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Mobile Card Reader Market - By Solution (Hardware, Software), By Deployment (On-Premise, Cloud), By Technology , By Application (Entertainment, Retail, Healthcare, Hospitality, Restaurant, Warehouse) & Global Forecast, 2023-2032

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

Industry Statistics

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.

Mobile Card Reader Market

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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.

Flourishing hospitality sector to augment the demand for hardware solutions

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.

High maintenance costs to hamper the adoption of on-premise mobile card readers

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.

Magnetic stripe sales to proliferate due to their better reading capability

Global Mobile Card Reader Market Share By Technology

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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.

Surging industrial automation trends to increase product usage in warehouse applications

Authors: Preeti Wadhwani, Anish Pathak

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.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 403
  • Countries covered: 17
  • Pages: 288
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