The global mPOS market is expected to grow at a CAGR of 50 percent between 2016 and 2020, according to a new research forecast from Orbis Research.
In a press release, Orbis said the market is being driven by a growing demand for mobile payments. Increasing mobile internet penetration enables merchants to quickly process mPOS and close the sales process. What’s more, the increasing adoption rate of tablets and smartphones around the world allows retailers and merchants to integrate mPOS into their payment systems.
In the future, the increasing use of cloud-based solutions is expected to drive the mPOS market during the forecast period. With the cloud, merchants can access customer information and product data across multiple platforms, enhancing their relationship with their customers. “A large amount of data would require highly compatible mPOS that will capture information such as payment preferences and buying behavior to fuel the market,” wrote Orbis in its press release. “MPOS would also enable merchants to store a large amount of data that can be accessed from anywhere across the globe by authorized personnel.”
The research firm said the retail sector is the main revenue contributor in the Americas, with a slew of retail outlets resulting in the growing market for mPOS. In America, the mPOS market is forecast to grow at a CAGR of 51 percent between 2016 and 2020. The report went on to note that the mPOS market is being led by a few players and a growing number of mergers and acquisitions. That competition is expected to get even fiercer, thanks to an increasing number of solution providers and purchases of small and medium-sized businesses by bigger players. Orbis is anticipating large retailers will integrate mPOS during the forecast period of 2016 through 2020.