02.11.2020 Бизнес

Coronavirus Business Impact – mPOS Terminals Market In-depth Analysis of the Industry with Future Estimations

The ballooning usage of mobile point-of-sale terminals is causing the boom of the global mPOS terminals market. The market attained a value of $19.5 billion in 2019 and is predicted to advance at a CAGR of 17.9% between 2020 and 2030. When application is taken into consideration, the market is divided into retail, hospitality, food service, warehouse, sports & entertainment, and healthcare.

Out of these, the adoption of mPOS terminals is predicted to be the highest in the retail sector in the forthcoming years. This will be because this technology cuts waiting queues and helps retailers increase their sales. Moreover, this technology helps customers complete the purchase at any place inside the store, which, in turn, helps them avoid long check-out queues. In the U.S. in 2018, Walmart Inc. deployed these systems in as many as 350 of its stores.

These systems would enable on-the-spot payment and checkout in the U.S. Walmart stores. Globally, the mobile point-of-sale (mPOS) terminals market would demonstrate the highest growth rate in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of P&S Intelligence, a market research firm based in India. This is credited to the expansion of the healthcare, retail, and hospitality sectors in the region, on account of the rapid economic growth in the regional countries.

Hence, it can be safely concluded that the demand for mPOS terminals would shoot-up all over the world in the years to come, primarily because of the increasing focus of retailers and other businesses on improving the experience of their customers and providing them with an enjoyable shopping experience. 

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