CAGR: 11.4%Current Market Size: USD 9.24 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global wireless POS terminal market is expected to grow from USD 9.24 billion in 2022 to USD 21.9 billion by 2030, at a CAGR of 11.4% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising trend of cashless payments.
The wireless POS terminal is used in banks, retail stores, metro stations, pharmacies, and restaurants for processing credit card payments. This system is divided into software and hardware solutions, with the software offering content management, asset management, and configuration capabilities. User information is typically scanned by the point-of-sale terminal following the scanning of their debit, credit or prepaid card information. Next, the terminal checks whether the amount available is sufficient to complete the transaction from their bank account. After confirmation, the transaction is completed, and a receipt is issued by the terminal acknowledging the transfer. The growing number of end-user industries such as retail, restaurant, hospitality, and healthcare will also provide potential opportunities for the market to grow in the future. In the near future, however, strict government rules and guidelines could hinder the growth of the POS terminals market. Mobile businesses such as food trucks, pop-up stores, and delivery companies can accept additional payment alternatives and capture more revenue with wireless POS terminals. A traditional point-of-sale (POS) terminal reads the magnetic strip of a credit or debit card to determine if there are sufficient funds to transmit to the merchant.
Sample Request: - Global Wireless POS Terminal Market
Market Dynamics:
Drivers:
There are complex and highly dependent operational systems in the logistics industry. It was exhausting and time-consuming to manually track payments and orders in the past. To optimize cash flow, streamline supply chains, and improve logistics efficiency, logistic firms are turning to wireless POS terminals. Eliminating paperwork, phone calls, and emails prevent errors or mishandling of transactions.
Restraints:
A high maintenance cost is required for the wireless POS terminal system to function, as much confidential data is at risk in case of a cyber-attack. In the current market, the devices necessary to install wireless POS terminals are being adopted at a very fast rate, which is a major barrier to market growth. Its maintenance costs are very high, and it requires tight security since digital methods are always vulnerable to spam attacks.
Opportunities:
Growing demand for cashless and faster transactions is driving the wireless POS terminal market to grow. The E-commerce industry is growing, which means people prefer to pay online, and government efforts to promote a cashless economy are also factors driving the market growth.
Challenges:
A reliable internet connection is usually required when making any web-based payments. Due to the cost of the software upgrade, adopting the system becomes complicated. Businesses required monthly subscriptions in order to ensure digital protection protocols. These decreases return on investment. Using software-based payments involves a lot of hardware issues.
Segmentation Analysis:
The global wireless POS terminal market has been segmented based on component type, type, industry, and region.
By Component Type
The component type segment includes software and hardware. The hardware segment led the largest share of the wireless POS terminal market with a market share of around 61% in 2022. Hardware accounted for the largest share of the market during the Projection period, comprising payment terminals, accessories, and workstations. The payment terminal includes monitors, barcode scanners, wireless barcode scanners, physical inventory scanners, tag printers, and tablet devices with credit or debit card readers.
By Type
The type segment includes smart POS, portable countertop & pin cards, MPOS and others. The portable countertop & pin card segment led the largest share of the wireless POS terminal market with a market share of around 32% in 2022. With a market share of 32% and revenue of 2.8 billion, portable countertops and pin card systems are small, easy to set up, and convenient for both business owners and customers. These technologies are heavily used in sports, hospitality, entertainment, and retail, as well as they are used by small enterprises in stationary and semi-mobile forms of store purchases.
By Industry
The industry segment includes hospitality, retail, healthcare and others. The retail segment led the largest share of the wireless POS terminal market with a market share of around 35% in 2022. A market revenue of 2.9 billion was generated from the retail segment, which accounted for 35% of the market. Many retailers are switching to simple transactions to eliminate long waiting lines and transaction delays. With the advent of inventory, marketing, and Customer Relationship Management (CRM), merchants are combining the POS system with inventory and marketing data to provide individualized, distinctive customer experiences.
Global Wireless POS Terminal Market- Sales Analysis.
The sale of wireless POS terminals expanded at a CAGR of 11.1% from 2016 to 2022.
In recent years, security-related concerns have been minimized by the introduction of Personal Identification Numbers and chip-embedded payment cards, which is creating a positive outlook for wireless point-of-sale terminals worldwide. As a result of the increasing availability of peripheral devices, scanners, card readers, and printers, POS terminal sales are on the rise.
The manufacturers are also introducing ultra-portable versions of these systems. For instance, they have manufactured POS terminals that are the size of a credit card. Furthermore, the use of tablets as POS terminals with specialized software is rapidly increasing.
With their mobility nature, wireless POS terminals are helping the industry evolve more. As this technology eliminates transaction fraud and enables secure online payments, the demand for wireless POS terminals for retail applications is increasing.
Thus, owing to the aforementioned factors, the global wireless POS terminal market is expected to grow at a CAGR of 11.4% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the wireless POS terminal market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the wireless POS terminal market and held a 38.2% share of the market revenue in 2022.
