The Mobile Card Reader by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mobile Card Reader, The mobile card reader market size has grown exponentially in recent years. It will grow from $12.47 billion in 2023 to $15.07 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to e-commerce growth, rise in mobile payments, small business adoption, regulatory support for card security, increased consumer expectations, emergence of contactless payments.
The mobile card reader market size is expected to see exponential growth in the next few years. It will grow to $33.1 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to mobile wallet integration, rise in micro-merchant and sme adoption, focus on security features, global expansion of cashless payments, integration of value-added services. Major trends in the forecast period include enhanced user experience, expanded compatibility, subscription-based models, integration with point-of-sale (pos) systems, enhanced data analytics.
The rising adoption of smartphones for digital payments is expected to propel the growth of the mobile card reader market going forward. A smartphone refers to a mobile phone that connects to the internet and features software similar to that on a laptop. Digital payments refer to transactions that happen online or through digital channels without a physical exchange of money, this implies that both the payer and the payee exchange money via electronic means. The integration of physical card characteristics with smartphone functions is moving the future of card payments ahead, as a result, it will drive demand for mobile card readers in retail settings for shopping experiences. For instance, in April 2022, according to FIS global, a US-based IT service management company, mobile wallet usage increased by over 21% YoY in 2021, reaching 28.6% of all POS transactions globally, or more than US$13.3 trillion. Therefore, the rising adoption of smartphones for digital payments is driving the demand for the mobile card reader market.
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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
Top Major Players:
- Electronic Merchant Systems Inc.
- Ezetap Mobile Solutions Private Limited
- Ingenico Group
- LifePay ZAO
- Mswipe Technologies Pvt. Ltd.
North America was the largest region in the mobile card reader market in 2023.
Technological innovation is a key trend gaining popularity in the mobile card reader market. Major key players are increasingly focusing on launching innovative products to strengthen their position in the market. For instance, in July 2022, Revolut, a UK-based financial technology company launched Revolut Reader, a compact card reader. The unique features of this card include instant contactless payment options via debit, and credit cards. This card is adapted to other POS systems in place which includes an SDK/API solution. The company aims at ensuring flexibility to larger merchants with POS systems.
The mobile card reader market report table of contents includes:
1. Executive Summary
2. Mobile Card Reader Market Characteristics
3. Global Mobile Card Reader Market Trends And Strategies
4. Mobile Card Reader Market - Macro Economic Scenario
5. Global Mobile Card Reader Market Size and Growth
…….
26 Mobile Card Reader Market Competitive Benchmarking
27. Global Mobile Card Reader Market Competitive Dashboard
28. Key Mergers and Acquisitions In Mobile Card Reader Market
29. Mobile Card Reader Market Future Outlook and Potential Analysis
30. Appendix
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Market Research Future (MRFR), on the global smart card reader market, reveals that the market is poised to expand at a lucrative CAGR of 40.8% across the forecast period of 2018-2024 and touch a valuation of USD 79,000 million by 2024.The emerging trend of cashless transaction is identified as a major factor that is expected to propel the global Smart Card Reader Market.
Alongside, the convenience in making online payment is also aiding smart card reader in gaining popularity.
They offer an individual or businesses a secured and better payment options over traditional cash transactions.
These factors are likely to boost the smart card reader market.Get Free Sample Copy Report @ https://www.marketresearchfuture.com/sample_request/7659 Key Players PayPal Holdings, Inc., ID TECH, Gemalto NV, IOGEAR, Verifone Systems Inc., Ingenico Group, PAX Global Technology Limited, Advanced Card Systems Ltd., CHERRY, HP Inc., Stanley Global LLC., Square, Inc., Identive Group, Rocketek Electronics, and others.Segmental OutlineThe smart card reader market has been segmented by type, application, and technology.By type, the market has been segmented into contactless-based, interface based, and contact-based.
The contact-based segment of the market is expected expand at a CAGR of 40.6% during the assessment period and surpass a valuation of USD 2,290.03 million by 2024.
The Europay Mastercard Visa (EMV) chip segment accounted for 53.1% of the global market share.
