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Mobile Card Reader Market Analysis

Report ID: GMI4272
Published Date: Jan 2023
Report Format: PDF

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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.

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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.

Global Mobile Card Reader Market By Region

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market size for mobile card reader was valued at over USD 10 billion in 2022 and is expected to witness over 15% CAGR from 2023 to 2032 owing to the proliferation of contactless payment technologies across the retail sector.

Hardware segment is set to depict over 15% CAGR between 2023 and 2032 due to increased product deployment across the hospitality sector.

European market for mobile card reader is anticipated to observe over 15% CAGR from 2023 to 2032, backed by the onset of consumer-friendly payment methods across e-commerce platforms.

Prominent companies in the mobile card reader market are Advanced Card Systems Ltd., Electronic Merchant Systems, Ingenico, Stripe Inc., Revolut, Verifone Inc., and others.