Wireless POS Terminal Market Research, 2031
The global wireless pos terminal market was valued at $7.9 billion in 2021, and is projected to reach $24.8 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.
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 report focuses on growth prospects, restraints, and trends of the wireless POS terminal market. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers; competitive intensity of competitors; threat of new entrants; threat of substitutes; and bargaining power of buyers on the wireless POS terminal market outlook.
The wireless pos terminal market is segmented into Component, Type, Application and Industry Vertical.
Segment Review
The wireless POS terminal is segmented into component, type, application, industry vertical, and region. By component, the market is differentiated into hardware, software and services. The software is further bifurcated into on-premise and cloud. The services segment is further divided into professional services and managed services. The professional services segment is further categorized into system implementation & integration, support & maintenance and training & consulting. Depending on deployment mode, it is fragmented into on-premise and cloud. By type, it is segmented into portable countertop & PIN pad, mPOS, smart POS and others. The application segment is segregated front end and back end. By industry vertical, it is classified into retail, hospitality, healthcare, entertainment, transportation, and others. The hospitality is further segregated into full-service restaurant (FSR), quick service restaurant (QSR), institutional FSR and others. The full-service restaurant (FSR) is further segmented into fine dine and casual dine. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Application
Front End segment constituted largest share in the wireless POS terminal market in 2021.
By application, 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.
By Region
Region wise, the wireless POS terminal market was dominated by Asia-Pacific in 2021, and is expected to retain its position during the forecast period.
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 players operating in the global wireless POS terminal market analysis include 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, Moneris, Oracle, Panasonic Corporation, Pax Technology Limited, Posiflex Technology, Revel Systems, VeriFone, Clip, and Tyro. These players have adopted various strategies to increase their market penetration and strengthen their position in the wireless POS terminal industry.
COVID-19 Impact Analysis
The COVID-19 outbreak had a positive impact on the wireless POS terminal industry as there was surge in preference for cashless transactions. The growth of wireless POS terminal systems during the pandemic had enabled the interaction of customer relationship management (CRM) as well as other financial solutions for organizations. This enabled businesses to use wireless POS terminal transaction data for business intelligence. Furthermore, growth of digital payment industry during the pandemic has propelled the growth of wireless POS terminals market.
Top Impacting Factors
Aids Businesses in Better Management of Customers and Easy Operations
A wireless point-of-sale system helps in the documentation of customer information for the firms. The organization can have a better understanding of its targeted market segment and customer groups if it has customer data. Additionally, it can send offers to its customers to encourage them to visit the store more frequently and to develop customer loyalty. Moreover, wireless POS terminal can assist in tracking each customer in order to provide personalized promotions. Further, effective customer information enables the organization to gain a complete understanding of its target customers and make more informed business decisions. Furthermore, a wireless POS terminal can reduce the amount of tedious or time-consuming operations performed by a business. If the inventory is managed through wireless POS terminals, the organizer will only need to scan the items for the system to record them. This permits the inventory to be tracked. Thus, this factor is driving the growth of wireless POS terminal market.
Increasing Preference for Cashless Transactions
As the transactions are increasingly becoming cashless, customers do not tend to have cash-on-hand, and they prefer to use debit or credit card for shopping. Additionally, wireless POS terminals enable transactions and provide a convenient and hassle-free payment experience for the customers. Further, wireless POS vendors are enhancing security of customer data and chargeback protection to reduce losses and avoid fraudulent purchases. A major and growing trend in the wireless point of sale terminal market is the development of QuickBooks which helps enterprises to monitor total sales, inventory management, payment, payroll, and customer relationship management (CRM) information. This factor is expected to drive the growth of the global market over the coming years. Furthermore, the prominence of cashless payments in emerging countries creates various opportunities for the wireless point of sale terminal market. Thus, increasing preference for cashless transactions is fueling the growth of market.
Growing Adoption of Wireless POS Terminals for Smoother Business Operations
The wireless POS terminal functions involves payments, recording sales figures, payroll management, and inventory control to ensure smooth business functions. In addition, everyday sales and inventory data recorded in the POS system are analyzed to track the sales pattern and help businesses to manage sales tax reporting as well as track their monthly and annual sales. Hence, the adoption of wireless POS systems can reduce everyday tedious and manual tasks recording sales and preparing tax reports. Additionally, integration of customer relationship management (CRM) software in the POS system automatically fetches customer information to create regular updates and prepare sales reports. Thereby, the added advantage of adoption wireless POS system to extract insights related to customer preference, and sales trends are expected to augment the market growth. Thus, the increasing adoption of wireless POS terminals for smoother business operations is propelling the growth of the market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wireless POS terminal market forecast from 2021 to 2031 to identify prevailing wireless POS terminal market opportunity.
- In addition to the market research, important drivers, restraints, and opportunities are covered as well.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wireless POS terminal market segmentation assists in determining the prevailing market opportunities.
- According to their contribution to global market revenue, the major countries in each region are mapped.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wireless POS terminal market trends, key players, market segments, application areas, and market growth strategies.
Wireless POS Terminal Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 24.8 billion |
 Growth Rate | CAGR of 12.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 458 |
 By Component |
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 By Type |
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 By Application |
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 By Industry Vertical |
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 By Region |
|
 Key Market Players | Hewlett Packard Enterprise Development LP, Aures Group, Diebold Nixdorf, Incorporated |
Analyst Review
The need for wireless POS terminals is expected to increase as digital payments become more and more prevalent throughout the world. Smart cards, mobile wallets, and online banking methods are all being used more often by consumers to make purchases, which is helping the industry to expand. Moreover, digital transactions eliminate the inconvenience of carrying cash and guarantee security. Furthermore, mobile wallet acceptance has increased as a result of the increasing use of cellphones in emerging nations. To ensure economic progress, government entities promote the use of electronic payment methods. These elements are anticipated to encourage the use of wireless POS terminals in various industry verticals.
The COVID-19 pandemic pushed the key players in wireless POS terminal market to integrate more advanced technologies to effectively meet consumer requirements, with improved safety and economic feasibility. Wireless POS terminals offer several COVID-friendly features that have helped businesses to serve customers in a socially distanced setting.
The key market players in the wireless POS terminal market are 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, Moneris, Oracle, Panasonic Corporation, Pax Technology Limited, Posiflex Technology, Revel Systems, VeriFone, Clip, and Tyro. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnerships to reduce supply and demand gaps. With rise in awareness & demand for wireless POS terminal across the globe, major players have collaborated on their product portfolio to provide differentiated and innovative products
The wireless POS terminal market is estimated to grow at a CAGR of 12.5% from 2022 to 2031.
The wireless POS terminal market is projected to reach $24.80 billion by 2031.
The fact that it aids businesses in better management of customers and easy operations, increasing preference for cashless transactions and growing adoption of wireless POS terminals for smoother business operations majorly contribute toward the growth of the market.
The key players profiled in the report include 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, Moneris, Oracle, Panasonic Corporation, Pax Technology Limited, Posiflex Technology, Revel Systems, VeriFone, Clip, and Tyro.
The key growth strategies of wireless POS terminal market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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