Wireless POS Terminal Market is Predicted to Reach USD 5.74 Billion By 2030- Report by Market Research Future (MRFR)
Growing Demand for Next-Generation Payment Devices Drives Wireless POS Terminal Market
New York, US, April 05, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Wireless POS Terminal Market” Research Report: By Component, Type, End-Users – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 5.74 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13% during the assessment timeframe.
Wireless POS systems allow faster and safer transactions with transaction storing & sharing capabilities across employees and other business data on a remote server. Wireless POS terminal solutions are increasingly being introduced to fulfill every need and demand of the customers. Automated distribution management, billing routines, and financial transactions are key advantages of wireless POS terminal solutions.
Wireless POS terminal systems also allow operators to manage their business remotely, accessing their point-of-sale from any location. Technological upgrades and digitization promote the need for POS solutions in every business. The surge in cashless transactions and the spurring rise in the e-commerce sectors together have led the wireless POS terminal market to greater heights in a short time.
Over the past couple of years, wireless POS systems have been exploding in popularity across the retail and hospitality industries. The adoption of wireless POS terminal solutions across industries is happening even more rapidly. Besides, the demand for efficient management solutions is rising continually. Therefore, wireless POS terminal markets worldwide are garnering significant traction.
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Key players
Key players involved in the wireless POS terminal market are
- Verifone (US)
- Ingenico (France)
- Winpos (Finland)
- PAX Global Technology (Hong Kong)
- BITEL (Korea)
- Moneris (Canada)
- Castles Technology (Taiwan)
- Newland Payment Technology (China)
- Elavon (US)
- Cegid Group (France)
- Touchbistro (Canada)
- First Data (US)
- CITIXSYS AMERICAS (US)
- NCR Corporation (US)
- Diebold Nixdorf (US)
- Squirrel Systems (Canada)
- BBPOS (Hong Kong)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 5.74 billion |
| Growth Rate | CAGR of 13% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Feasibility to operate through mobile devices such as smartphones and laptops, cost-efficient techniques and portability in nature are major tailwinds pushing the growth of the global wireless POS terminal market. |
| Key Market Drivers | 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. |
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Industry Trends
The global wireless POS terminal market is growing exponentially, witnessing significant market demand. The growing trend of cashless transactions, increasing adoption of wireless terminals among retailers, and increased number of e-commerce companies boost the market’s growth. Also, the increasing focus of industries on improving their operational and business efficiency boosts the wireless POS terminal market size.
Increased uptake of wireless computing, cloud-based applications, and software as a service (SaaS)/ on-demand software boosts market revenues. Wireless POS terminal solutions allow business owners to operate more competently and effectively. While the pandemic disrupted many key industries worldwide, it significantly boosted wireless POS terminal revenues.
Besides, social distancing mandates encouraged contactless payment systems. With this shift towards online shopping and constrained spending, vendors were encouraged to develop innovative payment processing systems. Social distancing mandates forced many companies to transform their business operations entirely, bridging the gap between sellers and purchasers.
Segments
The wireless POS market is segmented into types, components, organization size, end-user industries, and regions. The type segment is sub-segmented into portable, countertop, PIN Pad, mPOS, Smart POS, and others (mini POS and smart mobile dongle). The component segment is sub-segmented into solutions and services (consulting services, support & training services, implementing & integration services, and other services).
The organization size segment is sub-segmented into small & medium-sized enterprises (SMEs) and large enterprises. The end-user industry segment is sub-segmented into retail, hospitality, healthcare, transportation, sports & entertainment, and other industries (home delivery & service delivery). The region segment is bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and others.
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Regional Analysis
Globally, North America holds the largest wireless POS terminal market share. Growing technology upgrades in payment solutions and the focus of payment solution providers on offering customized or business-specific solutions boost the region’s wireless POS terminal market size.
Besides, the growing use of wireless POS terminals across major industries, including retail, hospitality, and entertainment industries in this region, substantiates market revenues. In North America, compliance requirements for enhanced security of payments are quite stringent. Moreover, key industry players such as CITIXSYS AMERICAS, Verifone, First Data, and Squirrel Systems offer significant market opportunities.
The Asia Pacific region is another lucrative market for wireless POS terminals globally. The growing wireless infrastructure and end-user base in this region positively impact the wireless POS terminal market growth. Vendors in the region constantly indulge in partnership programs offered by IT giants to offer high-end wireless POS terminal solutions catering to more end-users.
Moreover, technological advances and growing numbers of businesses across the region drive the market demand, leading to higher adoption of Wireless POS terminal solutions. With the large presence of key wireless POS terminal solution providers and higher POS penetration, India and China account for sizable shares in the regional market.
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Competitive Analysis
The highly competitive wireless POS terminal market appears fragmented due to the presence of many well-established players. Leading global payment technology providers collaborate with other players to enable customers to access the partner company’s POS solutions to enhance the checkout experience, especially for hospitality and retail merchants. Key industry players also invest significantly in research and development activities and expansions.
Wireless POS terminal technology providers offer proprietary market integrations with on-premises and cloud-based ERP solutions, enabling digital B2B payments and automating accounts receivable. Such global agreements also enable these players to offer to acquire services to their existing customers and hospitality & retail merchants. The wireless POS terminal market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches.
For instance, on Mar. 02, 2023, WizarPOS, a leader in Android POS terminal technology, announced its partnership with a Netherlands-based mobile solution provider, Coseco, to boost transit ticketing system efficiency. Under the partnership, Coseco will implement its transport payment services on WizarPOS ticket validators, combining WizarPOS’ existing EMV payment capabilities. This new automated fare collection (AFC) solution was launched at the Transport and Ticketing Global trade show, London, held on March 7-8, 2023.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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