Wireless POS Terminal Market: Global Industry Analysis and Forecast (2023-2029)

Wireless POS Terminal Market size was valued at US$ 9.51 Billion in 2022 and the total Wireless POS Terminal revenue is expected to grow at 9.8% through 2023 to 2029, reaching nearly US$ 18.31 Billion.
Wireless POS Terminal Market Overview:
A point of sale (POS) terminal is an electronic payments transfer device that connects with payment cards. A secure keypad i.e. PINpad for inputting PIN, a screen, a mechanism of taking information from payment cards, and a network connection to access the payment network for authorization are all common components of a POS terminal. It is divided into two categories: software and hardware solutions. Asset and content management, configuration solutions, etc. all part of the software package. Workstations, payment terminals such as smartphones and tablets with credit or debit card readers, and accessories e.g. monitors, barcode scanners, receipt printers are included in the hardware category.
Wireless POS Terminal Market Snapshot
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Businesses are increasingly embracing POS systems for a variety of reasons, one of which is that a POS system eliminates the need for price tags. When adding stock, selling prices are connected to the product code of an item, so the cashier just needs to scan this code to complete a transaction. If the price of a product changes, the checkout employee can quickly alter it using the inventory window. Other benefits include the capacity to incorporate various forms of discounts and a customer loyalty program all of which are common among current ePOS systems.

In this report, the wireless POS terminal market's growth reasons, as well as the market's segments (Component, Type, Industry, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the wireless POS terminal market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global wireless POS terminal the market situation.
Wireless POS Terminal Market Dynamics:
A major driver in the wireless POS terminal market is an increase in corporate mobility and flexibility, as well as the need for faster and more secure financial transactions.

Any device with an internet connection can access wireless POS terminals. This enables real-time workforce utilization percentages, inventory data, and productivity statistics to be viewed, and the data can be updated and viewed from any distant location at any point in time. The benefit of cloud POS is that it increases the flexibility of corporate operations. Other market trends that are expected to drive market growth during the forecast period (2023-29) include the growing acceptability of cashless transactions, increasing adoption rate of wireless terminals among merchants, and increasing E-commerce transactions.

A major restraint in the wireless POS terminal market growth is the constant threat of security breaches, identity theft, Card-Not-Present (CNP) frauds.

Card-not-present (CNP) purchases accounted for 75% of the overall value of card fraud in 2020, according to the sixth report on fraud in the Single Euro Payments Area. Card fraud at ATMs and POS terminals accounted for 8% and 17%, respectively. CNP fraud was the largest segment of fraud in the Europe zone in 2020, with losses totaling US$2.5 billion. It was also the only one to have a rise of 12.5% from the previous year.

The steep growth of the global retail industry is the key opportunity for the wireless POS terminal market in the forecast period (2023-29).

The database and software architecture of a multiple POS system used by large shops such as supermarkets and department stores is significantly more demanding than that of a single station used by smaller merchants. Hardware businesses, electronic stores, and so-called multifunctional superstores, for example, require specific extra features not seen in other stores. Special orders, repair orders, etc. as well as standard POS activities, are all handled by POS software in these circumstances.
Wireless POS Terminal Market Segment Analysis:
By Type, the mPOS segment is expected to dominate the market in 2029. It is expected to witness a CAGR of 9.7% in the aforementioned forecast period. One of the primary factors driving mPOS market segment growth is consumer acceptance of digital payments such as Amazon Pay and Google Pay. In India, for example, Google Pay made 957 million transactions in 2020, followed by PhonePe (870 million) and Paytm (270 million). Merchants are using mPOS machines to take contactless payments directly on consumers' cellphones as contactless payments become more popular. Rather than using traditional POS systems, shops are switching to sophisticated terminals that take payment via NFC-enabled cards or applications.

