The mobile POS is and wireless device that work on multiple platform such as mobile, tablets etc. which is generally seen as a cash register or used as an electronic POS terminal. Mobile POS stands for Mobile point of sale. The Mobile POS technology helps retail and service to do their financial transaction encouraging cashless economy and improving better customer experience. There has been a huge boost in the and technological advancements in wireless economy and digitalization of various industries have led to a strong growth in the global mobile POS terminal market in forecasted years. Mobile POS provide lots of benefits and ease to companies such as portability, positive return on Investment, less cost of implementation and ready to use features has pushed the market into a tremendous growth and acceptance of mobile POS rather than old conventional application used in retail outlets. Also increasing use and promotion of cash less economy and mobile wallet applications has boosted the growth in overall Mobile POS market. Also increasing NFC and wireless transaction is acting as a fuel to drive the Mobile POS market.
The Mobile POS terminals market has seen a tremendous growth in past some years and that to because there is a growth in acceptance of such technologies like mobile POS mainly in the big established retail companies across globe and even the small player with small store outlets have been using these technology, companies like Gucci, apple, Samsung, Nordstrom, urban outfitter etc., are some main retailer and the early promoter and adopter of mobile POS technology. Various mobile wallet and mobile payment apps available on your smart devices and smartphones is one of the major contributor to the growth of Mobile POS market. And the dynamically changing and upcoming new wireless technology has pushed the consumer to an easier and convenient method as boosted the adoption of mobile POS technology in last few years. Convenience checkout out, fast transaction smart shopping technology has help to increase the sales numbers and providing both customers plus employee satisfaction. With dynamically changing technology and wireless technology advancement are leading to concern on data security and government regulation and norms might act as a small hindrance in the growth of the mobile POS market in coming year.
The most dominant region is the North American region in the next coming years and this region will maintain its dominance as there has been a vast development and adoption of the mobile POS technology and devices such as mobile payment application and card swipe machines and others. emerging economies in Asia Pacific region has highest and the fastest growth potential in the Mobile POS Market because of the increasing technological advancement, Per capita Income etc. countries India, China, Japan, Korea, Indonesia and other growing market like Middle East and Africa and Latin America is giving a huge opportunity to POS Market players in upcoming years.
The global mobile POS market is divided on the basis of application, component and region. By application, the global mobile POS market is divided into restaurants, hospitality, healthcare, retail, warehouse, entertainment and others. By component, the global mobile POS market is divided into software and Hardware. By geography, the global mobile POS market is divided into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global POS market. Moreover, China is further projected to account for the highest share in the global market and is anticipated to maintain its lead in the overall demand during the forecast period. This can be attributed to rapid industrialization and increasing urbanization during the past few years. The markets in various other developing economies such as Poland, Russia, New Zealand, Brazil, Korea, Argentina, Indonesia and India among others are also expected to witness a speedy growth throughout the forecast period. In addition to this, growing per capita disposable income and rush in the global economy is another key factor
Major player in the global mobile POS market are Zebra Technologies (Motorola Enterprise Solutions), Oracle (MICROS Systems), First Data Corporation, Verifone, Ingenico. These players are focusing on designing new market strategies that includes partnership with international companies to build their global presence also focusing on mergers and acquisitions with established player and even local and small and medium size industries which is helping them to reduce the cost and minting huge profit margins as venturing with local players reduces the overall cost and establishing a solid platform for their market reach and brand name is a key market strategy in the global mist eliminators market.
The global mobile POS market is segmented
• North America
• Latin America
• Middle East & Africa
• Asia Pacific