Wireless Point-of-Sale Terminal is a device used for a cash register that can process the credit card and debit card payments in the retail stores for the goods purchased or for the services taken. Globally, the Wireless Point-of-Sale Terminal market is expanding, and the factors such as increasing usage of Visa, Mastercard, and Europay for all transactions, rapidly growing e-commerce transactions which give scope for the Wireless Point-of-Sale Terminals where all the transactions are virtually done which drive the market growth. However, the issues related to safety and security in the process of transactions restrain the market growth. Wireless Point-of-Sale Terminals Market is predicted to grow at a CAGR of 12.17% with a value expecting to reach at $19.42 billion by 2026 from a value $9.75 billion in 2020
The wireless point-of-sale terminal market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
The market based on component -services & software segment is growing the highest CAGR as compared to other segments due to the increasing need for updated software versions as well as the continuous need of maintenance and support for hardware components.
The market based on industry vertical – The retail segment is expected to have the largest share because the retailers are adopting these devices for safe payments and to prevent fraud. Further, enabling the additional effective features such as systemic invoice systems, offers, record management, data back-up, and customer transaction history maintenance influence the retailer to opting for these devices.
The market based on type is divided into a portable countertop, mPOS, Smart POS, and other – The portable and pin segment hold major market share. It is because they are small in size, effortless to install the device and easy to use. These devices are majorly used in small and medium scale businesses for transaction purposes. These solutions are effortless used in many industrial sectors such as healthcare, sports & entertainment, retail, eCommerce, and many more.
The market based on geography – North America is the largest contributor in the market as it is adopting the advanced payment systems in all industries such as entertainment, hospitality, and retail. As well as the preference to provide customized solutions in this region support in the market growth. The Asia Pacific is the second largest share due to the increased awareness promoted by the government to promote a cashless economy and opt for online transactions.
Globally, money transactions are made easy by e-payment. The Wireless Point-of-Sale Terminal is one of the e-payment, and the major factor contributing to Wireless Point-of-Sale Terminal market growth is rapidly increasing payments based on e-payments via cards, mobile and other devices for cashless transactions. Reduced costs of mobile technologies and the dependency on these technologies are providing the opportunity for the market to grow in all the regions. Somehow, the high costs involved in the maintenance of the Wireless Point-of-Sale Terminal devices which is restrained to the market.
The key players in the Wireless Point-of-Sale Terminal market are - Cisco Systems, Inc, Diebold Nixdorf, Incorporated, Hewlett-Packard Inc., Hisense, Ingenico Group, NEC Corporation, Newland Payment Technology, Panasonic Corporation, PAX Technology, MICROS Systems Inc, Samsung Electronics Inc, VeriFone System Inc, and Toshiba Corporation
Moreover, the increasing awareness about the cashless transaction, which leads to the adoption of dual-interface chip technology and multi-application support by NFC and HCE, is creating opportunities for market growth. This report will help the market players to understand the key market trends, market dynamics, and dynamic needs of the end-users. The qualitative and quantitative analysis enhances the user experience of the report.