Wireless POS Terminal Global Market Report 2024

A wireless POS terminal functions similarly to a wired terminal but offers the additional flexibility of processing payments in non-traditional settings. Essentially, a point-of-sale (POS) terminal, whether wired or wireless, is a hardware device utilized in retail establishments for managing card payments. The hardware comes equipped with built-in software designed to read the magnetic strips on credit and debit cards. Wireless POS terminals are specifically employed for processing card payments at various retail locations.

The primary categories of wireless POS terminals encompass portable countertop and pin pad, mPOS, smart POS, mini POS, and smart mobile dongle. The portable countertop and pin pad are utilized in conjunction with countertop POS terminals to facilitate various payment methods, including credit cards, debit cards, contactless, UPI, and Bharat QR payments. These solutions are characterized by their compact design, ease of installation, and user-friendly interface for both merchants and customers. The components involved in these solutions include hardware, software, and services, utilizing technologies such as NFC terminals and non-NFC terminals. Applications of portable countertop POS systems extend to diverse sectors, including restaurants, hospitality, healthcare, retail, warehouses or distribution, among others.

The wireless POS terminals market research report is one of a series of new reports that provides wireless POS terminals market statistics, including global market size, regional shares, competitors with a wireless POS terminals market share, detailed wireless POS terminals market segments, market trends and opportunities, and any further data you may need to thrive in the wireless POS terminals industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wireless pos terminal market size has grown rapidly in recent years. It will grow from $11.7 billion in 2023 to $13.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed in the historic period can be attributed to several factors, including the increased adoption of mobile devices, a rising demand for cloud-based solutions, a need for flexibility and mobility in payment transactions, an increase in internet penetration, and a growing requirement for regulatory compliance.

The wireless pos terminal market size is expected to see rapid growth in the next few years. It will grow to $21.16 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The anticipated growth in the forecast period can be attributed to the growing adoption of contactless payment systems, an increasing demand for wireless POS terminals in emerging economies, advancements in biometric technology, the rising popularity of mobile wallets, and a heightened focus on enhancing customer experience. Major trends expected in the forecast period include the growing popularity of portable and handheld wireless POS terminals, increased adoption of smart POS terminals, integration of AI and machine learning, omnichannel integration, and the incorporation of Internet of Things (IoT).

The wireless POS terminal market is poised for significant growth, driven by the increasing prevalence of e-commerce transactions. E-commerce, or electronic commerce, involves the exchange of goods, services, money, and data through electronic networks, primarily the internet. The surge in e-commerce transactions, the growing acceptance of cashless payments, and the widespread adoption of wireless terminals by retailers have positioned e-commerce platforms as market leaders. This trend underscores the necessity for wireless POS software systems. Notably, between 2019 and 2021, global e-commerce accounted for nearly 22% of total sales, rising from 15% to 21% of all retail sales, according to a June 2022 article by Morgan Stanley. Additionally, Forbes reported that U. S. e-commerce sales reached $870 billion in 2021, marking a 14.2% increase from 2020 and a substantial 50.5% surge from the previous year. E-commerce constituted 13.2% of retail sales in the U. S. in 2021. Consequently, the escalating volume of e-commerce transactions stands as the primary driver propelling the wireless POS terminal market.

The wireless POS terminal market is also anticipated to experience growth due to the rising demand for contactless payments. Contactless payments involve wireless financial transactions where customers authorize purchases by placing a security token near the vendor's point of sale (PoS) reader. These terminals enable businesses to accept payments through various contactless methods, including Near Field Communication (NFC) and mobile wallets, offering customers a secure and seamless payment experience. Mastercard reported that from the first quarter of 2020 to the corresponding period in 2021, over 100 markets witnessed a surge of at least 50% in contactless payments as a proportion of total in-person transactions. During the first quarter of 2021 alone, Mastercard recorded an additional 1 billion contactless transactions compared to the same period in 2020. Hence, the increasing demand for contactless payments is a key driver fueling the growth of the wireless POS terminal market.

A prominent trend gaining momentum in the wireless POS terminal market is the advancement of products. Major companies in this market are concentrating on developing innovative solutions to fortify their market positions. For example, in February 2021, PAX Global Technology introduced the PAX E-Series, an all-in-one POS and payment system designed for the retail and hospitality sectors. This Android-driven solution combines a cash register with a payment terminal, allowing various payment methods, including contactless, chip and pin, and QR code payments, in addition to traditional payments.

Companies operating in the wireless POS terminal market are actively introducing new all-in-one terminals to gain a competitive edge. These compact devices integrate multiple functions, such as payment processing, inventory management, and sales tracking, into a single wireless system, streamlining point-of-sale operations. For instance, in October 2021, PayPal Holdings launched the Zettle Terminal, an all-in-one POS solution aimed at enhancing in-store mobility for small businesses. This wireless solution combines WiFi and cellular connectivity, freeing small businesses from fixed check-out points and enabling mobile checkouts wherever customers are located.

In September 2022, PNC Financial Services Group acquired Linga POS for an undisclosed amount, expanding the bank's digital resources and strengthening its ability to serve clients in the hospitality and restaurant industry. Linga POS, a technology company specializing in tailored POS and payment solutions for the hospitality sector, particularly restaurants, aligns with PNC's commitment to providing innovative POS and payments solutions to meet evolving consumer expectations and streamline operations.

Major companies operating in the in the wireless pos terminal market report are Elavon Inc., VeriFone Inc., Fiserv Inc., PAX Global Technology Limited, NCR Corporation, iVeri Payment Technologies (Pty) Ltd., CEGID GROUP SA, Squirrel Systems, Castle Advanced Technologies And Systems Private Limited, Fujian Newland Payment Technology Co. Ltd., Emerge Mobile (Pty) Ltd., Equinox Payments LLC, Hewlett-Packard Development Company L. P., Nce Corporation (s) Pte. Ltd., Micros Systems Inc., Miura Systems Ltd., Ingenico SA, First Data Corporation, Diebold Nixdorf Inc., BBPOS(Stripe Inc. ), Oracle Corporation, Winpos Group AB, BITEL TECHNOLOGIES Ltd., CitiXsys- Ivend reatil, Posiflex Technology Inc., NEC Corporation, SPECTRA Technologies Holdings Co. Ltd., Zebra Technologies Corp., TOSHIBA CORPORATION, QVS Software Inc.

North America was the largest region in the wireless PSO terminal market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless pos terminal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the wireless pos terminal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The wireless POS terminal market consists of revenues earned by entities by providing wireless POS terminal services such as providing reports on consummate sales record and track customer orders, process credit cards, inventory management, insights on sales trends and customer behaviors, employee scheduling and wages. The market value includes the value of related goods sold by the service provider or included within the service offering. The wireless POS terminal market also includes sales of smartphone, tablet or dedicated wireless devices which are used in providing wireless POS terminal services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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