Front-end Segment is Expected to Dominate the Global Wireless POS Terminal Market
Security and Compliance and E-commerce Integration are
the factors propelling the market growth.
According to TechSci
Research report, “Global Wireless POS Terminal Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Wireless POS
Terminal is anticipated to project robust growth in the forecast period with a
CAGR of 11.83% through 2028. A wireless POS machine (Point of Sale) is a
computerized tool used in banks, shops, museums, subway stations, pharmacies,
and restaurants to handle card payments. The software solution is made up of
solutions for asset management, content management, and configuration. While
the hardware category comprises workstations, payment terminals such as
smartphones and tablets connected to credit or debit card readers, and
accessories such as displays, barcode scanners, receipt printers, and cash
drawers. Businesses are increasingly using wireless point of sale systems to
function more quickly, cut down on billing time, keep track of order
fulfillment times, and manage inventory. In addition, to make sure the business
runs smoothly, they entail payroll administration, inventory control, keeping
track of sales data, and billing. Online ordering, e-wallets, table
reservations, loyalty programs, and many more features are integrated with
wireless POS terminal systems. This factor notably drives the wireless POS
terminal market growth. However, high acquisition costs and security risks of
the POS terminals hinder the growth of the wireless POS terminal market. On the
contrary, technological advancements in the wireless POS terminals such as
inclusion of machine learning (ML) and automations is expected to fuel the
growth of the wireless POS terminal market in upcoming years. Moreover,
increasing adoption of wireless handheld POS terminal by restaurants and
healthcare industry for streamlining the operations is expected to provide
lucrative opportunities for the market to grow in upcoming years.
The increased use of credit
and debit cards is allowing for the use of wireless POS terminals, and
technology improvements such as NFC and HCE compatibility are just a few of the
significant industry trends projected to drive demand for the devices. Installations
of mobile point-of-sale (mPOS) systems make it easier for service providers to
conduct financial transactions, which improves the client experience. This is
owing to the capacity to operate via mobile devices such as smartphones and
laptops, as well as cost-effective procedures and mobility in nature, all of
which are predicted to grow in popularity over the forecast period. Additionally, the market is
likely to be driven by an increase in the adoption rate of wireless
point-of-sale terminals in the retail and e-commerce sectors over the research
period. On the other hand, major security risks related to cyber-attacks, as well
as a lack of public knowledge, have remained a challenge for the Global
Wireless POS Terminal Market. However, the market has significant hurdles,
including security issues, expensive system maintenance costs, and a slow rate
of adoption of wireless terminal devices, which may restrict the industry’s
growth.
Browse over xx market data
Figures spread through 188 Pages and an in-depth TOC on " Global
Wireless POS Terminal Market.”
Based on Application, front-end
Segment will dominate the market, the front-end segment accounted for the
highest wireless POS terminal market size. This is attributed to the fact that
the retailers use wireless POS for front-end applications for expanding the
business and to save time in lengthy transaction process. This POS application
from front end helps the customers/consumers to navigate through the process of
purchasing goods, transactions, or inventory management. Based on Region, Asia
Pacific will dominate the market, By region, Asia-Pacific acquired the largest
wireless POS terminal market share in 2021. This is attributed to the fact that
Asia-Pacific is at the top of technological adoption, which influences the
expansion of the wireless point of sale terminals market. In addition, the
popularity of cashless transactions in various countries of the region is also
a factor which is driving new business opportunities.
Key market players in the Global
Wireless POS Terminal Market are following: -
- Aures Group
- Castles Technology Co. Ltd.
- Cyber Net Manufacturing Inc.
- Diebold Nixdorf
- Incorporated
- First Data
- Hewlett Packard Enterprise
Development LP
- INGENICO
- Lightspeed Management
Company LLC
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“The global Wireless Point
of Sale (POS) Terminal market is driven by several key factors. Increased
mobility is a major driver, as businesses seek to enhance customer experiences
by accepting payments from anywhere within their premises. Consumer preferences
for contactless payments, mobile wallets, and chip-and-pin transactions are spurring
demand for wireless POS terminals. Businesses are also adopting these systems
for improved security and compliance with industry standards, such as EMV chip
card technology and encryption. The integration of wireless POS terminals with
e-commerce and omnichannel strategies is expanding their use. The COVID-19
pandemic accelerated the adoption of contactless payments and the need for
wireless terminals to ensure safe transactions. Government initiatives
promoting digital payments and the need for efficiency in various industries
are further driving the global wireless POS terminal market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management
consulting firm.
Wireless
POS Terminal Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component
(Hardware, Software, Services), by Type (Portable Countertop and PIN Pad, mPOS,
Smart POS, Others), by Application (Front End, Back End), by Industry Vertical
(Retail, Hospitality, Healthcare, Entertainment, Transportation, Others), By
Region, By Competition 2018-2028 has evaluated the future
growth potential of Global Wireless POS Terminal Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Wireless POS Terminal Market.
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