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% between 2017 and 2023
Wide adoption of wireless payment terminal by retailers drives the wireless POS terminal market
NEW YORK, Jan. 24, 2018 /PRNewswire/ --
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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% between 2017 and 2023. 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.
However, security issues related to wireless technology and high maintenance cost of wireless POS systems hamper the growth of the market
Portable countertop and PIN pad held the largest share of the wireless POS terminal market in 2016
The portable countertop and PIN pad held the largest share of the wireless POS terminal market in 2016. Portable countertop POS solutions are compact, easy to install, and simple for both merchants as well as customers. They are largely deployed in several industries such as hospitality, sports and entertainment, and retail.
Apart from accepting payments, these devices can also support rich multimedia to drive customer engagement and build loyalty
North America is expected to hold the largest share of the market during the forecast period
North America held the largest share of the wireless POS terminal market in 2016, in terms of revenue, and the similar trend is expected to continue during the forecast period. The decreasing cost of the mobile devices and growing popularity of wireless technology have resulted in the rising adoption of wireless POS terminals across North America. Growing modernization of the payment industry, along with a focus on offering solutions that are customized or business specific, is anticipated to contribute to the growth of the market. The significant use of wireless POS terminals across several industries, such as retail, hospitality, and entertainment, is also driving the wireless POS terminal market in North America.
Breakdown of primary participants:
• By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
• By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: Europe = 43%, APAC = 29%, North America = 14%, and RoW = 14%
Some of the major players operating in the wireless POS terminal market are as follows:
1. Ingenico (France)
2. Verifone (US)
3. First Data (US)
4. PAX Global Technology (Hong Kong)
5. NCR Corporation (US)
6. Diebold Nixdorf (US)
7. BBPOS (Hong Kong)
8. Elavon (US)
9. Castles Technology (Taiwan)
10. Winpos (Finland)
11. BITEL (Korea)
12. Cegid Group (France)
13. Squirrel Systems (Canada)
14. Newland Payment Technology (China)
15. CITIXSYS AMERICAS (US)
Research Coverage:
In this report, the wireless POS terminal market has been segmented on the basis of component, type, industry, and geography. The report also discusses the drivers, restraints, opportunities, and challenges for the market growth.
It gives a detailed view of the market across 4 main regions—North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the wireless POS terminal ecosystem.
Reasons to Buy the Report:
• This report includes statistics for the wireless POS terminal market based on component, type, industry, and geography, along with their respective market sizes.
• Value chain analysis and key industry trends have been provided for the market.
• Major drivers, restraints, opportunities, and challenges for the wireless POS terminal market have been provided in detail in this report.
• This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem and the recent development strategies adopted by the key players in the market such as product launches and developments, partnerships, and mergers and acquisitions.
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