According to a new market research published by Transparency Market Research, mPOS shipments worldwide are expected to witness a 20-fold growth of 245.21 million units by 2022 from 11.87 million units recorded in 2014.
The research titled “Mobile Point-of-Sale (mPOS) Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022,” focused on the global market with an in-depth analysis of four countries namely India, China, Mexico and Brazil. The market is estimated to expand at a CAGR of 47 % during the forecast period, the report said.
The research took three parameters into account -- Solution, technology and end-users by considering related things which include: Card Reader Accessories, Integrated Card Reader Solutions, Hybrid Technology Solutions, Magnetic-Stripe, EMV Chip and Pin, Near Field Communication (NFC), Biometrics, Chip and Sign, Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, Transportation, Government and Consumer Utility Services.
The global mPOS market is expected to witness a tremendous growth outside Europe and North America, considering the untapped prospective markets in developing nations. The widespread usage of Internet and technology in emerging markets are the major factors which are driving the mPOS market.
India and China to rule mPOS market
India, being the fast emerging market among Asian peers, is expected to see a leap-frog growth in mPOS shipments with an expected CAGR of 55.8% during 2014 – 2022. The growth can be attributed to the presence of large number of small merchants, widespread usage of smart phones and Internet penetration in the remote areas of the country, and proactive government policies.
Moreover, leading banks in India have launched NFC-enabled credit and debit cards, which further funneled the growth. Further, China is expected to grow at a CAGR of 53.3% in terms of mPOS shipments during the period. Government policy for branchless banking and the efforts to create mobile micro-ATMs in rural areas in China will further drive the mPOS market.
The report said, China will increase in shipments of NFC mPOS solutions, due to the advantages of NFC technology over the older mPOS.
In the coming years, Mexico and Brazil are going to be the other emerging economies for mPOS market considering the untapped potential in the region in and around the nation. While banks in Mexico take efforts to promote card payments by joining hands with mobile payment technology vendors, for Brazil its retailers of various sizes would play a major role in adopting mPOS solutions. The large adoption of mPOS in developed markets such as Europe and North America is expected to grow due to the replacement of outdated mPOS devices.
Transparency Market Research (TMR) is a leading market intelligence firm providing global business reports and services.