The global market for mobile point-of-sale (Mpos) has witnessed intense competition amongst the market players over the past decade. The competition is only expected to increase over the coming years due to the presence of tremendous opportunities in the market for smart phones and other devices. The leading market players are expected to introduce an array of innovative business strategies that can fetch a greater market share for them. Furthermore, the strongholds of the leading market players in the global mobile point-of-sale (Mpos) market are expected to create roadblocks for the growth of the smaller market vendors. Besides all of this, the leading market players are anticipated to enter into partnerships with other businesses to expand their global reach.
There have been several attempts by the medium-sized players to fetch a greater market share for themselves. Some of these efforts include forming of strategic alliances, increased spending on marketing and sales, and concentration on capturing regional markets. The market players are projected to expand their product portfolios in order to attract the consumers. Some of the leading players in the global market for mobile point-of-sale solutions are Recruit Holdings Co. Ltd., PAX Technology Ltd., Intuit Inc., Ingenico S.A., PayPal Holdings Inc., iZettle AB, VeriFone Systems Inc., First Data Corp., Oracle Corp., Posiflex Technology Inc., Zebra Technologies Corp.,Square Inc., Dspread Technology Inc., Citizen Systems Europe GmbH, Hewlett-Packard Development Co. L.P., and Bixolon Co. Ltd.
A report by Transparency Market Research (TMR) prognosticates that the global market for mobile point-of-sale would expand at a boisterous CAGR of 35.40% over the period between 2017 and 2025. Furthermore, the market is expected to accumulate revenues worth US$47.7 bn by 2025-end, elevating up from a value of US$4.2 bn by 2017.
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Popularity of Cashless Transactions to Drive Demand
The global market for mobile point-of-sale is primarily driven by the reliance of the people smart phone apps for their daily activities and recourses. Cashless transactions have eased the operations of several individuals and industries, and hence, such transactions are extensively used across the globe. This is an important standpoint from the perspective of growth within the global market for mobile point-of-sale solutions.
Furthermore, the development of net banking apps has assisted the growth of cashless transactions and of the global market. Some of the key industries that have inducted mobile point-of-sale solutions to facilitate better working include healthcare, retail, hospitality, transport, and warehousing. It is anticipated that the global market for mobile point-of-sale solutions would repa commendable revenues from these key industries over the years to come.
High Costs of Implementation to Hamper Market Growth
Despite the relevance of mobile point-of-sales solutions across a wide range of industries, growth of the global market faces roadblocks due to certain factors. The high cost of deploying mPOS solutions into the industrial framework incurs heavy expenditure, which discourages small businesses from resorting to the services. Furthermore, the unorganized nature of mobile point-of-sale solutions in emerging economies has also created hindrances to market growth. However, the rising reliance of the masses on smart phones is expected to keep bolstering demand within the global market.