Global Wireless POS Terminal Market Size By Component, By Type, By End-User Industry, By Geographic Scope And Forecast

Wireless POS Terminal Market Size And Forecast

Wireless POS Terminal Market size was valued at USD 7.36 Billion in 2024 and is projected to reach USD 13.29 Billion by 2031, growing at a CAGR of 7.66% during the forecasted period 2024 to 2031.A wireless POS terminal is a portable device that accepts credit/debit card payments and manages transactions at retail establishments without the need for a wired connection. These terminals interface wirelessly with payment processors, enabling businesses to collect payments in unconventional settings.Wireless POS systems are widely used in restaurants, cafes, food trucks, pop-up stores, and delivery services, allowing them to serve customers and settle transactions from any location.

Global Wireless POS Terminal Market Dynamics

The key market dynamics that are shaping the wireless POS terminal market include:

Key Market Drivers

Increasing Adoption of Contactless Payments: The increased desire for contactless payments is a key driver of the wireless POS terminal market. According to a Visa report, contactless payments in Europe increased by 165% in 2020 over the previous year. In the United States, the National Retail Federation discovered that 67% of merchants currently accept no-touch payment. This trend is pushing increasing demand for wireless POS terminals that can accept a variety of contactless payment methods.

Rapid Growth of Mobile and Digital Wallets: The growth of mobile and digital wallets is driving up the need for wireless POS terminals. Verified Market Research projects that the number of digital wallet users worldwide will approach 4.5 billion by 2026, up from 2.6 billion in 2020. This significant growth drives merchants to embrace wireless POS terminals that can accommodate these emerging payment technologies.

Shift towards Omnichannel Retail Strategies: Retailers are rapidly implementing omnichannel strategies, which necessitates flexible and mobile point-of-sale solutions. According to a Harvard Business Review survey, 73% of shoppers use various channels during their purchasing experience. This trend is generating demand for wireless POS terminals that can process transactions anywhere in the shop, at pop-up sites, or for home deliveries, thereby improving the overall consumer experience.

Key Challenges:

High Maintenance Costs: The high maintenance expenses of wireless point-of-sale (POS) devices represent a barrier to the market. To ensure optimal performance and security, these systems must be updated regularly with security patches and technical support. Small and medium-sized businesses are hesitant to invest in wireless POS technology due to the large financial burden associated with maintaining these systems. This stifles market expansion, particularly among smaller shops that struggle with these costs.

Slow Rate of Adoption: While many shops are switching to cashless transactions, some are hesitant due to the perceived complexity of implementation or a lack of knowledge about the technology. This hesitation affects the market's overall growth since firms that do not use wireless systems miss out on the benefits of increased productivity and customer satisfaction.

Key Trends:

Rise of Contactless Payments and NFC Technology: Contactless payments and NFC technologies are becoming increasingly popular, owing to consumer desire for speedier and more comfortable transaction methods. The COVID-19 pandemic has expedited this transition, as customers prefer to make payments with credit cards or smart devices. This trend has resulted in the widespread use of POS terminals with Near Field Communication (NFC) capabilities, which improve transaction efficiency and security while requiring less physical contact during payments.Integration of AI and ML: These technologies allow organizations to evaluate transaction data and gain insights into consumer behavior and preferences. This data-driven approach enables retailers to improve inventory management, personalize marketing efforts, and increase overall operational efficiency. Furthermore, AI-powered fraud detection solutions enhance transaction security, protecting businesses and customers from potential risks.Cloud-based POS Systems: Cloud technology provides enterprises with enhanced flexibility, scalability, and accessibility, enabling real-time software updates and remote data administration. This trend decreases the need for physical infrastructure and simplifies the maintenance of POS systems across various sites. As businesses seek efficient and cost-effective solutions, cloud-based wireless POS systems are becoming more appealing to a diverse spectrum of firms.

Global Wireless POS Terminal Market Regional Analysis

Here is a more detailed regional analysis of the wireless POS terminal market:

Asia Pacific:

According to Verified Market Research, the Asia Pacific region is estimated to dominate the market over the forecast period. The Asia Pacific region is experiencing accelerated growth in digital payments and e-commerce, which is boosting the use of wireless POS terminals. According to Asian Development Bank research, digital payments in the Asia Pacific region are predicted to total $1.5 trillion by 2025, up from $620 billion in 2020. This huge growth is driving up demand for wireless POS terminals that can accept a variety of digital payment methods.

The Asia Pacific region has experienced a significant increase in smartphone penetration, increasing mobile wallet usage. According to GSMA Intelligence, smartphone adoption in the Asia-Pacific region will increase to 83% by 2025, up from 68% in 2020. This extensive mobile adoption drives merchants to invest in wireless POS terminals that can efficiently process mobile wallet transactions, ensuring a seamless payment experience for consumers.

