Technavio releases global POS mobile card reader market forecast
London, Jan. 22, 2018 -- The global PoS mobile card reader market is expected to grow at a CAGR of almost 45% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global PoS mobile card reader market by technology (contact technology and contactless technology), by end-user (large enterprises and MSMEs), and by product (EMV and Non-EMV). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: e-commerce sales backed by digital transactions
The global growth in e-commerce sales will be among the key factors for the adoption of PoS mobile card readers to support remote payments. It is predicted that the total retail sales will grow at a CAGR of about 18% during 2016-2020. APAC will be among the largest e-commerce markets, where the sales are expected to double during this period.
According to a senior analyst at Technavio for computing devices research, “In developed regions such as North America and Europe, digital transactions for e-commerce transactions are common. The preferred mode of payment among consumers includes credit and debit cards and PayPal. But, in developing countries such as India, cash on delivery is still a preferred option for mode of payment for online shopping.”
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Market trend: incorporation of artificial intelligence
Digital and mobile payments are increasingly gaining traction in the supply chain of consumer goods and services. A whole new world of possibilities opens when personalized connections between customer and merchant are made available through mobile technologies and artificial intelligence (AI). Customers and merchants can interact more quickly, request more information, or make purchases when and where ever they feel most compelled. With the use of AI, the PoS mobile card readers would have already identified and verified the payment credentials.
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Some of the companies in the market:
The market for PoS mobile card readers is in the growth stage of the product life cycle, characterized by increasing sales, increase in profits, growing customer base, increase in the number of competitors, and decline in the cost per customer. The market is concentrated, and the competition among the existing vendors is intensifying and is anticipated to grow during the forecast period.
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Source: Company press release.