According to the latest report by IMARC Group, titled “Wireless POS Terminals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global wireless POS terminals market size reached US$ 6.8 Billion in 2018. Wireless point of sale (POS) terminals are handheld terminals that enable the user to accept credit and debit card payments securely and quickly from any location. This portable system has proven to be ideal for places that lack counter space or have an outdoor setting such as delivery or transportation operations. These terminals utilize 3G technology for connecting to the network which leads to rapid data transmission and offers a wider coverage area.
Global Wireless POS Terminals Market Trends:
Market players are introducing several advanced systems with multiple functionalities to broaden the variety of POS software available to retailers. Besides, smaller businesses around the world are currently displaying a requirement of user-friendly and cost-effective payment systems which has further created growth opportunities for the manufacturers. Moreover, increasing deployment of these systems in movie theatres, museums, casinos and theme parks is also driving their demand.
In the next few years, improving economic scenario in emerging nations like India, China, Indonesia and South Africa will help in the development of a state-of-the-art payment ecosystem in these regions which, in turn, will drive the growth of the wireless POS terminals market. Looking forward, the market value is projected to reach US$ 12.9 Billion by 2024, exhibiting a CAGR of 11.2% during 2019-2024.
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Market Segmentation:
- The market has been segmented on the basis of the type which includes portable countertop and PIN pad, MPOS and smart POS. Amongst these, portable countertop and PIN pad is the most popular type.
- Based on the component, the market has been segregated into hardware, and POS software and services. Amongst these, hardware components exhibit a clear dominance in the global market.
- The report has analyzed the market on the basis of the technology which mainly includes the NFC terminal and non-NFC terminal. Currently, non-NFC terminal represents the most popular technology.
- On the basis of the industry, the market has been categorized as retail, hospitality, healthcare, transportation, and sports and entertainment. Amongst these, wireless POS terminals are majorly used in the retail industry.
- On the geographical front, North America represents the largest market for wireless POS terminals, holding the majority of the global market share. This can be attributed to the modernization of payment methods and the development of business-specific and customized solutions. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Ingenico, Verifone, First Data, PAX Global Technology, NCR Corporation, Diebold Nixdorf, BBPOS, Elavon, Castles Technology, Winpos, Bitel, Cegid Group, Squirrel Systems, Newland Payment Technology, Citixsys Americas, Izettle, Revel Systems, ShopKeep, TouchBistro Inc., and Vend.
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