There is a growing interest in the possibilities of mPOS in emerging economies, and an expected surge in mPOS activity as service providers race to be first to market in the more mPOS-ready growing markets. Growing smartphone penetration, a significant base of SMEs and micro-merchants, low penetration of traditional POS terminals, a core population of card users that are increasing, and bank and government programs to boost card acceptance are all characteristics that are expected to drive the mPOS market segment growth.By Industry, the Hospitality segment held the second-largest position behind retail in the wireless POS terminal market in 2022 in terms of revenue. The hospitality segment, which encompasses hotels, food and beverage services, event organizing, theme parks, tourism, is a vast spectrum of industries within the service industry.

Tablet POS systems, which are popular in retail, are now available for the restaurant business. These systems were not complex at first, and many of them didn't support a remote printer in the kitchen. Tablet systems are now being employed at a variety of restaurants, including those that provide table service. Most tablet systems post all data to the Internet, allowing managers and owners to see reports from anywhere with an Internet connection and a login. Alerts and information from the wireless POS have become much more accessible thanks to smartphone Internet connectivity. Tablets aided in the development of the mPOS system, and mPOS applications include payments, loyalty, online ordering, etc.
Wireless POS Terminal Market Regional Insights:
Asia Pacific:

Because of the rising need for mPOS systems in the hospitality industry, the Asia Pacific wireless POS market revenue is expected to grow fast. Government authorities in Asia are attempting to promote the hotel industry, and favorable regulations and digitization penetration might benefit the global wireless POS market in the forecast period. Large restaurants and hotels in the Asia Pacific area are assuring a smooth payment procedure with modern POS terminals because they place a higher value on customer experience. E.g. Araceli Hotel & Resort declared its plan to use Agilysys InfoGenesis wireless POS systems throughout its upcoming services in India in January 2021.



North America:

The demand for mobile payment methods such as mobile wallets and payment applications such as GooglePay and PayPal has been increasing in North America as a result of the rising reliance on smartphones. This trend is expected to accelerate the wireless POS terminal market in the USA. According to the Internet Innovation Alliance, more than 250 million people in the United States will be using smartphones by the end of 2022. As a result, this region's wireless POS market share is expected to grow significantly at the end of the forecast period (2023-29).

The objective of the report is to present a comprehensive analysis of the Wireless POS Terminal Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Wireless POS Terminal Market dynamics, structure by analyzing the market segments and project the Wireless POS Terminal Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Wireless POS Terminal Market make the report investor’s guide.
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Wireless POS Terminal Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 9.51 Bn.


Forecast Period 2023 to 2029 CAGR:
9.8%
Market Size in 2029:
US $ 18.31 Bn.


 Segments Covered:
by Component
Hardware
POS Software & Services


by Type
Portable Countertop & PIN Pad
mPOS
Smart POS
Other Types


by Industry
Retail
Hospitality
Healthcare
Transportation
Sports & Entertainment
Other Industries



Wireless POS Terminal Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Wireless POS Terminal Market, Key Players are
1. Verifone
2. PAX Global Technology
3. Ingenico
4. First Data
5. Diebold Nixdorf
6. NCR Corporation
7. Elavon
8. Winpos
9. BBPOS
10. Bitel
11. Squirrel Systems
12. Cegid Group
13. Citixsys Americas
14. Newland Payment Technology
FAQs:
1. Which is the potential market for the Wireless POS Terminal in terms of the region?
Ans. Because of the rising need for mPOS systems in the hospitality industry, the Asia Pacific wireless POS market revenue is expected to grow fast

2. What are the opportunities for new market entrants?
Ans. The steep growth of the global retail industry is the key opportunity for the wireless POS terminal market in the forecast period (2023-29).

3. What is expected to drive the growth of the Wireless POS Terminal market in the forecast period?
Ans. A major driver in the wireless POS terminal market is an increase in corporate mobility and flexibility, as well as the need for faster and more secure financial transactions

4. What is the projected market size & growth rate of the Wireless POS Terminal Market?
Ans. Wireless POS Terminal Market size was valued at US$ 9.51 Billion in 2022 and the total Wireless POS Terminal revenue is expected to grow at 9.8% through 2023 to 2029, reaching nearly US$ 18.31 Billion.

5. What segments are covered in the Wireless POS Terminal Market report?
Ans. The segments covered are Component, Type, Industry, and Region.