Pune India, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Wireless POS Terminal Market Size By Component Type (Software and Hardware), By Type (Smart POS, Portable Countertop & Pin Cards, MPOS and Others), By Industry (Hospitality, Retail, Healthcare and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the wireless POS terminal market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the wireless POS terminal market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as component type, type, industry, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global wireless POS terminal market Cegid Group, Elavon, NCR Corporation, Newland Payment Technology, Winpose, PAX Global Technology, BBPOS, First Data, Verifone, Moneris, CITIXSYS AMERICAS Touchbistro, BITEL among others. To achieve a substantial market share in the worldwide wireless POS terminal market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Credit card payments are processed via wireless POS terminals in banks, retail establishments, metro stations, pharmacies, and restaurants. This system is separated into two parts: software and hardware. The software provides content management, asset management, and configuration features. Following the scanning of their debit, credit, or prepaid card information, the point-of-sale terminal normally scans the user's information. The terminal then determines whether the available funds are adequate to execute the transaction from their bank account. The transaction is completed after confirmation, and the terminal issues a receipt acknowledging the transfer. A increasing variety of end-user industries, such as retail, restaurant, hotel, and healthcare, will present future growth prospects for the market. However, in the near future, tight government laws and guidelines may stymie the expansion of the POS terminals market. With wireless POS terminals, mobile enterprises such as food trucks, pop-up stores, and delivery services can take more payment options and increase income. A standard point-of-sale (POS) terminal examines the magnetic strip of a credit or debit card to determine whether sufficient funds are available to be transmitted to the merchant.
Scope of Wireless POS Terminal Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Componen tType, Type, Industry, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Cegid Group, Elavon, NCR Corporation, Newland Payment Technology, Winpose, PAX Global Technology, BBPOS, First Data, Verifone, Moneris, CITIXSYS AMERICAS Touchbistro, BITEL among others. |
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Segmentation Analysis
The hardware is expected to be the fastest-growing segment in 2022.
The component type segment includes software and hardware. The hardware segment is expected to witness the highest growth rate during the forecast period. During the forecast period, payment terminals, accessories, and workstations accounted for the majority of the market. Monitors, barcode scanners, wireless barcode scanners, physical inventory scanners, tag printers, and tablet devices with credit or debit card readers are all part of the payment terminal.
The portable countertop & pin cardsis expected to be the fastest-growing segment in 2022.
The type segment includes smart POS, portable countertop & pin cards, MPOS and others. The portable countertop & pin cards segment is expected to witness the highest growth rate during the forecasted period. Portable counters and pin card systems have a market share of 32% and a revenue of 2.8 billion because they are tiny, easy to put up, and convenient for both business owners and clients. These technologies are widely employed in sports, hospitality, entertainment, and retail, as well as by small businesses for stationary and semi-mobile store transactions.
Retail are expected to be the fastest-growing segment in 2022.
The industry segment includes hospitality, retail, healthcare and others. The retail segment is expected to witness the highest growth rate during the forecasted period. The retail category earned 2.9 billion in market revenue, accounting for 35% of the market. To avoid long lineups and transaction delays, many retailers are converting to easy transactions. With the introduction of inventory, marketing, and Customer Relationship Management (CRM), businesses are merging the POS system with inventory and marketing data to deliver personalised, unique customer experiences.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the wireless POS terminal market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. There is a growing emphasis on upgrading the payment sector and providing customised or business-specific solutions. Because wireless point-of-sale terminals are widely utilised in a variety of industries, including retail, hospitality, and entertainment, this is the most important market segment. Compliance standards like as EMV are affecting the growth of the North American market in order to improve payment security in the region. For some years, numerous wireless POS terminals have been employed in US outlets, necessitating the need to update them with new technologies, resulting in a significant North American wireless POS terminal market sector.
Country Analysis
- Germany
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. In today's market, a wireless POS terminal system has grown from a transactional device to one that supports and connects with CRM and other financial solutions. This example enables businesses to collect and use transactional data for business insight via wireless POS terminals.
- China
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. As a result of the construction of high-class dwellings, rising housing prices have created increased incentives for the purchase of metal furniture. This, together with greater growth in China's interior furnishing industry for villas, suggests that buyers can now afford to spend more.
- India
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 advancement of technology, the usage of debit and credit cards in point-of-sale payments, the expansion of e-commerce in the region, and the innovation and strategic collaborations taking place among vendors in the region, numerous developments have occurred in the country that will enhance market growth.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for cashless payments among various end-user sectors.
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