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Written by sujeet rai » Updated on: August 23rd, 2024
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:
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.
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.
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:
Explore full report with table of contents: https://www.imarcgroup.com/wireless-pos-terminals-market
Wireless POS Terminals Market Report Segmentation:
By Type:
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 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 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 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 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:
Globally, cloud-based point-of-sale (POS) solutions are becoming more and more popular because of their affordability, scalability, and flexibility. Companies are implementing cloud-based software-integrated wireless point-of-sale terminals to enable real-time analytics, inventory control, and remote management features.
Integrated payment systems are gaining popularity because they combine point-of-sale (POS) functions with extra capabilities like inventory control, customer relationship management (CRM), and e-commerce connectivity. Furthermore, investors in the business are seeing profitable growth prospects due to the growing need for wireless point-of-sale terminals that provide smooth connectivity with external apps and services.
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.
About Us:
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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