According to Market Research Future analysis, wireless POS terminal market has been estimated approximately over USD 12 billion growing with a 13% CAGR during forecast period 2017-2023.
Point-of-sale (POS) terminals offer feasibility and convenience to use and enhance the high payback returns due to this, has created a huge impact on the market. POS terminals are installed and implemented for numerous applications such as inventory management, payments of printing bills and many more, over different industrial verticals such as retail & e-commerce, healthcare & medical sectors, hospitality, and sports & entertainment.
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Wireless POS terminals are evolved in different types such as portable countertop & pin pad, mPOS, smart POS and many more. Among these, mobile POS (mPOS) terminals have evolved as a prominent segment as an advanced version for cash transaction due to its sophisticated features which include portability, convenience and better customer experience. However, government initiatives to promote cashless economy are expected to gain huge popularity among the general public.
On the other hand, increase in online transaction offers the system vulnerable to cyber-attacks is presumed to be a serious concern. Moreover, high maintenance cost for the system is also expected to be a challenging factor for the wireless POS terminal market for the review period.
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The wireless POS terminal is segmented by component, type, and end-user.
By components, the wireless POS terminal market is sub-divided into hardware, software solutions and services. The hardware sub-segment include payment terminal, accessories and workstation. The payment terminal comprises smartphones and tablets associated with debit or credit card readers and accessories comprise monitors, receipt printers, barcode scanners, wireless barcode scanners, PIN pad, cash drawers, physical inventory scanners, and tag printers
Furthermore, the software solutions consist of content management, configuration solutions, and others. The service subsegment includes merchant services, installation services and transaction management services, and others.
By the type, wireless POS terminal is further segregated into portable countertop & pin pad, mPOS, smart POS and others.
By end-user, the wireless POS terminal is classified as retail & e-commerce, hospitality, medical & healthcare, automotive & transportation, sports & entertainment, and other Industries.
Market research future identifies some of the key players of wireless POS terminal market are Ingenico (France), Verifone (U.S.), First Data (U.S.), Winpos (Finland), BITEL (South Korea), Cegid Group (France), Moneris (Canada), Elavon (U.S.), Castles Technology (Taiwan),Newland Payment Technology (Verifone China), CITIXSYS AMERICAS (U.S.), Touchbistro (Canada), PAX Global Technology (Hong Kong), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
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