The global wireless POS terminal market is anticipated to surpass a valuation of USD 12 billion, attaining a CAGR of 13% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report.
The advent of chip-embedded payment cards and Personal Identification Number (PIN) have reduced security-related concerns, which has further created a positive outlook for the entire Wireless POS Terminal Market. The surging wireless connectivity and high availability of scanners, peripheral devices, printers, and card readers have boosted the sales of POS terminals. The portable and affordable nature of wireless POS terminal is one of the major advantages, which assists in reducing the operation cost for retailers. A wireless POS terminal allows outlets to accept card payments without having to update their cash registers. This device does not just improve shopping experience for customers but also updates the centralized information system regarding the sale of products. Such benefits are likely to augment the wireless POS terminal market across the globe.
On the contrary, rising online transactions makes the wireless POS terminal systems vulnerable to cyber-attacks. This is likely to be a serious concern. The high maintenance cost of this system is likely to hinder the market growth in the long run.
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The players operating in the global wireless POS terminal market include Verifone (U.S.), Ingenico (France), Winpos (Finland), First Data (U.S.), Cegid Group (France), BITEL (Korea), Elavon (U.S.), Moneris (Canada), Newland Payment Technology (China), Castles Technology (Taiwan), Touchbistro (Canada), CITIXSYS AMERICAS (U.S.). NCR Corporation (U.S.), PAX Global Technology (Hong Kong), Squirrel Systems (Canada), Diebold Nixdorf (U.S.), and BBPOS (Hong Kong).
Global Wireless POS Terminal Market: Segmental Analysis
The wireless POS terminal market has been segmented on the basis of type, component, and end user.
By component, the wireless POS terminal market is segmented into hardware and software.
By type, the wireless POS terminal market is segmented into mPOS, portable countertop & pin pad, smart POS, and others. Of these, the mobile POS or mPOS segment is estimated to gain prominence as mPOS implementation allow the sales and service industries to conduct financial transactions, thereby enhancing customer experience.
By end users, the market is segmented into hospitality, retail & e-commerce, automotive & transportation, medical & healthcare, sports & entertainment, and others. Of these, the sports and entertainment sectors are likely to gain prominence as wireless POS terminals are extensively used in these sectors. Wireless POS terminal is highly deployed in movie theatres, casinos, museums, theme parks, and sports arenas. Deployment of such solutions ensures transparency and flexibility and offer improved customer service, which helps to improve sales performance as well.
Geographically, the wireless POS terminal market spans across Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Considering the global scenario, North America is expected to dominate the wireless POS terminal market, with Canada and the U.S. leading the market in the region. The growth can be credited to the advanced technological infrastructure, which has made the region an early adopter of the system.
The Asia Pacific is likely to generate the fastest growth, with China, India, and Japan considered to lead the region. These countries are likely to exhibit better prospects due to government initiatives to promote cashless economy. Cost-effective POS terminals are introduced in the payment industry, which has further promoted the market growth in the region. Moreover, soaring adoption of wireless technology across industries like travel, entertainment, and retail are encouraging the market growth. The rapidly growing customer base due to the rising prominence of small and medium businesses and the reduction in the total cost of ownership are likely to spur the market growth. Benefits such as high degree of security, low queue time, decreasing check-out space requirement, paper-free receipt option, and rising floor space are some of the other factors likely to propel the growth of the regional market.
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