mPOS Market Expected to Register Shipment of 245.21 Million Units in 2022
According to 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", mPOS market is expected to reach 245.21 mn units by 2022. The shipment is estimated to expand at a CAGR of 47.0% during the forecast period from 2015 to 2022. Advantages such as ease of use due to mobility and the lower total cost of ownership offered by mPOS are driving its uptake.
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).
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.
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).
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.