mPOS (Mobile Point of Sale) terminals are dedicated incorporated mobile equipment (tablets and smartphones) that work as electronic POS terminals. This dedicated mobile equipment can also be changed into compensation terminals through the use of dongles or sleeves. These are equipped with utilities such as Radio Frequency Identification (RFID), Wi-Fi, Voice over Internet Protocol (VoIP) and Smartcard. Mobile POS terminals are additionally utilized to administer receive and send invoices, inventory/assets, dispatch digitizes notes, and takes signatures at respective counters. These abilities allow mPOS terminals to acknowledge payments even distantly by wireless applications. Technical Advancements in payment technologies coupled with the shift towards Euro pay/MasterCard/Visa) chip card reimbursement is expected to propel growth over the forecast period.
Some other drivers that are scheduled to drive expansion over the forecast period are increasing the requirement for wearable and portable devices coupled with their integration in the sales channel, increasing a quantity of NFC (Near field communication) supported the transaction and increasing adoption of an android point of sale devices and cloud-based devices. Another driver that is expected to propel growth over the forecast period is mPOS gives its users to offer loyalty options to their prospective customers. The other factors driving the expansion are varied and cover a broad scope of industries and geographies. In emerging markets, these terminals (mobile point of sale terminals) support financial inclusion. In addition, developed and emerging economies, this technology is a great line buster at retails and helps whole engagement. Multinational corporations with more than one thousand employees are more and more setting up the mobile point of sale (mPOS) technology, and many of the IT decision makers say that accept accommodating payments on mobile equipment and offering a real-time receipt is significantly important. It expands mPOS (mobile point of sale) well outside its micro-merchant roots to a wide range of merchants. Conventional processors have also turned out to be more diversified. These systems would not dislocate fixed point of sale terminals over the forecast period as mPOS is a complementary solution
By application, the market can be divided into entertainment, hospitality, healthcare, retail and inventory & warehousing which includes inventory management, bill payment & printing, and loyalty programs. Conventional SMB (Server Message Block) section is expected to generate maximum revenue over the forecast period. The hospitality sector is expected to grow at a very fast rate over the forecast period. By devices, it is used with it can be segregated into smartphones, tablets and others. Tablet section is expected to grow rapidly over the forecast period. By region, the market can be divided into North America, Asia Pacific, Europe and rest of the world. North America is expected to capture maximum revenue over the forecast period owing to greater awareness about mPOS coupled with increasing innovations in this area. Europe is projected to follow North America regarding income generation. Asia Pacific is expected to grow rapidly over the forecast period owing to rising demand from India & China.
Prominent players in the market include Hewlett-Packard Company, Cisco Systems, MICROS Systems, Panasonic Corporation, Toshiba Corporation, VeriFone Systems Inc, PAX Technology Limited, Samsung Electronics Co. and First Data Corporation. This market has seen many mergers & acquisitions and is expected to witness more over the forecast period. The companies active in this market try their best to inculcate latest technical innovation in their offerings to get a competitive edge and to capture maximum revenue over the forecast period. These terminals are expected to change the payment techniques and the current transaction was owing to their enhanced features including better user experience and mobility. They facilitate service and sales industries to carry out financial transactions tenuously for improving the consumer experience. These terminals have very low primary cost in comparison to their conventional counterparts directing to growing requirement from the small and medium business. Hospitality and retail section have observed significant expansion in the demand for mPOS solutions, fuelled by the augmented need for consumer analytics features and soaring ROI. Augmented penetration of NFC (Near Field Communication) based mobile handsets is likely to boost demand for Near Field Communication POS terminals, which are initially utilized in the transportation section for financial ticketing transactions. The companies active in this industry need to understand the key trend in the market so that they can inculcate that in their offerings to generate more revenue. The competition is expected to increase over the forecast period.
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