Global wireless POS terminal market to be worth US$3.336 billion by 2023
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Wireless POS Terminal Market - Forecasts from 2018 to 2023" to their offering. The report has segmented the wireless POS terminal market by type (chip & pin and chip & signature), by end-user industry (retail, healthcare, media & entertainment, tourism and hospitality, and others), and by geography and estimates that the global market for wireless POS terminal will grow from US$2.006 billion in 2017 to US$3.336 billion by 2023, at a CAGR of 8.85% over the forecast period.
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Wireless POS terminals are mobile terminals used for accepting credit cards, debit cards and payment made through near-field communication (NFC). Government initiatives to promote cashless transactions coupled with escalating financial inclusion are increasing the number of credit and debit card holder. This motivates merchants across industry verticals to opt for wireless POS terminal to reduce check-out time and improve the rate of customer retention by maximising customer satisfaction. Factors that are driving the demand for mobile POS terminals include rising number of cashless transactions, favourable government policies, increasing number of restaurants and retail outlets, and stringent regulations regarding data security.
Chip and pin terminals accounts for the largest market size while the retail industry is providing significant growth opportunities for the wireless POS manufacturers.
Chip and pin terminals accounted for a major share of the wireless POS terminal market in terms of revenue and volume in 2017 due to enhanced security features aimed to avoid card fraud incidences. By end user industry, retail dominates the market owing to increasing adoption of the terminals to maximise customer satisfaction. Media and Entertainment is anticipated to be the fastest growing industry due to favourable government policies, urbanisation and improvement in the standard of living in developing countries.
Middle East and Africa to witness the fastest regional market growth between 2018 and 2023
Middle East and Africa is projected to grow at a highest CAGR of 11.13% during the forecast period. The growth is attributed to growing influx of medical tourists, government liberalisation policies, and increasing number of retail and food outlets in the region. Asia Pacific dominated the market share in 2017 and will continue to dominate the market throughout the forecast period owing to rising expenditure in retail and hospitality industry and increasing number of cashless transactions.
The key players of Global wireless POS terminal market covered in this report include Verifone, Ingenico Group, First Data Corporation, PAX Global Technology Limited, BBPOS Limited, and Castles Technology among others.
This report contains the market analysis on the current trends in the Global Wireless POS Terminal Market and the opportunities for the vendors over the next six years. It provides deep insights into the drivers and restraints of the industry. Wireless POS Terminal Market report also consists of in-depth regional and country-level analysis. A lot of statistically relevant tools and detailed industry analysis models such as Porter’s 5 forces have been used to forecast the market trends and forecasts up to the year 2023.
The report also talks about the strategies adopted by the industry leaders to gain an advantage over competitors and the recent deals that they have gone into to position themselves better in this market.
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Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Driven by industry experts, the company provides syndicated reports, custom research, and consulting services. Our proprietary data analytics model blended with quality primary and secondary research data assists in generating quality reports providing crucial insights to managers and decision makers. The services offered by us help companies to gain required competitive edge. Our expertise across 10 industries such as ICT, Chemicals, Semiconductors, Healthcare among others caters to diverse client needs.
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