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The wireless POS terminal market has experienced rapid expansion in recent years, driven by a myriad of factors including technological advancements, shifting consumer preferences, and the rise of e-commerce transactions. This blog delves into the key dynamics shaping this burgeoning market.

A Snapshot of Market Growth

• The wireless POS terminal market is projected to grow from $11.7 billion in 2023 to $13.14 billion in 2024, with a CAGR of 12.3%.
• Forecasts indicate further growth to $21.16 billion by 2028, boasting a CAGR of 12.7%.
• Factors driving historic growth include increased adoption of mobile devices, demand for cloud-based solutions, and the need for flexibility in payment transactions.

Evolving Market Dynamics

• The market is poised for rapid expansion owing to the growing adoption of contactless payment systems, particularly in emerging economies.
• Advancements in biometric technology and the popularity of mobile wallets contribute to market growth.
• Major trends include the rise of portable and handheld wireless POS terminals, integration of AI and machine learning, and omnichannel integration.

Rising E-Commerce Transactions Fuel Market Growth

• E-commerce transactions are a primary driver of market expansion.
• Global e-commerce accounted for nearly 22% of total sales between 2019 and 2021, with significant growth recorded in the US.
• The surge in e-commerce transactions necessitates the adoption of wireless POS terminals for cashless transactions.

Key Players in the Market

• Major companies in the wireless POS terminal market include Elavon Inc., VeriFone Inc., Fiserv Inc., and PAX Global Technology Limited.
• These companies offer a range of solutions tailored to meet the evolving needs of businesses across various sectors.

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https://www.thebusinessresearchcompany.com/report/wireless-pos-terminal-global-market-report

Product Innovations Reshaping the Landscape

• Product advancements play a pivotal role in transforming the wireless POS terminal market.
• Companies are focused on developing innovative solutions to enhance user experience and streamline operations.
• For example, PAX Global Technology launched the PAX E-Series, an all-in-one POS and payment system designed for the retail and hospitality sectors.

PNC’s Acquisition of Linga POS

• In September 2022, PNC Financial Services Group, Inc. acquired Linga POS, a US-based technology company specializing in tailored POS and payment solutions.
• The acquisition underscores PNC’s commitment to expanding its digital resources and catering to the needs of the hospitality and restaurant industries.

Market Segmentation

1. By Type: Portable Countertop and PIN Pad, mPOS, Smart POS, Mini POS, Smart Mobile Dongle
2. By Component: Hardware, Software, Services
3. By Technology: NFC Terminal, Non-NFC Terminal
4. By Application: Restaurants, Hospitality, Healthcare, Retail, Warehouse or Distribution, Other Applications

Regional Insights

• North America dominated the wireless POS terminal market in 2023.
• Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period, driven by rapid technological advancements and increasing adoption of wireless payment solutions.

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The Wireless POS Terminal Global Market Report 2024  provides an overview of the wireless POS terminal market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wireless POS terminal market forecast analyzes wireless POS terminal market size, wireless POS terminal market share, leading competitor and their market positions.

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