Mobile Card Reader Market Size 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, Restaurant,

Mobile Card Reader Market Size 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, Restaurant, Warehouse), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Mobile Card Reader Market is anticipated to grow substantially through 2032, owing to the increasing adoption of mobile card readers in the entertainment industry. Besides, product benefits such as a safe and secure way to accept payments, higher value transactions, a faster way to pay, and flexibility are anticipated to amplify its deployment further.

Ongoing digitization and the increasing adoption of cashless transactions in the entertainment industry will also offer lucrative growth opportunities to the market. As per reliable estimates, cashless payments for amusement parks are approximately 63% faster than cash transactions, and relatively 53% faster than classic credit card transactions.

Overall, the mobile card reader market is segmented in terms of solution, deployment, technology, application, and region.

Considering the solution, the software segment is slated to witness growth through 2032 owing to the mounting adoption of advanced mobile card reader software products. Sturdy billing, fast accounting, and accurate inventory management are among the key benefits anticipated to boost product installation.

Based on deployment, the cloud-based mobile card reader segment is projected to witness rapid growth from 2023 to 2032. This can be ascribed to the rising adoption of cloud computing services across different industry verticals. Besides, cloud-based mobile card readers assist in employing IT resources effectively, minimizing investments in costly infrastructure, and reducing overall data breaches.

By technology, the chip and pin segment was valued at over USD 5 billion in 2022. Chip card technology offers an added layer of security when used at a chip-enabled terminal. Besides, the rising adoption of chips and pins for storing data will play a key role in stimulating the overall segmental growth.

Considering the application, the entertainment segment is anticipated to grow considerably through 2032. The growth can be attributed to the mounting use of smart devices such as smart bands, smart glasses, smartphones, etc. Besides, various cashless payment options available for booking shows, such as credit & debit cards, net banking, UPI, and others, and across amusement parks, casinos, and sports venues will add impetus to the overall industry growth.

Regionally, the Asia Pacific mobile card reader market is estimated to witness massive growth through 2032, owing to the rising internet penetration and increasing adoption of smartphones in the region. As per reliable reports, in 2020, the mobile internet penetration rate across the Asia Pacific countries was approximately 42%. It has been further projected that by 2025, more than 333 million people across the region will start using mobile internet for the first time, bringing the overall penetration rate to 52% of the population.