The mPOS terminals market is expected to witness significant growth by 2027 owing to the escalating demand for digital payment methods among consumers worldwide. In addition, increasing ease-of-use of mPOS terminals for carrying out digital transactions is anticipated to propel market expansion through the forecast timeline.

Following the COVID-19 outbreak, there was a steep decline in cash transactions in order to reduce the chances of exposure to the novel coronavirus. Consequently, shifting consumer preferences have bolstered the demand for digital payment methods, thereby driving market adoption across the globe.

An mPOS (mobile point-of-sale) refers to a tablet, smartphone, or dedicated wireless device, that serves as a cash register or a wireless electronic POS terminal. mPOS is vital for businesses that perform transactions on the go and helps them interact with customers from anywhere outside the organizations' location.

Notably, industry players have been investing in product development to capitalize on emerging market trends, which has fueled industry growth. For instance, in April 2021, Sterling Bank, a commercial bank based in Nigeria, leveraged the NIBBS (Nigeria Inter-Bank Settlement System) ecosystem to launch OnePay for Business - a mobile application that enables merchants to use their smartphones as mPOS systems.

The mPOS system allows both merchants as well as customers to deploy contactless, cardless, and cashless payments to pay and receive payment for goods and services in a near-cash form through Bluetooth, QR Code, and PaywithSpecta. As a result, optimistic business outlook has enhanced market dynamics in emerging regions.

For extensive analysis, the mPOS terminals market has been categorized based on solution, application, deployment, and region. In terms of solution, the market has further been bifurcated into software and hardware.

The hardware sub-segment is slated to gather a sizable share of the mPOS terminals market revenue by 2027, progressing at a substantial pace over the following years. Surging demand for advanced handheld terminals in the retail sector to provide better convenience and flexibility to customers during payment transactions is projected to promote segmental adoption in the future.

With respect to deployment, the market has been segregated into cloud-based and on-premise. The cloud-based deployment segment is calculated to grow at a considerable CAGR through the assessment timeframe to reach a notable valuation by 2027. Rising need for cost-effective payment technology is likely to fuel the deployment of cloud-based POS terminals across the globe in the coming years.

From the application perspective, the market has been divided into healthcare, entertainment, hospitality, retail, restaurant, and warehouse. The entertainment sub-segment is anticipated to observe substantial growth by the end of the forecast period, growing at a steady pace over the forthcoming years. Increasing expansion of entertainment facilities is set to bolster the adoption of mPOS terminals for improving customers' visiting experience.

On a regional spectrum, the MEA mPOS terminals market is expected to garner a respectable valuation by the end of the study timeframe, expanding at a robust pace over 2021-2027. Soaring prevalence of digital payments and declining cash transactions in MEA are speculated to positively influence regional market development over the analysis period.