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IMARC Group's report titled“ Wireless POS Terminals market Report by Type (Portable Countertop and Pin Pad, MPOS, Smart POS, and Others), Component (Hardware, POS Software and Services), technology (NFC Terminal, Non-NFC Terminal), industry (Retail, Hospitality, Healthcare, Transportation, Sports and Entertainment, and Others), and Region 2024-2032 “, The global wireless POS terminals market size reached US$ 10.3 Billion in
2023. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by
2032, exhibiting a growth rate (CAGR) of 9.7% during
2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/wireless-pos-terminals-market/requestsample
Factors Affecting the Growth of the Wireless POS Terminals Industry:
Rising Adoption of Contactless Payments:
Contactless payments offer a faster and more convenient way to transact compared to traditional payment methods. Consumers appreciate the speed and simplicity of tapping their cards or mobile devices, driving demand for wireless POS terminals capable of accepting these transactions. Due to public health considerations, there is a growing focus on reducing physical contact with surfaces, including payment terminals. Contactless payments minimize the need for touching buttons or handling cash, making them an attractive option for both merchants and consumers.
Emergence of Near Field Communication (NFC) Technology:
NFC technology enables secure and convenient contactless payments by allowing communication between a payment device, such as a smartphone or contactless card and an NFC-enabled POS terminal. This capability aligns with the growing consumer preferences for quick and hassle-free payment methods, driving the demand for wireless POS terminals equipped with NFC functionality. With NFC technology, wireless POS terminals can accept a broader range of payment options, including contactless cards, mobile wallets, and wearable devices. This versatility enhances the flexibility of payment processing for merchants, catering to diverse consumer preferences and increasing the attractiveness of wireless POS solutions.
Advancements in Payment Security:
Innovations in payment security, such as encryption, tokenization, and biometric authentication, help mitigate fraud risks by safeguarding payment data transmitted during transactions. Merchants are using wireless POS terminals equipped with advanced security features to protect themselves and their customers from fraudulent activities. Regulatory bodies and industry associations are updating and enforcing standards related to payment security to ensure the integrity and confidentiality of financial transactions.
Leading Companies Operating in the Global Wireless POS Terminals Industry:
Ingenico Verifone First Data PAX Global Technology NCR Corporation Diebold Nixdorf BBPOS Elavon Castles Technology Winpos Bitel Cegid Group Squirrel Systems Newland Payment Technology Citixsys Americas Izettle Revel Systems ShopKeep TouchBistro Inc. Vend.
Wireless POS Terminals Market Report Segmentation:
By Type:
Portable Countertop and Pin Pad MPOS Smart POS Others
Portable countertop and pin pad represent the largest segment as they offer versatility and convenience for various business types, enabling both stationery and mobile payment processing.
By Component:
Hardware POS Software and Services
Hardware accounts for the majority of the market share owing to the reliance of wireless POS terminals on physical components, such as terminals, card readers, and peripherals, to facilitate transactions.
By Technology:
NFC Terminal Non-NFC Terminal
NFC terminal exhibits a clear dominance in the market due to the increasing adoption of contactless payments and the widespread availability of NFC-enabled devices, driving the demand for terminals that support this technology.
By Industry:
Retail Hospitality Healthcare Transportation Sports and Entertainment Others
Retail holds the biggest market share driven by the rising utilization of wireless POS terminals in the retail sector to improve customer service, streamline checkout processes, and support omnichannel sales strategies.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America enjoys the leading position in the wireless POS terminals market on account of the increasing adoption of electronic payments, strong technological infrastructure, and the presence of leading POS terminal manufacturers and solution providers headquartered in the region.
Global Wireless POS Terminals Market Trends:
Cloud-based POS solutions are gaining traction worldwide due to their scalability, flexibility, and cost-effectiveness. Businesses are deploying wireless POS terminals integrated with cloud-based software for real-time analytics, inventory management, and remote management capabilities.
Integrated payment solutions, which combine POS functionalities with additional features, such as inventory management, customer relationship management (CRM), and e-commerce integration, are becoming increasingly popular. Moreover, the rising demand for wireless POS terminals that offer seamless integration with third-party applications and services is offering lucrative growth opportunities to industry investors.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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