Europe is expected to lead the growth of the mobile point-of-sales (mPOS) terminals market as it climbs more than 30 times in the next seven years.
That’s according to a new report from Transparency Market Research, which stated that the mPOS terminal market could reach a valuation of about $152bn by 2027, up from roughly $12bn in 2019.
The market is already buoyant thanks to many merchants and retailers around the world having started using mPOS terminals. So far, Europe leading the way with $4.2bn of the market being in the region. The researchers believe this will continue in the future, with the US coming second.
However, the researchers think that the advent of cloud-based solutions and the proposition of ‘monitor business anytime, anywhere’ for businesses of all sizes are crucial to define the future growth opportunities for players in the mPOS terminals market.
The report authors also expect that the Asia Pacific market will grow at a compound annual growth rate of about 44% between 2019 and 2027.
Another key factor to the growth of the market was identified as the increasing popularity of near-field communication technology that enables people to use their phones to pay for things.