The “Wireless POS Terminal Market By Component, By Type, By Application, And By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2031” report has been added to ResearchAndMarkets.com’s offering.
According to the report, “Wireless POS Terminal Market,” the wireless POS terminal market was valued at $7.9 billion in 2021 and is estimated to reach $24.8 billion by 2031, growing at a CAGR of 12.5% from 2022 to 2031.
The functionality of a wireless point-of-sale device is identical to that of a wired terminal, with the additional ability to collect payments in unconventional places. A wireless POS system has several advantages. With a wireless terminal, users can go to the customer and complete the transaction at their place. This is an ideal choice for restaurants, cafes, delivery businesses, and coffee shops.
One of the major factors driving the need for wireless POS systems among businesses is to reduce billing errors. Moreover, with the growing demand for efficiency among SMEs and their increasing sales, there is a surge in the need for computing systems, such as POS systems, amongst business owners that can help drive sales. However, high integration costs and security risks associated with the wireless POS terminal are restraining the growth of the market. On the contrary, the increasing adoption of wireless POS terminals in the hospitality industry is expected to fuel market growth in the upcoming years. In addition, the growing advancement of technologies in the wireless POS terminal market is expected to create lucrative opportunities for the market to grow during the forecast period.
The wireless POS terminal is segmented into components, types, applications, industry verticals, and regions. By component, the market is differentiated into hardware, software, and services. The software is further bifurcated into on-premise and cloud versions.
The services segment is further divided into professional services and managed services. The professional services segment is further segregated into system implementation and integration, support and maintenance, and training and consulting. Depending on the deployment mode, it is fragmented into on-premise and cloud.
