How Has The Mobile Card Reader Market Size Evolved In Recent Years?
The mobile card reader market has seen considerable growth due to a variety of factors.
• The market size for mobile card readers has experienced significant growth recently. It's predicted to rise from a robust $14.76 billion in 2024 to $17.66 billion in 2025, with a compound annual growth rate (CAGR) of 19.7%. Several factors have contributed to this upward trend in the historic period, including expanded e-commerce, an increase in mobile payments, adoption by small businesses, regulatory support promoting card security, heightened consumer expectations, and the burgeoning popularity of contactless payments.
What Are The Predictions for The Mobile Card Reader Market By 2029?
The Mobile Card Reader market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of mobile card readers is anticipated to surge significantly, reaching $41.3 billion by 2029 with a compound annual growth rate (CAGR) of 23.7%.
The projected growth during this forecasted period is due to factors such as mobile wallet integration, increased uptake by micro-merchants and SMEs, emphasis on security features, global shift towards cashless payments, and the inclusion of value-added services. Some of the major trends expected during this period include improved user experience, broader compatibility, subscription-based models, integration with point-of-sale (POS) systems, and advanced data analytics.
Which Drivers Are Accelerating Growth In The Mobile Card Reader Market?
The burgeoning use of smartphones for digital transactions is predicted to fuel the expansion of the mobile card reader market in the future. A smartphone is a cellular device that has internet capabilities and runs on software akin to that of a laptop. Digital payments are essentially transactions conducted over the internet or via digital platforms, which do not require physical cash exchange, meaning that both the sender and receiver transact electronically. The fusion of physical card features with smartphone functions is ushering in the future of card-based payments and consequently, heightening demand for mobile card readers in retail contexts for shopping experiences. For example, in June 2024, Exploding Topics, a tool from the U.S, aims to assist users in identifying burgeoning trends and topics before they become mainstream. Forecasted growth in smartphone ownership over the upcoming 3-4 years indicates that by 2024, the global count of smartphones should exceed 7 billion, significantly increasing the disparity between smartphones and conventional cell phones. Additionally, projections suggest that by 2025, 72% of internet users will exclusively use mobile devices to access the internet. This pattern underlines the escalating supremacy of smartphones in our digital existence.
What Are The Core Segments Of The Global Mobile Card Reader Market?
The mobile card reader market covered in this report is segmented –
1) By Solution: Hardware, Software
2) By Technology: Chip And Pin, Magnetic Stripe, Near Field Communication (NFC)
3) By Deployment: On-Premises, Cloud
4) By Application: Entertainment, Retail, Healthcare, Hospitality, Restaurants, Warehouse, Other Applications
Subsegments:
1) By Hardware: Card Reader Devices, Accessories
2) By Software: Payment Processing Software, Inventory Management Software, Customer Relationship Management (CRM) Software, Security Software
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Which Emerging Trends Are Reshaping The Mobile Card Reader Market Size?
One essential trend gaining traction in the mobile card reader market is technological innovation. Significant market players are amplifying their focus on the introduction of innovative products to solidify their market positioning. For example, in July 2022, Revolut, a financial technology company based in the UK, unveiled the Revolut Reader, a compact card reader with unique features like instant contactless payment through debit and credit cards. The card is designed to be compatible with existing POS systems, including those with SDK/API solutions. This initiative shows the company's commitment to providing flexibility for larger merchants with POS systems.
Who Are the Key Players In The Mobile Card Reader Market?
Major companies operating in the mobile card reader market include:
• Electronic Merchant Systems Inc.
• Ezetap Mobile Solutions Private Limited
• Ingenico Group
• LifePay ZAO
• Mswipe Technologies Pvt. Ltd.
• Miura Systems Limited
• PayAnywhere LLC
• PayPal Holdings Inc.
• Block Inc.
• Clover Go
• Shopify Inc.
• Zettle by PayPal
• PaySimple Inc.
• CardFlight Inc.
• Clover Network Inc.
• Ehopper Services Inc.
• Poynt Co.
• Worldpay Inc.
• Adyen N.V.
• Global Payments Inc.
• Elavon Inc.
• Total System Services Inc.
What Are The Regional Insights Into The Mobile Card Reader Market?
North America was the largest region in the mobile card reader market in 2024. The regions covered in the mobile card reader market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
