Newark, Dec. 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global wireless POS terminal market is expected to grow from USD 8.9 billion in 2021 to USD 25.8 billion by 2030, at a CAGR of 12.6% during the forecast period 2022-2030.
A point-of-sale (POS) terminal is a piece of equipment retail establishments use to process credit cards. Software that reads magnetic strips from credit and debit cards is part of the equipment. In addition to contactless capabilities for upcoming mobile payment types, the next generation of POS systems also incorporates proprietary and third-party portable devices (as opposed to terminals connected to a counter). Such systems are ideal for restaurants and bars with little seating because of their portability. Additionally, it uses 3G technology to provide mobile payment processing for restaurants, stores, and cab and vehicle drivers.
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Competitive Strategy
To enhance their market position in the global wireless POS terminal market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In June 2021 - The newest addition to HP's portfolio of point-of-sale products is the HP Engage Go 10. HP Engage Go 10 is a small device known as the HP Engage Flex Mini that can serve as a point-of-sale solution for businesses without physical locations or in small spaces.
Market Growth & Trends
As technology is utilized to stop fraud and secure online payments, the demand for wireless POS terminals in retail applications is rising quickly. Cutting-edge features, including effective invoice systems, discount offers, inventory management systems, data backup, and customer record maintenance, further increase the market appeal of POS terminals. The sports and entertainment industries are the ones that use wireless POS terminals the most. Wireless POS systems are used in casinos, movie theatres, theme parks, museums, and sporting venues to ensure flexibility and transparency. The demand for POS terminals has surged due to the spike in interest in inexpensive wireless communication technology. POS systems use wireless devices to enable payments for goods and services. Wireless technology can be used to streamline many activities, from restaurants to cab services. Businesses use POS terminals in the hospitality and retail industries for payments and other operational duties, including inventory control, sales tracking, and accounting. For example, bars, restaurants, and food service providers heavily rely on POS systems to track sales, operations, products, and inventory.
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Key Findings
- In 2021, the hardware segment dominated the market with the largest market share of 58% and market revenue of 5.1 billion.
The component segment is divided into hardware and software. In 2021, the hardware segment dominated the market with the largest market share of 58% and market revenue of 5.1 billion. Most of the system's hardware components are found in the stationary POS terminal, making using the system to manage daily activity more accessible.
- In 2021, the portable countertop & pin card segment accounted for the largest share of the market, with 32% and market revenue of 2.8 billion.
The type segment is divided into Portable Countertop & Pin Card, MPOS, Smart POS, and Others. In 2021, the portable countertop & pin card segment accounted for the largest share of the market, with 32% and market revenue of 2.8 billion. Portable Countertop POS systems are small, easy to set up, and convenient to use for both customers and business owners. Small enterprises use them in stationary and semi-mobile forms with in-store purchases. These technologies are heavily used in various businesses, including hospitality, sports and entertainment, and retail.
- In 2021, the retail segment accounted for the largest share of the market, with 30% and market revenue of 2.9 billion.
The industry segment is divided into retail, healthcare, hospitality, and others . In 2021, the retail segment accounted for the largest share of the market, with 30% and market revenue of 2.9 billion. To prevent long waiting lines and transaction delays, many retailers are switching to simple transactions. To provide individualized, interactive, and distinctive customer experiences, merchants are now combining the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data.
Regional Segment Analysis of the Wireless POS Terminal Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global wireless POS terminal market, with a market share of around 33% and 2.9 billion of the market revenue in 2021. During the forecast period, North America is estimated to hold the largest share of the global wireless POS terminal market. This market is the largest due to the widespread use of wireless POS terminals in various industries, including retail, hospitality, and entertainment. Furthermore, the North American market is expanding due to compliance regulations such as EMV, which are in place in the region to improve payment security.
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Key players operating in the global wireless POS terminal market are:
- Ingenico
- Verifon
- First Data
- PAX Global technology
- NCR Corporation
- Diebold Nixdorf
- BBPOS
- Elavon
- Castles Technology
- Winpos
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global wireless POS terminal market based on the below-mentioned segments:
Global Wireless POS Terminal by Component:
- Hardware
- Software
Global Wireless POS Terminal by Type:
- Portable Countertop & Pin Card
- MPOS
- Smart POS
- Others
Global Wireless POS Terminal by Industry:
- Retail
- Healthcare
- Hospitality
- Others
About the report:
The global wireless POS terminal market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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