The wireless POS terminal market is expected to reach USD 13.00 Billion by 2023 from USD 6.73 Billion in 2017, at a CAGR of 11.59% during the forecast period. The factors such as wide adoption of wireless payment terminal by retailers; growing use of EuroPay, MasterCard, and Visa (EMV) cards; increasing e-commerce transactions; increase in cashless transactions in different countries; and growing adoption of wireless technology in mobile handsets and wearables drive the demand for wireless POS terminals. The wireless POS terminal market in APAC is expected to grow at the highest CAGR during the forecast period owing to the adoption of POS solutions by small and medium-sized retailers, and quick service restaurants as well as technological advancements taking place in countries such as India and China.
Based on component, the wireless POS terminal market is segmented into hardware, and POS software and services. POS software and services held a larger share of the wireless POS terminal market in 2016. Software solutions play a major role as these solutions transfer information to the databases used by merchants. It assists in stock and inventory management. It helps in systematically conducting and documenting cash and card transactions. With the technological advancements, more robust and user-friendly software solutions are being deployed for the smooth functioning of wireless POS terminals. Additionally, services segment includes payment services and management, gateway services, and maintenance.
Based on type, the wireless POS terminal market has been segmented into portable countertop and PIN pad, mPOS, smart POS, and others. The market for mPOS is expected to register the highest CAGR during the forecast period. The positive year-on-year growth of the market for mPOS is attributed to ease of accessibility and low cost of installation of these devices along with their availability on a monthly rental basis. These devices are cost-effective, easy to use, and compact in size, and their use is scalable for all business sizes.
The wireless POS terminal market based on industry has been segmented into retail, hospitality, healthcare, transportation, sports and entertainment, and other industries. The market for the sports and entertainment industry is likely to grow at the highest CAGR during the forecast period. Wireless POS terminals are mainly deployed at casinos, movie theatres, theme parks, museums, and sports arenas. These solutions assure flexible and transparent entertainment business, and provide better customer service, which, in turn, helps in enhancing sales.
The wireless POS terminal market based on geography has been broadly classified into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. Rapidly growing customer base owing to increasing prominence of small and medium businesses (SMBs) coupled with the reduction in total cost of ownership (TCO) is expected to continue to drive the wireless POS terminal market in APAC in the near future.
Wireless POS Terminal Market by Component (Hardware, Software & Services), Type (Portable Countertop & PIN Pad, mPOS, Smart POS), Industry (Retail, Hospitality, Healthcare, Transportation, Sports & Entertainment), and Geography - Global Forecast to 2023
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