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Technavio’s market research analyst predicts the global mPOS market to grow tremendously at a CAGR of 50% during the forecast period. The growing demand for mobile payments is the primary growth driver for this market. The increasing mobile internet penetration enables the users to quickly process mPOS and close the sales process. Moreover, the rising adoption of tablets and smartphones across the globe allows the retailers and merchants to integrate mPOS into their payment process.
The growing usage of cloud-based solutions is expected to fuel the mPOS market during the forecast period. These solutions enable merchants to access customer information and product data across multiple platforms. 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. mPOS would also enable merchants to store a large amount of data that can be accessed from anywhere across the globe by authorized personnel.
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