Wireless Pos Terminal Market 2020: Industry Growth by Forecast to 2023

Posted by Eshu Gupta on December 2nd, 2020

Overview:

Point-of-sale (POS) terminals offer feasibility and convenience to use and enhance the high payback returns due to this, has created a huge impact on the market. POS terminals are installed and implemented for numerous applications such as inventory management, payments of printing bills and many more, over different industrial verticals such as retail & e-commerce, healthcare & medical sectors, hospitality, and sports & entertainment.

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Wireless POS terminals are evolved in different types such as portable countertop & pin pad, mPOS, smart POS and many more. Among these, mobile POS (mPOS) terminals have evolved as a prominent segment as an advanced version for cash transaction due to its sophisticated features which include portability, convenience and better customer experience. However, government initiatives to promote cashless economy are expected to gain huge popularity among the general public.

On the other hand, increase in online transaction offers the system vulnerable to cyber-attacks is presumed to be a serious concern. Moreover, high maintenance cost for the system is also expected to be a challenging factor for the wireless POS terminal market for the review period..

Segmentation:

The wireless POS terminal is segmented by component, type, and end-user.

By components, the wireless POS terminal market is sub-divided into hardware, software solutions and services. The hardware sub-segment include payment terminal, accessories and workstation. The payment terminal comprises smartphones and tablets associated with debit or credit card readers and accessories comprise monitors, receipt printers, barcode scanners, wireless barcode scanners, PIN pad, cash drawers, physical inventory scanners, and tag printers

Furthermore, the software solutions consist of content management, configuration solutions, and others. The service subsegment includes merchant services, installation services and transaction management services, and others.

By the type, wireless POS terminal market is further segregated into portable countertop & pin pad, mPOS, smart POS and others.

By end-user, the wireless POS terminal is classified as retail & e-commerce, hospitality, medical & healthcare, automotive & transportation, sports & entertainment, and other Industries.

According to Market Research Future analysis, wireless POS terminal market has been estimated approximately over USD 12 billion growing with a 13% CAGR during forecast period 2017-2023.

Regional Analysis:

Geographically, the Wireless POS Terminal market are categorized into four different regions such as North America, Asia Pacific, Europe and the Rest of the World.

North America is expected to be a prominent region in the wireless POS terminal market over the forecast period. The U.S. and Canada are the leading countries in the region attributed to the rising enhancement in payment industry associated increase in solution providers specifically concentrated on customized or business-specific solutions. In the light of these factors, the Wireless POS Terminal market is anticipated to be driven over the review period 2017-2023.  Owing to, rising awareness for online transaction particularly in retail and e-commerce sector, Asia Pacific region is expected to be the fastest growing region in wireless POS terminal market over the forecast period 2017-2023. Additonally, India is expected to be the fastest growing economy for the wireless POS terminal attributed to post demonetization effects.

Key Players:

Market research future identifies some of the key players of wireless POS terminal market are Ingenico (France), Verifone (U.S.), First Data (U.S.), Winpos (Finland), BITEL (South Korea), Cegid Group (France), Moneris (Canada), Elavon (U.S.), Castles Technology (Taiwan),Newland Payment Technology (China), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), PAX Global Technology (Hong Kong), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).

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