The global wireless point-of-sale (POS) terminal market is poised to witness an above average CAGR of 13% over the forecast period of 2017 to 2023. POS terminals are implemented in various types across most all retail as it is vital in enabling card payments at cashier counters. The device is used for digital transactions made via credit or debit cards and also keeps track of the transaction and receipt.
Emerging economies are presently displaying a huge demand for wireless POS terminals due to the consistent support from the government promoting cashless transactions. Increasing adoption of wireless PoS in the retail sector has been the result of the expansion of the retail sector among other industry verticals where wireless PoS is used. It offers features such as portability, convenience, and pleasant transactional experience. Increasing online transitions, however, leave consumers vulnerable to cyber attacks which is a serious concern due to the sensitive nature of the data. Moreover, wireless PoS terminals have a high maintenance cost which is expected to challenge the growth of the market. However, advancements in payment technology and increasing demand for security is likely to yield market expanding opportunities in the coming years.
The global wireless POS terminal is segmented on the basis of component, type, end-user, and region. By component, the market is divided between hardware and software. The hardware segment is further segmented to include accessories, payment terminal and workstation. The payment terminal sub-segment is further divided into smartphones, & tablets. Meanwhile, the accessories subsegment includes receipt printers, barcode scanners, wireless barcode scanners, PIN pad, cash drawers, physical inventory scanners, and tag printers. The software segment is further categorized into content management, asset management, configuration solutions, and others. Further sub-segmentations are available in the report.
By type, Global Wireless Pos Terminal Market is segmented into portable countertop & pin pad, mPOS, smart POS, and others.
By end-user segment, the market is segmented to include retail & e-commerce, hospitality, medical & healthcare, automotive & transportation, sports & entertainment, and other industries.
North America dominates the global wireless POS terminal market. Led by the U.S, the region displays a high propensity for adoptions of highly advanced technology and the presence of several leading players in the region. Moreover, most retail and other industries where wireless POS is applicable have terminals due to heavy usage of digital currency instruments such as debit and credit cards.
The Asia Pacific is anticipated to witness the highest growth during the forecast period. Countries such as India, Japan, and China account for the most significant countries in the region. Government initiatives to promote a cashless economy are expected to spur the market in the region. India’s demonetization period was a significant time for the wireless POS system as there was a considerable increase in debit and credit card transactions.
MRFR’s competitive analysis includes prominent players such as Touchbistro, Moneris, NCR Corporation, Castles Technology, Cegid Group, Squirrel Systems, Elavon, Verifone, CITIXSYS AMERICAS, PAX Global Technology, BBPOS, BITEL, First Data, Ingenico, Diebold Nixdorf, Newland Payment Technology, and Winpos.
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