Affordable wireless technologies boost mPOS market – industry analysis

Mobile POS terminals market utilizes wireless devices to facilitate payment for services or products. A recent report from Global Market Insights, a market research company, reveals that use of wireless technology can streamline various processes and drives the industry demand over the forecast period.

Retail sector accounted for more than 30% of global revenue in 2015, and is poised to grow at 17.8% CAGR from 2016 to 2023. Mobile POS terminals market is expected to create value for retailers, leading to more converged and integrated store solutions.

North America is forecast to grow at a CAGR of 18.3% over the forecast period, driven by growth in US mobile POS terminals market size. Europe mobile POS terminal market was valued at over USD 3 billion in 2015. Increasing customer base on account of increased SMBs and reduction in TCO (total cost of ownership) is expected to positively impact Asia Pacific mPOS terminals market share.

The traditional POS terminals industry is consolidated in nature; the top two participants, Verifone and Ingenico, accounted for over 40% of the size in 2015. Ingenico has observed a significant increase in demand of NFC-configured EMV-chip terminal to accept Apple’s new mobile payment system.

Key players in the industry include VeriFone, Ingenico, Zebra Technologies, Oracle and First Data Corporation, this reports continues.