The wireless POS terminal market, which was valued at USD 6.73 Billion in 2017, is expected to grow at USD 13 Billion by 2023 at a CAGR of 11.59%, according to a recent report by Markets and Markets.
The wireless POS Terminal Market Global Forecast for 2023 said that the factors such as wide adoption of wireless payment terminal by retailers, growing use of credit/debit cards, increasing e-commerce transactions, Increase in cashless transactions in different countries and Growing adoption of wireless technology in mobile handsets and wearables has driven the growth of the wireless POS terminal market.
Mobile POS (mPOS) implementations allow the service and sales industries to conduct financial transactions, improving the customer experience. The positive year-on-year growth of the market for mPOS is attributed to ease of accessibility and low cost of installation of these devices along with their availability on a monthly rental basis.
Wireless POS terminals are largely used in the sports and entertainment industry. In this sector, wireless POS systems are deployed in casinos, movie theatres, theme parks, museums, and sports arenas.
The deployment of these solutions assures flexibility and transparency in the entertainment business. It also provides better customer service, which, in turn, helps improve the sales performance.
The wireless POS terminal market is rapidly expanding in APAC. The growth of the market in APAC can also be attributed to the rapidly growing customer base owing to increasing prominence of small and medium businesses (SMBs) coupled with the reduction in total cost of ownership.
Benefits associated with these systems such as low queue time, high degree of security, paper-free receipt option, decrease in check-out space requirement, and increase in floor space are the other factors that would help fuel the growth of the wireless POS terminals market in APAC.