Market Scenario
A point of sale terminal (POS) is digital device implemented to operate at through card payments at various terminals. A POS terminal operates through different stages. First, the device scans the customer’s information provided by credit, debit card or prepaid. Second, the device verifies whether pre-requisite amount in a customer’s bank account is adequate to make the payment. Third, if the amount is sufficient, then it transaction of funds takes place to the merchant bank. Lastly, the device keeps a note of the transaction and acknowledges with the receipt.
Currently, India in particular, witnessing a huge demand for wireless POS terminal, the reason attributed to constant government encouragement to promote the cashless economy. During demonetization period, where the country was facing low stock of hard-cash, payment transacted through digital cards such as credit card and debit card made a huge impact on the economy.
Mobile POS (mPOS) installations facilitate service sector to operate financial transactions, which eventually enhances the customer experience. This is due to feasibility to operate through mobile devices such as smartphones and laptops, cost-efficient techniques and portability in nature are expected to gain the huge popularity over the forecast period. Additionally, increase in the adoption rate of the wireless point of sale terminals among the retail and e-commerce sector is expected to drive the market over the forecast period.
On the other hand, the serious security issues associated with the cyber-attacks and lack of awareness among the general public is continued to be a challenging factors for the Wireless POS Terminal Market.
The global Wireless POS Terminal is expected to reach approximately over USD 12 Billion by 2023 growing at a 13% CAGR over the forecast period 2017-2023.
Key Players:
Some of the key players of Wireless POS Terminal market include Ingenico (France), Verifone (U.S.), First Data (U.S.), Winpos (Finland), BITEL (Korea), Cegid Group (France), Moneris (Canada), Elavon (U.S.), Castles Technology (Taiwan), Newland Payment Technology (China), CITIXSYS AMERICAS (U.S.). Touchbistro (Canada), PAX Global Technology (Hong Kong), NCR Corporation (U.S.), Diebold Nixdorf (U.S.), Squirrel Systems (Canada), and BBPOS (Hong Kong).
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Segmentations
The wireless POS terminal is segmented by component, type, and end-user.
By component, the wireless POS terminal market is sub-segmented into hardware and software solutions. The hardware sub-segment consists of payment terminal, accessories and workstation. The payment terminal include smartphones and tablets associated with debit or credit card readers and accessories comprise monitors, receipt printers, barcode scanners, wireless barcode scanners, PIN pad, cash drawers, physical inventory scanners, and tag printers
Furthermore, the software solutions include content management, asset management, configuration solutions, and others. The service subsegment include merchant services, installation services and transaction management services, and others.
By the type, wireless POS terminal is further divided into portable countertop pin pad, mPOS, smart POS and others.
By end-user segment, the wireless POS terminal is segmented into Retail E-commerce, hospitality, medical healthcare, automotive transportation, sports entertainment, and other Industries.
Regional Analysis
Geographically, the wireless POS terminal is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to dominate the region in wireless POS terminal market. The U.S. and Canada are the leading countries in the region. This is due to advanced technological infrastructure, which made them early adopter of the system. Furthermore, Asia Pacific is anticipated to be the fastest growing region in the wireless POS Terminal market over the forecast period. India, Japan, and China are the leading countries to be a better prospect region. This is attributed to government initiatives to promote the cashless economy.
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Target Audience
- Research Firms.
- Government Agencies
- Original device manufacturers (ODMs)
- System integrators
- Wireless POS terminal original equipment manufacturers (OEMs)
- Raw material suppliers
- Assembly and packaging vendors
- Technical universe
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