SMBs were the early adopters of mPOS technology. However, mPOS market vendors are finding it difficult to sustain themselves due to limited selling and low transaction volume of SMBs. Therefore, these vendors are attracting large enterprises with products and pricing strategies to drive more payment volume and extract higher revenues. This is a prevailing trend in in the market and is expected to continue during the forecast period.
The market research analyst predicts the global mPOS market to grow tremendously at a CAGR of 50% during the forecast period. The growing demand for mobile payments is the primary growth driver for this market. According to the report, merchants prefer mPOS that offer a personalized and interactive experience to the consumers. The ability of mPOS to accept card payments regardless of location or sales point has captured the interest of businesses. SMBs, that did not have the necessary hardware to accept card payments, are increasingly adopting mPOS at a large scale.
The growing usage of cloud-based solutions is expected to fuel the mPOS market during the forecast period. These solutions enable merchants to access customer information and product data across multiple platforms. A large amount of data would require highly compatible mPOS that will capture information such as payment preferences, and buying behavior to fuel the market. mPOS would also enable merchants to store a large amount of data that can be accessed from anywhere across the globe by authorized personnel.
End-User Segmentation and Analysis of the mPOS market: Retail, Hospitality and Others
The retail sector is the prominent revenue contributor in the Americas. The concentration of retail outlets in the Americas is very high resulting in the growing market for mPOS. The mPOS market in Americas is expected to grow at a CAGR of 51% during the forecast period 2016-2020.
The mPOS market is led by selective players and growing number of mergers and acquisitions. The competition in the mPOS market is expected to intensify due to the increasing number of solution providers and acquisitions of SMEs, by the large players. The report anticipates large retailers to integrate mPOS into their businesses during the forecast period.
The key players in the Global mPOS Market are Ingenico, PAX, Toshiba TEC and VeriFone Systems. Other Prominent Vendors in the market are NEC and Samsung.
Further, the report states that the e-commerce market has registered strong organic growth in recent years. Major e-retailers such as Amazon, Alibaba, and eBay do not require terminals such as mPOS for billing and customer data gathering as they have their own payment gateways that enable the customers to make payments directly. Many new market entrants are adopting this model, and it will likely hinder the sales and growth for mPOS.
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