Global (mPOS) Mobile POS Terminals Market Size By Type (Handheld Terminal, Tablet), By Application (Entertainment, Healthcare), By Region, And Segment Forecasts, 2023 to 2032

The Global Mobile POS (mPOS) Terminals Market was valued at USD 26.5 billion in 2023 and is expected to surpass USD 67.2 billion by 2031, growing at a CAGR of 12.3% during the forecast period from 2023 to 2031. The market's growth is driven by the increasing adoption of digital payment solutions, technological advancements in mobile devices, and the rising need for cost-effective and flexible point-of-sale systems. mPOS terminals are transforming traditional payment methods by offering portability, ease of use, and seamless integration with modern payment technologies, making them a preferred choice for businesses worldwide.

Drivers

Surge in Digital Payment Adoption: The global shift towards cashless transactions is driving the adoption of mPOS systems, particularly in retail, hospitality, and food service sectors.

Technological Advancements: Innovations in mobile devices, including NFC and Bluetooth-enabled payment options, are enhancing the efficiency and reliability of mPOS solutions.

Rise of E-commerce and Omnichannel Retailing: The integration of mPOS systems with e-commerce platforms allows businesses to provide a seamless shopping experience, boosting their adoption.

Restraints

Data Security Concerns: The use of wireless networks for payments can raise concerns about data breaches and fraud, potentially hindering the adoption of mPOS systems.

High Initial Costs: For small and medium-sized enterprises (SMEs), the initial investment in mPOS technology may pose a financial challenge.

Opportunities

Adoption in Emerging Markets: The increasing penetration of smartphones and internet access in developing regions offers significant growth potential for mPOS providers.

Integration with AI and Analytics: The integration of AI-driven analytics tools with mPOS systems can provide businesses with valuable insights, driving operational efficiency and customer satisfaction.

Market by System Type Insights

The Hardware segment accounted for the largest revenue share in 2023, owing to the increasing demand for handheld devices and tablets configured for mobile payments. However, the Software segment is projected to grow at the highest rate during the forecast period due to advancements in cloud-based payment solutions and analytics integration.

Market by End-use Insights

The Retail sector emerged as the largest end-use segment in 2023, accounting for over 45% of the market share. Retailers are leveraging mPOS solutions to streamline their payment processes and improve customer experiences. The Hospitality segment is also anticipated to witness substantial growth due to its reliance on portable payment solutions for enhanced service delivery.

Market by Regional Insights

North America led the market in 2023, driven by early adoption of digital payment technologies and well-established retail infrastructure.

Asia-Pacific is expected to register the highest growth rate, fueled by rapid urbanization, increasing smartphone penetration, and government initiatives promoting cashless transactions in countries like China and India.

Competitive Scenario

Key players in the market include Square Inc., Ingenico Group, Verifone Systems, PAX Technology, Toast Inc., and iZettle AB (PayPal Inc.). Companies are focusing on technological innovation, strategic partnerships, and regional expansion to strengthen their market presence. For instance:

In 2023, Square Inc. launched an updated mPOS device with integrated AI capabilities for personalized customer experiences.

In 2024, PAX Technology introduced a new range of eco-friendly mPOS devices targeting sustainability-conscious businesses.

Scope of Work – Global Mobile POS Terminals Market