Market Scenario
The global wireless POS terminal market is expected to exhibit a strong 13% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The wireless POS terminal market is expected to reach a valuation of USD 12 billion by 2023, according to the report. The report presents a detailed overview of the global Point Of Sale Terminal Industry by taking in the historical growth trajectory of the market and presenting studied forecasts for the market’s movement over the forecast period based on an analysis of the market’s historical trajectory. Thus, the report presents a comprehensive evaluation of the global wireless POS terminal market by presenting an evaluation of the past, present, and likely future of the market. The major players operating in the global wireless POS terminal market are also profiled in detail in the report in order to give readers an accurate overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global wireless POS terminal market is also studied in the market.
Wireless POS terminals are payment terminals that enable cashless payments through credit or debit cards. A wireless POS terminal operates through four stages. First, the device scans the information presented by the customer’s credit or debit card. Second, the device checks the customer’s bank balance to see if the account has the requisite amount to complete the ongoing transaction. Third, the device carries out the transaction by transferring the requisite amount to the seller’s account. Lastly, the device makes a digital note of the transaction and provides a receipt to the customer. The growing demand for cashless payment in developed regions is likely to be a major driver for the global wireless POS terminal market over the forecast period. Cashless payment presents several advantages, including the prime advantage of the higher convenience compared to cash, as the user only has to carry a card with them, rather than having to carry wads of cash. The widespread availability of digital networks to complete cashless transactions has also been a major driver for the wireless POS terminal market in developed regions in particular. This is likely to remain a major driver for the global wireless POS terminal market over the forecast period.
On the other hand, concerns regarding the safety of online and digital transactions are a key restraint on the global wireless POS terminal market. In recent years, the safety of digital cashless transactions has come under the scanner, with many BFSI institutions suffering from cyber attacks and data breaches leading to disclosure of the confidential information of several customers. This is likely to remain a key restraint against the global wireless POS terminal market over the forecast period.
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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Segmentation:
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 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:
North America is likely to dominate the global wireless POS terminal market over the forecast period due to the widespread availability of the digital infrastructure needed to operate wireless POS terminals. The U.S. and Canada are among the leading national markets for wireless POS terminals.
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