North America mPOS Terminals Market size is set to be over USD 20 billion by 2027, according to a new research report by Graphical Research.
The expanding retail sector is driving the adoption of mPOS terminals in North America. The region is witnessing increasing sales due to the integration of cutting-edge technologies in the retail sector to enhance the shopping experience. According to the U.S. Census Bureau, total retail sales in the U.S. during Q1 2021 were USD 1,584,491 million, a 28.2% increase over Q1 2020 while the figure for Q2 2021 was USD 1,666,780 million, a 17% increase over the Q2 2020. Similarly, according to the Retail Council of Canada, the overall retail sales in May 2021 were USD 53,781.8 million, a 24.55% increase year-on-year. Retailers are deploying multiple mPOS terminals at every touchpoint to increase sales and boost overall profitability.
The ongoing COVID-19 pandemic has slightly impacted the mPOS terminals industry growth. Manufacturers experienced difficulties with product deliveries and order fulfillment, resulting in a revenue decline in the first quarter of 2020. Companies witnessed temporarily slowed down in taking new orders and focused on business continuity plans to resume normal operation. As a result of disturbed supply chains, increased lead times, and logistics challenges, companies continuously monitored their product development strategies to mitigate risks. The market is gaining traction due to the relaxation of lockdowns and resumption of industrial activities. The region is witnessing increasing mPOS terminal sales due to the deployment of innovative technologies across various sectors.
The market for mPOS software is expanding at a substantial rate due to the presence of leading companies operating in this region. Leading players provide mPOS software that integrates seamlessly with other omnichannel retail solutions to ensure data accuracy across all sales channels. It helps to check stock levels from the mPOS in-store and other branches & warehouses. Retailers can view customer purchase history on the mPOS software and offer complementary products in person. It enables fast billing, inventory management, business intelligence, CRM & loyalty, multistore management, integrated accounting, and security management.
Browse detailed statistical insights from the report, “North America mPOS Terminals Market Forecast 2027 By Solution (Hardware [Handheld Terminal, Tablet], Software) By Deployment (On-Premise, Cloud-Based), By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The demand for on-premise mPOS is increasing as insights can be accessed through browsers and apps, thus making it available on any desktop and mobile device. mPOS is not reliant on a single terminal, server & internet connection to maintain information and works efficiently in network disruptions. This enables the system to operate without loss of functionality and data. On-premise mPOS transmits transactions directly to warehouse management and accounting applications by integrating with ERP systems. It enables users to access real-time reports, control sales & financial results, and extend the application with flexibility.
The expanding healthcare sector in North America will help the market growth during the forecast period. mPOS terminals are end-to-end encrypted solutions that enforce compliance by boosting the patient’s payments security and health records confidentiality. With the help of mPOS terminals, medical records can be generated to reduce patient waiting time. These devices make the checkout process efficient in pharmacy by creating a secured information transfer between doctors and stores. mPOS terminals enable doctors to send the prescription to the pharmacy, enabling them to deliver the right medicines to the patients. The pharmacy retailer can generate instant invoices and get paid instantly using mPOS terminals. It also offers network-wide visibility and control across inventory, orders & transportation.
The North American mPOS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2027 for the following segments:
North America Market, By Solution
- Handheld terminals
North America Market, By Deployment
North America Market, By Application
- Convenience stores
- Department stores
- Discount stores
- Specialty stores
- Other stores
The above information has been provided for the following countries: