India to emerge largest mPOS market by 2022
firstname.lastname@example.org 2016-01-04 03:53:00
The global Mobile Point Of Sale (M-POS) market is expected to reach 245.21 mn units by 2022 with India being a vibrant retail market in the regaion, will mark a staggering 55.8 % CAGR in terms of number of units shipped compared to the expected world average of 47%, according to a research report.;
A new market report published by Transparency Market Research entitled "Mobile Point-of-Sale (mPOS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022," said advantages such as ease of use due to mobility and the lower total cost of ownership offered by mPOS are the driving factors for growth.
On the basis of solution type, card reader accessories, which includes dongles and sleeves, is expected to be the fastest-growing segment. The shipment of card reader accessories is projected to increase at a CAGR of 51.5% during the forecast period. The demand for card reader accessories is driven by their low cost and high demand from micro merchants and small- and medium-sized businesses (SMBs), the report stated.
Among the various technology types, hybrid technology solutions, which use multiple technologies such as EMV chip and pin, NFC, and biometrics formed the largest segment of mPOS market in 2014, accounting for around 31% of overall shipment. In the coming years, a significant portion of demand for mPOS solutions would emerge from the replacement of older mPOS hardware, as there would be a liability shift toward institutions for the adoption of EMV chip and pin after October 2015. Hybrid technologies would serve as a bridge while moving from older technology such as magnetic-stripe to EMV or NFC during the coming years, the report observed.
Retail was the largest segment of the mPOS market in 2014, accounting for around 36% of total shipments. mPOS is increasingly being used for payments, inventory management, the printing of bills, and providing loyalty programs in retail. mPOS allows sales and service industries to conduct financial transactions at customers' homes, improve the customer experience, and help them free up valuable space that would be otherwise allocated to a fixed POS system. mPOS is also a cost-effective solution that allows small business owners to perform transactions and setup a POS without having to invest in support software.
mPOS vendors are increasingly focusing on emerging economies such as China, India, Brazil and Mexico due to a significant growth in demand, driven by increased card adoption and smartphone penetration.
Among the countries considered in the study (China, India, Brazil, Mexico, and Rest of the World), India is expected to experience fastest growth in terms of shipment, increasing at a CAGR of 55.8% during the forecast period, the study noted. Ingenico S.A. (ROAM), VeriFone Systems, Inc., and PAX Technology Ltd. were identified to be the leading mPOS hardware vendors in 2014. Other prominent mPOS hardware vendors include Wincor-Nixdorf International, International Technologies and Systems Corporation, Charge Anywhere, AnywhereCommerce, MagTek, Inc., Infinite Peripherals, Miura Systems Ltd., goSwiff Ltd., and Ezetap.
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