Technavio has released updated information on the POS market, with the publication of its new market research report, global mPOS market. The global mPOS market is expected to generate revenue worth $94 million between 2016 and 2020, owing to the increasing demand for mobile payments. The Americas dominate the global mPOS market, occupying around 40% of the overall market share. Much of the region’s growth comes from the retail and hospitality sectors which are increasingly using mPOS in their transactions.
“Rising adoption rate of tablets and smartphones allows retailers and merchants to integrate mPOS in their respective payment process. Proliferation of non-cash payment methods such as credit/debit cards and mobile wallet are boosting the growth of mPOS among consumers. Currently, the vendors are targeting sale traders, pop-up retailers, and mobile business owners to expand in the market. The mPOS providers are also working on the regulatory and security requirements to enhance the mobile payments for end users,” says Navin Rajendra, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The mPOS vendors are incorporating various advanced security technologies such as security code into the mPOS to secure transactions and customer data. This will facilitate merchants and end-users limit the rising transaction frauds. Also, the vendors are aiming to reduce cyber threats and secure payment methods by tarcking the EMV chip transaction and providing receipts. Also, the governments of various countries have mandated the certification of electronic payment systems for secure payments.
The leading vendors in the global mPOS market include VeriFone, Ingenico, PAX, and Toshiba Tec. The market is dominated by the major players and is expected to witness intense competition because of the growing number of solution providers along with the increasing mergers and acquisitions of SMEs by the large players
A more detailed analysis is available in the Technavio report, Global mPOS Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
Other Related Reports:
- Global Mobile POS Systems Market 2015-2019
- Global EMV POS Terminals Market 2016-2020
- Global POS Software Market 2015-2019
- POS Terminals Market in Brazil 2015-2019
- Global Wireless POS Terminals Market 2015-2019
- Global NFC POS Terminals Market 2014-2018
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