Furthermore, several governments in the Asia Pacific area are aggressively encouraging cashless transactions, increasing demand for wireless POS terminals. For example, according to the Reserve Bank of India, digital transactions in India increased by 55% in volume and 24% in value in 2022 over the previous year. This increase can be ascribed in part to government programs such as the Digital India program, which seeks to turn India into a digitally enabled society and knowledge economy.

Europe:

Europe region is estimated to exhibit significant growth within the market during the forecast period. The demand for wireless POS terminals in Europe has increased significantly as contactless payments have grown. According to the European Central Bank's 2022 report on cash use by eurozone consumers, contactless payments now account for 62% of all card payments at points of sale, up from 41% in 2019. The fast expansion of contactless transactions has increased the demand for suitable wireless POS terminals throughout the region.

The European Union has enacted legislation that encourages digital payments and improves security, such as the Payment Services Directive 2 (PSD2). According to the European Payments Council, the adoption of PSD2 resulted in a 30% increase in the use of digital payment methods from 2018 to 2021. The regulatory environment has encouraged businesses to adopt more advanced payment technologies, including wireless POS terminals.

Furthermore, the growth of e-commerce and m-commerce in Europe has created a demand for flexible payment options, such as wireless POS terminals. Eurostat forecasts that e-commerce sales in the EU reached €823 billion in 2021, up 13% from 2020. Furthermore, a Visa study predicts that by 2024, mobile commerce will account for 44% of all e-commerce sales in Europe. This trend is encouraging retailers to use wireless POS solutions that can be integrated into several sales channels.

North America:

North America is estimated to exhibit substantial growth within the market during the forecast period. The COVID-19 pandemic has expedited the transition to contactless payments, increasing the demand for wireless POS terminals. According to a survey conducted by the National Retail Federation and Forrester, 67% of businesses currently accept no-touch payments. This includes 58% that accept contactless cards that can be tapped at a terminal and 56% that accept digital wallet payments via smartphones.The growth of e-commerce and omnichannel retail strategies has increased demand for mobile and wireless POS solutions. According to the US Census Bureau, e-commerce sales in the United States reached $870.8 billion in 2021, up 14.2% from 2020. This increase has driven businesses to use wireless POS terminals to provide smooth transactions across many channels.Furthermore, government assistance for digital payment usage has been a key driver of the wireless POS terminal market. For example, the Federal Reserve of the United States has actively promoted speedier payment methods. According to the Federal Reserve's 2019 Payments Study, the number of credit and debit card payments climbed at an annual pace of 8.9% between 2015 and 2018, totaling 131.2 billion transactions in 2018. This trend implies an increasing preference for electronic payment methods, which increases demand for wireless POS terminals.

Global Wireless POS Terminal Market Segmentation Analysis

The Wireless POS Terminal Market is segmented based on Component, Type, End-User Industry, and Geography.

Wireless POS Terminal Market, By Component

• Hardware
• Software & Services

Based on Component, the market is segmented into Hardware and Software & Services. The hardware segment is estimated to dominate the wireless POS terminal market due to the basic components that comprise the hardware, such as payment terminals, barcode scanners, and receipt printers, which are required for transaction processing. The growing demand for portable and fast payment solutions in a variety of industries, including retail and hospitality, reinforces the hardware segment's market leadership.

Wireless POS Terminal Market, By Type

• Portable Countertop & PIN Pad
• mPOS
• Smart POS
• Others

Based on Type, the market is segmented into Portable Countertop & PIN Pad, mPOS, Smart POS, and Others. The portable countertop & PIN pad segment is estimated to dominate the wireless POS terminal market due to the simplicity and mobility provided by these devices, which are intended for easy transfer and usage in a variety of retail settings. Their tiny design enables businesses to swiftly facilitate transactions, making them especially popular in industries like hospitality and retail, where speedy service is critical.

Wireless POS Terminal Market, By End-User Industry

• Retail
• Hospitality
• Healthcare
• Transportation
• Sports and Entertainment
• Others

Based on End-User Industry, the market is segmented into Retail, Hospitality, Healthcare, Transportation, Sports & Entertainment, and Others. The retail segment is estimated to hold the majority share in the forecast period of the wireless POS terminal market. This dominance is fueled by retailers' expanding use of wireless payment technologies, which improve transaction security and efficiency. Retailers benefit from enhanced capabilities like inventory management, customer data tracking, and quicker invoicing processes, making wireless POS terminals indispensable for modern retail operations and consumer interaction.

Wireless POS Terminal Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Wireless POS Terminal Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is estimated to hold the largest share of the wireless POS terminal market owing to the increased deployment of wireless POS terminals and the demand for cashless transactions in countries like as China, Japan, and India.

Key Players

• The "Wireless POS Terminal Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are VeriFone, PAX Global Technology, Diebold Nixdorf Incorporated, Elavon, Castles Technology, Winpos, BBPOS Limited, Ingenico, Bitel, and Cegid Group.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• In January 2022, Verifone announced a partnership with Affirm, a payment network that empowers consumers and supports merchant growth. This partnership will make Affirm's transparent and flexible payment options available on Verifone's e-commerce platforms and card-present solutions.
• To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
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