Rising use of Digital Payments is Expected to Boost Growth

The global mPOS terminals market is expected to grow from $29.40 billion in 2022 to $34.81 billion in 2023 at a compound annual growth rate (CAGR) of 18.4%. The mPOS terminals market is expected to grow to $68.38 billion in 2027 at a CAGR of 18.4%.

The main components of mPOS terminals are POS terminals, POS software, and services. A point-of-sale (POS) terminal refers to a piece of hardware used in retail establishments to handle credit card payments. The various solutions involved are hardware and software that are deployed on-premises and cloud for applications in entertainment, healthcare, hospitality, restaurant, retail, warehouse, and others.

Technological advancement is the key trend gaining popularity in the mPOS terminals market. Major companies operating in the mPOS terminals market are focusing on developing technological advanced solutions to sustain in the market.

For instance, in May 2022, Square, a US-based manufacturer of business tools, launched Square for Restaurants mobile POS. The unique feature of Square is its capacity to assist restaurants of all shapes and sizes, in particular full-service restaurants (FSRs), in boosting their bottom line and operational effectiveness.

Major players in the mpos terminals market are Ingenico, PAX Global Technology Limited, NCR Corporation, Oracle Corporation, VeriFone Inc., Square Inc., Zebra Technologies Corp., Fiserv Inc., Panasonic Holdings Corporation, PAR Tech, New POS Technology Ltd., Posiflex Technology Inc., Intuit Inc., Newland Auto-ID Tech. Co. Ltd., and AURES Group.