The global market size for wireless POS terminals reached US$ 8.3 billion in 2021. Looking ahead, the publisher anticipates that the market will reach US$ 15.8 billion by 2027, with a CAGR of 11.33% from 2021 to 2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A wireless POS terminal (Point of Sale) is a digital device employed to process card payments in banks, retail stores, museums, metro stations, pharmacies, and restaurants. It is bifurcated into software and hardware solutions. The software solution consists of asset management, content management, and configuration solutions.
Whereas, the hardware category includes workstations, payment terminals like smartphones and tablets allied with credit or debit card readers, and accessories including monitors, barcode scanners, receipt printers, and cash drawers. The POS process generally begins with the scanning of a user’s information provided by their debit, credit, or prepaid card.
Following this, the terminal verifies whether the available amount is sufficient to complete the transaction from the user’s bank account. The transaction takes place after confirmation and the terminal stores a note of the transfer and acknowledges it with a receipt.
The introduction of Personal Identification Number (PIN) and chip-embedded payment cards have minimized security-related concerns, thereby creating a positive outlook for the global wireless POS terminals market. Moreover, the sales of POS terminals are being boosted by the increasing wireless connectivity coupled with the availability of peripheral devices, scanners, card readers, and printers.
In addition to this, the affordable and portable nature of these terminals is a major advantage that helps in reducing the operation cost for retailers. Further, ultra-portable forms of these systems are being introduced by manufacturers. For instance, they have produced POS terminals the size of a credit card. Apart from this, the number of people using their existing tablet/system as a POS terminal with the help of specialized software is rapidly increasing.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global wireless POS terminals market report, along with forecasts at the global and regional levels from 2022-2027. Our report has categorized the market based on type, component, technology, and industry.
Source: BusinessWire
