Market Scenario
A point of sale terminal (POS) is digital device implemented to operate at through card payments at various terminals. A POS terminal operates through different stages. First, the device scans the customer’s information provided by credit, debit card or prepaid. Second, the device verifies whether pre-requisite amount in a customer’s bank account is adequate to make the payment. Third, if the amount is sufficient, then it transaction of funds takes place to the merchant bank. Lastly, the device keeps a note of the transaction and acknowledges with the receipt.
Currently, India in particular, witnessing a huge demand for wireless POS terminal, the reason attributed to constant government encouragement to promote the cashless economy. During demonetization period, where the country was facing low stock of hard-cash, payment transacted through digital cards such as credit card and debit card made a huge impact on the economy.
Mobile POS (mPOS) installations facilitate service sector to operate financial transactions, which eventually enhances the customer experience. This is due to feasibility to operate through mobile devices such as smartphones and laptops, cost-efficient techniques and portability in nature are expected to gain the huge popularity over the forecast period. Additionally, increase in the adoption rate of the wireless point of sale terminals among the retail and e-commerce sector is expected to drive the market over the forecast period.
On the other hand, the serious security issues associated with the cyber-attacks and lack of awareness among the general public is continued to be a challenging factors for the Wireless POS Terminals Market Share.
The global Wireless POS Terminal is expected to reach approximately over USD 12 Billion by 2023 growing at a 13% CAGR over the forecast period 2017-2023.
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Segmentations
The global wireless POS terminal market is segmented on the basis of component, type, end user, and region.
By component, the global wireless POS terminal market share is segmented into hardware, software, and services. The hardware segment is sub-segmented into payment terminals, accessories, and workstations. The payment terminals segment is further sub-segmented into smartphones and tablets associated with credit or debit card readers. The accessories segment is further segmented into monitors, receipt printers, barcode scanners, wireless barcode scanners, PIN pads, cash drawers, physical inventory scanners, and tag printers. The software segment is further sub-segmented into content management, asset management, configuration solutions, and others. The services segment is further sub-segmented into merchant services, installation services, transaction management services, and others.
By type, the global wireless POS terminal market is segmented into portable countertop and pin pad, mPOS, smart POS, and others.
By end use, the global wireless POS terminal market is segmented into retail and ecommerce, hospitality, medical and healthcare, automotive and transportation, sports and entertainment, and others.
Regional Analysis
Geographically, the wireless POS terminal is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to dominate the region in wireless POS terminal market. The U.S. and Canada are the leading countries in the region. This is due to advanced technological infrastructure, which made them early adopter of the system. Furthermore, Asia Pacific is anticipated to be the fastest growing region in the wireless POS Terminal market over the forecast period. India, Japan, and China are the leading countries to be a better prospect region. This is attributed to government initiatives to promote the cashless economy.
Competitive Leaderboard:
Leading players in the global wireless POS terminal market include BBPOS, Squirrel Systems, Diebold Nixdorf, NCR Corporation, PAX Global Technology, Touchbistro, CITIXSYS AMERICAS, Newland Payment Technology, Castles Technology, Elavon, Moneris, Cegid Group, BITEL, Winpos, First Data, Verifone, and Ingenico.
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Target Audience
- Research Firms.
- Government Agencies
- Original device manufacturers (ODMs)
- System integrators
- Wireless POS terminal original equipment manufacturers (OEMs)
- Raw material suppliers
- Assembly and packaging vendors
- Technical universe
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