Overview and Scope
A wireless POS terminal refers to functions similarly to a wired terminal but with the extra flexibility of accepting payments in non-traditional settings. A point-of-sale (POS) terminal is a piece of hardware used in retail establishments to handle card payments. Hardware includes inbuilt software for reading magnetic strips on credit and debit cards. The wireless POS terminals are used for processing card payments at retail locations.
Sizing and Forecast
The wireless pos terminal market size has grown rapidly in recent years. It will grow from $11.7 billion in 2023 to $13.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increased adoption of mobile devices, rise in demand for cloud-based solutions, need for flexibility and mobility in payment transactions, rise in internet penetration, increasing need for regulatory compliance.
The wireless pos terminal market size is expected to see rapid growth in the next few years. It will grow to $21.16 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to growing adoption of contactless payment systems, increasing demand for wireless pos terminals in emerging economies, advancements in biometric technology, growing popularity of mobile wallets, increasing focus on enhancing customer experience. Major trends in the forecast period include growing popularity of portable and handheld wireless pos terminals, increasing adoption of smart pos terminals, ai and machine learning integration, omnichannel integration, integration of internet of things (iot)
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Segmentation & Regional Insights
The wireless pos terminal market covered in this report is segmented –
1) By Type: Portable Countertop and PIN Pad, mPOS, Smart POS, Mini POS, Smart Mobile Dongle
2) By Component: Hardware, Software, Services
3) By Technology: NFC Terminal, Non-NFC Terminal
4) By Application: Restaurants, Hospitality, Healthcare, Retail, Warehouse or Distribution, Other Applications
North America was the largest region in the wireless PSO terminal market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless pos terminal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing e-commerce transactions are expected to propel the growth of the wireless POS terminal market going forward. E-commerce, often known as electronic commerce, is the exchange of goods and services as well as the sending of money and data through an electronic network, most commonly the internet. Due to the surge in e-commerce transactions, acceptance of cashless transactions, and increased use of wireless terminals by retailers, e-commerce platforms have become the market leaders, necessitating the use of wireless POS software systems. For instance, according to a June 2022 article by Morgan Stanley, a US-based investment management and financial services organization, global e-commerce accounted for almost 22% of total sales between 2019 and 2021, rising from 15% to 21% of all retail sales. Furthermore, according to Forbes, an American business journal, e-commerce sales in the US hit $870 billion in 2021, increasing 14.2% from 2020 and 50.5% from the year before. E-commerce made up 13.2% of retail sales in the US in 2021. Therefore, increasing e-commerce transactions are the main factor propelling the market for wireless POS terminals.
Key Industry Players
Major companies operating in the wireless pos terminal market report are Elavon Inc., VeriFone Inc., Fiserv Inc., PAX Global Technology Limited, NCR Corporation, iVeri Payment Technologies (Pty) Ltd., CEGID GROUP SA, Squirrel Systems, Castle Advanced Technologies And Systems Private Limited, Fujian Newland Payment Technology Co. Ltd., Emerge Mobile (Pty) Ltd., Equinox Payments LLC, Hewlett-Packard Development Company L. P., Nce Corporation (s) Pte. Ltd., Micros Systems Inc., Miura Systems Ltd., Ingenico SA, First Data Corporation, Diebold Nixdorf Inc., BBPOS(Stripe Inc. ), Oracle Corporation, Winpos Group AB, BITEL TECHNOLOGIES Ltd., CitiXsys- Ivend reatil, Posiflex Technology Inc., NEC Corporation, SPECTRA Technologies Holdings Co. Ltd., Zebra Technologies Corp., TOSHIBA CORPORATION, QVS Software Inc.
The wireless pos terminal market report table of contents includes:
1. Executive Summary
2. Wireless POS Terminal Market Characteristics
3. Wireless POS Terminal Market Trends And Strategies
4. Wireless POS Terminal Market – Macro Economic Scenario
5. Global Wireless POS Terminal Market Size and Growth
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26. South America Wireless POS Terminal Market
27. Brazil Wireless POS Terminal Market
28. Middle East Wireless POS Terminal Market
29. Africa Wireless POS Terminal Market
30. Wireless POS Terminal Market Competitive Landscape And Company Profiles
Top Major Players:
- Elavon Inc
- VeriFone Inc
- Fiserv Inc
- PAX Global Technology Limited
- NCR Corporation
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