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Mobile Card Reader Market Size
Mobile Card Reader Market size crossed a valuation of USD 10 billion in 2022 and is anticipated to expand at over 15% CAGR from 2023 to 2032. The emerging contactless payment trends across the retail sector are likely to escalate product sales over the next ten years.
Advanced mobile card reader systems allow retail executives to perform several day-to-day tasks, such as scanning products, updating the details, generating shopping bills in a fraction of the time, etc. In addition, the integration of innovative features, such as inventory tracking, maintaining customer records, improved billing processes, offering special discounts, and data backup in POS terminals will further strengthen the market outlook.
The increasing popularity and usage of smartphones & other wearable devices have also emerged as major growth contributors. These technologies have accelerated the transition from website-based monetization models to mobile app-based monetization models, creating favorable growth prospects for the mobile card reader industry. Besides, an increasing number of consumers using payment cards to avoid the hassle of carrying cash and easily manage payment records while ensuring confidentiality will drive business growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 10 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 65 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 288 |
| Tables, Charts & Figures: | 403 |
| Segments covered: | Solution, Deployment, Technology, Application, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Mobile Card Reader Market Analysis
Based on the solution, mobile card reader market from hardware segment is poised to exhibit over 15% CAGR between 2023 and 2032, owing to the widespread adoption of hardware systems in several industrial verticals. Advanced hardware systems are increasingly installed across the hospitality sector, including hotels and resorts, to enhance the overall customer experience by allowing them to pay through different payment options. Besides, leading component manufacturers globally have been leveraging cutting-edge technologies to deliver product breakthroughs.
In terms of deployment, mobile card reader market size from on-premise segment garnered over USD 9 billion in revenues in 2022. On-premise-based mobile card readers require high-on-site maintenance and have low server capacity requirements, which may impede their adoption throughout the estimated timeframe. However, several benefits associated with on-premise systems such as greater security, better control over server hardware, and the ability to operate without the internet may boost their demand through 2032.
Mobile card reader market size from magnetic strips segment is estimated to expand at over 10% CAGR through 2032. Magnetic stripes have gained recognition as one of the most useful communication technologies in mobile card readers owing to their high reading capability. Besides, their easily portable and programmable design allows the data format produced to be programmed and adjusted as per the business & connectivity requirements.
With respect to the application spectrum, mobile card reader market value from warehouse segment is projected to stand at over USD 10 billion by 2032. The accelerating industrial automation and proliferation of Industry 4.0 and connected technologies across the manufacturing sector will drive the adoption of mobile card readers in warehouses. Integrating technological breakthroughs such as NFC and RFID into the end product may reduce the time and complexity of manufacturing, warehousing, and various operations & processes.
Europe mobile card reader market is slated to depict more than 15% CAGR from 2023 to 2032, driven by the increasing usage of mobile wallets and flourishing e-commerce sector in the region. The advent of several consumer-friendly payment methods across online platforms has helped the e-commerce sector garner appreciable gains over recent years, further propelling product demand. Besides, the growing consumer inclination toward products & solutions offered by leading brands, such as PayPal for secure and faster money transfer, will contribute to regional revenues.
Mobile Card Reader Market Share
Notable players in the mobile card reader market are
- Advanced Card Systems Ltd.
- Electronic Merchant Systems
- Ingenico
- Stripe Inc.
- Revolut
- Verifone Inc.
The companies have been majorly focusing on launching innovative mobile card readers to improve their business standing. For instance, in July 2022, Revolut launched Revolut Reader, a small-sized card reader designed & built to enable merchants to accept payments in person. The Revolut Reader offers instant and secure transactions for debit & credit cards and contactless payment methods. The card reader is built to run transactions all day and offers smart features & speed payments.
Impact of COVID-19 Pandemic
Onset of the COVID-19 pandemic has positively influenced the mobile card reader market as a major share of the world’s unbanked population shifted toward digital banking and online shopping during the crisis. The shutdown of several bank branches and stringent movement restrictions imposed in response to the viral outbreak significantly changed consumer behavior. Besides, the heightened anxiety about the infection spread and the then imposed social distancing norms across several economies resulted in increased wallet and card payments, further enhancing market performance.
The mobile card reader market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By solution:
- Hardware
- Software
By Deployment:
- On-premise
- Cloud
By Technology:
- Chip and pin
- Magnetic stripe
- Near Field Communication (NFC)
By Application:
- Entertainment
- Retail
- Healthcare
- Hospitality
- Restaurants
- Warehouse
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Latin America
- Brazil
- Mexico
- MEA
- GCC
- South Africa
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