mPOS Terminals Market Business Analysis, Growth and Forecast Report
Posted by Devanshu Shrivastava on December 10th, 2021
The surging focus of the retail sector on improving customer experience is resulting in the large-scale installation of mobile point-of-sale (mPOS) terminals at the outlets of retail chains and independent stores. These outlets are adopting mPOS terminals to preserve the time of customers which is wasted while standing in long check-out queues. Deployment of these devices enables customers to complete the purchase directly from the main product area in a store, by avoiding long queues and paying for the goods digitally.
These advantages result in increased customer satisfaction, which further helps in building brand loyalty and trust. Moreover, the flourishing restaurant industry is also expected to drive the mPOS terminals market at a CAGR of 17.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of .5 billion in 2019. Restaurants are offering their staff handheld mPOS terminals to take orders at the table and offer a better experience to customers as they do not have to stand in long queues for placing their orders.
Additionally, the usage of such devices will aid the restaurants in expanding their customer base by serving more diners in a quick time. In recent years, new and improved variants of mPOS terminals are available for the retail, hospitality, food service, healthcare, and sports and entertainment sectors. For example, in June 2019, Volly launched a new mPOS app, which enables loan officers to invite borrowers to apply for new loans or receives prequalified loans at any time, from any location.
Additionally, the app also enables borrowers to upload the required documents from their mobile phones, while applying for a loan, and allows loan officers to track the status of the deal. Globally, Asia-Pacific (APAC) dominated the mPOS terminals market during the historical period (2014–2019), and it is expected to demonstrate the fastest growth during the forecast period.
This can be attributed to the expansion of the retail, healthcare, and hospitality sectors in the region, primarily on account of the increasing urbanization rate in the region and rapid economic growth of the regional countries. Moreover, the surging preference for contactless payments in the retail sector will also support market growth in the region. Thus, the rising focus of the retail sector on enhancing customer experience and expanding the restaurant industry will amplify the usage of mPOS terminals in the forthcoming years.
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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