripherals, and Miura Systems Ltd. mPOS vendors are likely to focus on small and medium-sized merchants to cater the huge market with their low cost solutions. Furthermore, the adoption of mPOS solutions via use of mobile wallets is expected to benefit vendors in mature markets.

The mobile point-of-sale (mPOS) market is segmented as below.

Mobile Point-of-Sale (mPOS) Market

By Solution Type

Integrated Card Reader Solutions
Card Reader Accessories
Dongles
Sleeves

By Technology

Hybrid Technology Solutions
EMV Chip and Pin
Magnetic-stripe
Chip and Sign
Near Field Communication (NFC)
Biometrics

By End-use

Restaurants
Hospitality
Health Care
Retail
Warehouse/Distribution
Entertainment
Transportation
Public Transport
Rental Cars and Intercity Buses
Government
Consumer Utility Services

By Geography

North America
Europe
Asia Pacific
Middle East and Africa
Latin America