Global Wireless POS Terminal Market - Country Analysis:
Germany's wireless POS terminal market size was valued at USD 0.69 billion in 2022 and is expected to reach USD 1.64 billion by 2030, at a CAGR of 11.5% from 2023 to 2030. A wireless POS terminal system has evolved from being a transactional device into one that supports and integrates with CRM and other financial solutions in the current market scenario. This instance allows companies to collect and use transactional data for business intelligence through wireless POS terminals.
China’s wireless POS terminal market size was valued at USD 0.70 billion in 2022 and is expected to reach USD 1.69 billion by 2030, at a CAGR of 11.7% from 2023 to 2030. Increasing housing prices have led to stronger incentives for purchases of metal furniture as a result of the development of high-class homes. This, along with stronger performances in the interior furnishing market for villas in China, indicates that consumers are currently able to afford to spend more.
India's wireless POS terminal market size was valued at USD 0.54 billion in 2022 and is expected to reach USD 1.29 billion by 2030, at a CAGR of 11.6% from 2023 to 2030. With the advent of technology, the use of debit and credit cards in point-of-sale payments, the growth of e-commerce in the region, and the innovation and strategic partnerships taking place among vendors in the region, there have been many changes in the country which will boost the market growth.
Key Industry Players Analysis:
To increase their market position in the global wireless POS terminal market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
11.4% |
Market Size |
9.24 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Component Type, By Type, By Industry, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Cegid Group, Elavon, NCR Corporation, Newland Payment Technology, Winpose, PAX Global Technology, BBPOS, First Data, Verifone, Moneris, CITIXSYS AMERICAS Touchbistro, and BITEL. |
By Component Type |
|
By Type |
|
By Industry |
|
Regional scope |
|
Scope of the Report
Global Wireless POS Terminal Market By Component Type:
Global Wireless POS Terminal Market By Type:
Global Wireless POS Terminal Market By Industry:
Global Wireless POS Terminal Market By Region:
Global wireless POS terminal market is expected to reach USD 21.9 billion by 2030, at a CAGR of 11.4% from 2023 to 2030.
Leading players in the wireless POS terminal market are Cegid Group, Elavon, NCR Corporation, Newland Payment Technology, Winpose, PAX Global Technology, BBPOS, First Data, Verifone, Moneris, CITIXSYS AMERICAS Touchbistro, BITEL among others.
Rising demand in the logistics sector for operational systems and cashless transactions.
North American region will witness more growth in the wireless POS terminal market.
Political Factors- When determining where to develop its activities, the wireless POS terminal market should consider current trade legislation, and management should choose places with free or flexible trade agreements. The location in question is currently lowering trade regulations in order to create a more inviting atmosphere for foreign business players, which increases its attraction for the wireless POS terminal market, which is seeking opportunities for international firm expansion. Before selecting whether to expand, the wireless POS terminal Market should examine the appropriate taxation policies extensively. Tax policy will benefit industries that are top priorities for the government.
Economic Factors- Rising inflation diminishes the purchasing power of money and discourages consumers from spending on goods and services, which may limit the ability of the wireless POS terminal Market to increase revenue. Changes in exchange rates can have an impact on a company's profitability. The wireless POS terminal Market should conduct this study in order to precisely estimate exchange rate variations and avoid unintended trade and business performance repercussions. A high-interest rate requires the wireless POS terminal Market to make interest-only payments, increasing the overall cost of the loans acquired.
Social Factors- The research and development trend in the chosen industry or region demonstrates how proactive organizations are in offering cutting-edge solutions to meet the needs of their customers. In addition to providing value to customers, the wireless POS terminal Market must increase its understanding of how new technical breakthroughs may aid the organization. Significant investment in research and development activities would be required in markets defined by disruptive technology. However, the wireless POS terminal Market must have a long-term view and not expect a quick payback from its R&D initiatives.
Technological Factors- Renewable technology development to reduce reliance on natural resources has become a significant trend in several industries. wireless POS terminal market should analyze how well a country's technology infrastructure supports the use of renewable technologies in order to capitalize on this environmental trend. Certain governments around the world offer appealing incentives to employ renewable energy sources. By seizing the opportunity and investing in renewable energy sources, the wireless POS terminal market may realize its aims for sustainable corporate development.
Environmental Factors- Businesses are under pressure to reduce environmental impact as a result of stringent environmental legislation in a variety of countries. In response, the wireless POS terminal Market should promote ethical consumption among its target market, work to improve its brand's sustainability reputation and ensure full compliance with local and international environmental laws, as failure to do so, may result in severe, reputation-damaging criticism from relevant stakeholders. This investment will result in increased stakeholder satisfaction and a larger consumer base due to improved brand perception.
Legal Factors- Employment law refers to many laws that safeguard employees' rights, such as their right to a fair wage, equality, equity, inclusion, fairness, and physical and mental safety. While some countries lack effective enforcement of employment laws, others impose hefty penalties for breaking any of the listed employee rights. When entering or operating in such countries, the wireless POS terminal market should ensure the safety of the working environment. Appropriate measures for preventing both direct and indirect discrimination must be in place. In the ongoing battle for talent, good adherence to employment rules can help the wireless POS terminal market improve its employer brand reputation, which is crucial for attracting and retaining top people.
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