Wireless POS Terminal Market to Reach $24.8 Billion by 2031, Fueled by Contactless Transactions and Mobile Payment Expansion - Global Forecast by Industry Vertical

According to a new report published by Allied Market Research, titled, "Wireless POS Terminal Market," The wireless pos terminal market was valued at $7.9 billion in 2021, and is estimated to reach $24.8 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.

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The introduction of Personal Identification Number (PIN) and chip-embedded payment cards have minimized security-related concerns, thereby creating a positive outlook for the global wireless POS terminals market. The effective management facility of upgraded point-of-sale (POS) terminals, as opposed to manual systems or traditional cash registers, supports the rising demand for wireless POS machine. The wireless handheld POS terminal features including sales analysis, inventory management, customer feedback, and personnel management analysis are propelling the market's expansion.

Technological developments have been a crucial trend that has become more and more popular in the wireless POS terminal market. To satisfy customer demand and maintain their position, major players in the wireless POS terminal market are concentrating on innovative technical solutions. For instance, in January 2022, Adyen, the global payments platform of choice for many of the world's leading companies, announced the launch of mobile Android point of sale (POS) terminals in the EU, UK, and the U.S. With the ability to serve as an all-in-one solution and do away with the need for separate cash registers, barcode scanners, and customer-facing displays, the devices represent a fundamental shift in the function of the payment terminal.

On the basis of component, the hardware segment acquired a major share in the wireless POS terminal market in 2021. This is attributed to the factors such as increasing competition in businesses, enterprise operational needs, customers preference for quicker checkout/transaction times and a secure system transmit transactions by POS hardware terminals.

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.

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The pandemic had a positive impact on wireless POS terminal industry as most of the businesses adopted POS terminal to follow social distancing norms. Moreover, the COVID-19 pandemic prompted people to stay indoors and refrain from outside activities, which impacted the wireless POS terminal market growth. Additionally, many stores were able to maintain their operations owing to the e-commerce operations which increased the demand for wireless POS terminal industry.

Key Findings of the Study
By type, the portable countertop and PIN pad segment led the highest wireless POS terminal market share in terms of revenue in 2021.
By component, the software segment is expected to exhibit the fastest growth rate during the forecast period in wireless POS terminal market trends.
Region-wise, Asia-Pacific generated the highest revenue in wireless POS terminal market size in 2021.

The key players operating in the 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 industry.

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