The global mobile point-of-sale (POS) terminals market value stood at $19.5 billion in 2019, and it is predicted to register a CAGR of 17.9% from 2020 to 2030 (forecast period). The market is being driven by the growing focus of businesses on providing an improved customer experience and the advent of cashless transactions across the world. Additionally, many businesses are rapidly adopting mPOS terminals in order to provide faster check-out processes at stores and prevent the formation of long check-out queues, which not only waste customers’ time but also affect the shopping experience.
These terminals assist customers in completing the sale and the check-out right from the main product area in a store by enabling digital payments. Besides this factor, the boom in the restaurant sector is also creating lucrative growth opportunities for the players operating in the mPOS terminals market. The surging number of restaurants all over the world is positively impacting the worldwide demand for these terminals. For example, in India, the restaurant sector expanded by 10% from 2017 to 2018 and reached a revenue of $48 billion.
In addition, the foodservice sector, which was valued at $47.7 billion in 2017, is expected to exhibit a CAGR of 5.1% from 2018 to 2023. To prevent the formation of long queues, many restaurants are providing their staff with handheld mobile POS terminals, which are allowing them to take the orders of customers at the table. This is subsequently helping customers in ordering and receiving food quickly, thereby improving their experience.
During the last few years, the mPOS terminals market was dominated by the Asia-Pacific (APAC) region, as per the observations of the market research company, P&S Intelligence. This region will also be the fastest-growing region in the market during the forecast period. This is credited to the expansion of the retail, healthcare, and hospitality sectors, owing to the rapid economic progress of the regional countries, such as China and India.
This market research report provides a comprehensive overview of the market
These terminals assist customers in completing the sale and the check-out right from the main product area in a store by enabling digital payments. Besides this factor, the boom in the restaurant sector is also creating lucrative growth opportunities for the players operating in the mPOS terminals market. The surging number of restaurants all over the world is positively impacting the worldwide demand for these terminals. For example, in India, the restaurant sector expanded by 10% from 2017 to 2018 and reached a revenue of $48 billion.
In addition, the foodservice sector, which was valued at $47.7 billion in 2017, is expected to exhibit a CAGR of 5.1% from 2018 to 2023. To prevent the formation of long queues, many restaurants are providing their staff with handheld mobile POS terminals, which are allowing them to take the orders of customers at the table. This is subsequently helping customers in ordering and receiving food quickly, thereby improving their experience.
During the last few years, the mPOS terminals market was dominated by the Asia-Pacific (APAC) region, as per the observations of the market research company, P&S Intelligence. This region will also be the fastest-growing region in the market during the forecast period. This is credited to the expansion of the retail, healthcare, and hospitality sectors, owing to the rapid economic progress of the regional countries, such as China and India.
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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