Wireless POS Terminal Market Analysis With Key Players, Applications, Trends And Forecast To 2033

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) .

Market Overview -
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.

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Rising E-Commerce Transactions Drive Growth In Wireless Pos Terminal Market
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.

Competitive Landscape -
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.

Product Innovations Transforming The Wireless Pos Terminal Market
Product advancements are a key trend gaining popularity in the wireless POS terminal market. Major companies operating in the wireless POS terminal market are focused on developing new solutions to strengthen their position in the market. For instance, in February 2021, PAX Global Technology, a China-based electronic payment point of sale terminal and E-payment terminal solution provider, launched the PAX E-Series of all-in-one POS and payment systems for the retail and hospitality verticals. The E-series combines a cash register with a payment terminal and is driven by Android. The solution allows contactless, chip and pin, and QR code payments in addition to traditional payments.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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