Owing to benefits such as low cost and easy maintenance, wireless POS terminal devices are becoming increasingly popular in various applications across the world. Throughout the forecast period of 2021–2031, the market for wireless POS terminal devices is anticipated to expand at a remarkable rate.
The need for efficient and faster transactions is driving the demand for wireless POS systems. The emergence of new technologies such as 5G, NFC, Bluetooth, and others has led to the development of advanced wireless POS terminal devices with improved speed, accuracy, and efficiency.
Rapid application developments, technological advancements, and innovative product portfolios are expected to create lucrative opportunities for market players in the near future. Moreover, with the help of mobile applications and other innovative payment solutions such as QR code scanning and near-field communication (NFC), customers no longer have to wait in long queues to make payments at retail outlets.
Many vendors are offering various features with their products to meet consumer requirements, such as touch displays, payment processing, network connectivity, data sharing, and others.
Considering these factors, it is reasonable to say that the global wireless POS terminal device market is growing at an appreciable compound annual growth rate (CAGR) of 9.9%. It is expected that the market might acquire a size of USD 33.2 billion during the period of forecast, that is, 2021-31.
Wireless POS Terminal Devices are portable or handheld devices that are used as Point-Of-Sale (POS) terminals. These devices allow merchants to accept payments from customers via a variety of methods, such as debit, credit, and mobile wallets. The wireless POS terminal connects to a nearby Wi-Fi network, allowing it to process transactions quickly and securely. They offer all the features of traditional POS systems without the need for dedicated cabling and hardware. These terminals are used in retail stores for making payments without the need for physical cash or cards. These terminals can also be utilized for customer relationship management and inventory management. With their increasing popularity among consumers, there is a growing demand for such terminals in the market.
In recent years, the market has been witnessing significant growth due to various developments such as the increasing demand for contactless payments and digital wallets in order to reduce the security risk associated with traditional payment methods. Furthermore, governments of various countries are taking initiatives in order to reduce dependency on cash payments and encourage contactless transactions through digital payment platforms such as credit/debit cards, mobile wallets, etc., resulting in increased demand for this device type. Moreover, increasing the adoption of point-of-sale (POS) systems by small and medium enterprises (SMEs) will create opportunities for the global wireless POS terminal devices market.
However, the high upfront cost of installation and lack of awareness about its operational benefits may restrain the growth of the wireless POS terminal devices market to some extent. Despite this, the market is anticipated to witness healthy growth in the coming years due to increasing demand for digital payment solutions.
The key companies in the global Wireless POS Terminal Devices market are Ingenico Group, PAX Technology, VeriFone Systems Inc., Spire Payments, Castles Technology Co. Ltd., Panasonic Corporation, Toshiba TEC Corporation, First Data Corporation, and Nippon Telesoft Corporation. These companies are focusing on developing innovative products to increase their market share. Moreover, collaborations among key players are further intensifying the competition among them which is further driving the growth of the global wireless POS terminal devices market. Product launches, collaborations, partnerships, and acquisitions are the main strategies used by the top companies functioning in the wireless POS terminal devices market.
Smart POS Terminals to Remain the Most Lucrative Segment
The market has been segmented by type into smart POS terminals and non-smart POS terminals. Smart POS terminals are integrated with advanced features such as contactless payment processing, online transaction support, loyalty program integration, and others. Non-smart POS terminals are basic systems that lack these advanced features. Amongst these, smart POS terminals are expected to register higher growth due to their increased use in industries such as retail, restaurant, hospitality, and others.
Retail Industry to Ensure Maximum Revenue
The market has been segmented on the basis of applications into the retail, restaurant, hospitality, and others. Among these applications, the retail industry holds a prominent share in the market owing to increasing demand for integrated payment systems and contactless payment processing that are enabled by wireless POS terminal devices.
North America is Expected to Render Ample Investment Avenues
The market has been segmented by region into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. North America is expected to be the leading regional contributor to the global market due to the presence of major players in the United States coupled with the high adoption of advanced technologies in this region. Additionally, the growing demand for premium services from customers is further boosting the growth of the market in this region.
Covid-19 Impact and Market Status
The outbreak of the pandemic has led to a decrease in demand for Wireless POS Terminal Devices due to the closure of retail outlets and restaurants. The hospitality industry has also been impacted due to travel restrictions. The market faced further difficulty due to the limitation of physical contact in order to reduce the risk of infection. This has led to a reduction in demand for wireless POS terminal devices, as it is an essential component for contactless payments. However, with the gradual reopening of businesses and stores, there has been a spike in demand for wireless POS terminal devices as contactless payments have become increasingly popular. Furthermore, governments across the world are encouraging businesses to adopt digital payment solutions such as mobile wallets and contactless cards in order to minimize physical contact and maintain social distancing. This will drive the adoption of wireless POS terminal devices over the forecast period.
Latest Innovations in the Global Wireless POS Terminal Devices Market: a Snapshot
• In 2020, the market witnessed significant growth owing to the increasing demand for contactless payments due to the COVID-19 pandemic.
• In 2021, the market is expected to continue its growth due to the increasing adoption of Wireless POS Terminal Devices across different countries.
• Ingenico Group launched its new wireless POS terminal named ‘Ingenico Move/5000’ that can be used on any Android or iOS device. Moreover, they have launched their ‘Ingenico Pay@Table’ solution which enables restaurant customers to pay at their table without having to wait for a waiter or server.
• Similarly, PAX Technology launched its mobile POS terminal called ‘PAX A920’ which is equipped with dual screens and a powerful processor among other features.
Wireless POS Terminal Devices Market Scope
|Revenue forecast in 2031
|USD 33.2 BN
|CAGR of 9.9 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|POS Terminal Devices market are Ingenico Group, PAX Technology, VeriFone Systems Inc., Spire Payments, Castles Technology Co. Ltd., Panasonic Corporation, Toshiba TEC Corporation, First Data Corporation, and Nippon Telesoft Corporation.
Key Segments of the Wireless POS Terminal Devices Market
By Type Overview, 2021-2031 (USD Billion)
• Smart POS
• Non-Smart POS
By Application Overview, 2021-2031 (USD Billion)
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa