Market Synopsis of Global Wireless POS Terminal Market

A point of sale terminal (POS) is digital device implemented to operate at through card payments at various terminals. A POS terminal operates through different stages. First, the device scans the customer’s information provided by credit, debit card or prepaid. Second, the device verifies whether pre-requisite amount in a customer’s bank account is adequate to make the payment. Third, if the amount is sufficient, then it transaction of funds takes place to the merchant bank. Lastly, the device keeps a note of the transaction and acknowledges with the receipt.

Currently, India in particular, witnessing a huge demand for Wireless POS Terminal Market, the reason attributed to constant government encouragement to promote the cashless economy. During demonetization period, where the country was facing low stock of hard-cash, payment transacted through digital cards such as credit card and debit card made a huge impact on the economy.

Mobile POS (mPOS) installations facilitate service sector to operate financial transactions, which eventually enhances the customer experience. This is due to feasibility to operate through mobile devices such as smartphones and laptops, cost-efficient techniques and portability in nature are expected to gain the huge popularity over the forecast period. Additionally, 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.

On the other hand, the serious security issues associated with the cyber-attacks and lack of awareness among the general public is continued to be a challenging factor for the wireless POS terminal market.

The global Wireless POS Terminal is expected to reach approximately over USD 12 Billion by 2023 growing at a 13% CAGR over the forecast period 2019-2023.

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Key Players

MRFR's competitive analysis includes prominent players such as Touch bistro, 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.

Segmentations

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

By component, the wireless POS terminal market is sub-segmented into hardware and software solutions. The hardware sub-segment consists of payment terminal, accessories and workstation. The payment terminal include 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 include content management, asset management, configuration solutions, and others. The service subsegment include merchant services, installation services and transaction management services, and others.

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

By end-user segment, the wireless POS terminal is segmented into Retail & E-commerce, hospitality, medical & healthcare, automotive & transportation, sports & entertainment, and other Industries.

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Regional Analysis

Geographically, the wireless POS terminal is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.

North America is presumed to dominate the region in wireless POS terminal market. The U.S. and Canada are the leading countries in the region. This is due to advanced technological infrastructure, which made them early adopter of the system. Furthermore, Asia Pacific is anticipated to be the fastest growing region in the wireless POS Terminal market over the forecast period. India, Japan, and China are the leading countries to be a better prospect region. This is attributed to government initiatives to promote the cashless economy.

Target Audience

Research Firms.
Government Agencies
Original device manufacturers (ODMs)
System integrators
Wireless POS terminal original equipment manufacturers (OEMs)
Raw material suppliers
Assembly and packaging vendors
Technical universe
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