Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global SoftPoS market size was valued at USD 248.5 million in 2022 and is projected to grow from USD 293.6 million in 2023 to USD 1077.4 million by 2030, exhibiting a CAGR of 20.4% during the forecast period. The surge can be attributed to the growing product installation and the advantage of improved consumer experience. Fortune Business Insights presents this information in their report titled "Global SoftPoS Market Forecast, 2023-2030."
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Key Industry Development:
February 2023 – Qatar Islamic Bank (QIB) inked a partnership with MasterCard for the launch of the QIB SoftPOS app. The app allows the secure acceptance of contactless payments by using embedded Near-Field Communication (NFC) functionality.
Key Takeaways
- SoftPoS market size in North America was USD 88.3 million in 2022
- Rising Need for Digital Payments Impelled Industry Expansion during Coronavirus Pandemic
- Small Business Segment Share to Rise Owing to Increasing Product Adoption
- Retail Segment to Register Notable CAGR Impelled by Escalating Number of Transactions
Discover the Leading Players Featured in the Report:
“Companies leading the global SoftPoS market are Tidypos AS (Norway), CM.Com (Netherland), Bindo Labs Group Limited (U.S.), Worldline (France), Fairbit LLC (U.S.), Asseco SEE (Payten) (Turkey), Alcineo (France), Fime SAS (France), Ingenico (Phos) (Bulgaria), WIZZIT (Pty) Ltd (South Africa), EMI Global Corp (M4 Bank) (UAE)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 20.4% |
| 2030 Value Projection | USD 1077.4 Million |
| Base Year | 2022 |
| SoftPoS Market Size in 2022 | USD 248.5 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 110 |
| Segments covered | Enterprise Type, End-User and Geography |
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Drivers and Restraints:
Upsurge in Market Share Impelled by Rising Number of Smartphones
One of the major factors driving the SoftPoS market growth is an increase in smartphone penetration. Statistics highlight that nearly 40% of Americans deploy merchants’ Android phones for running the SoftPoS application for contactless transactions.
However, the industry expansion may be hampered by the limitation of SoftPoS solutions to Android NFC-enabled mobile phones with limited transaction amounts.
Segmentation
By Enterprise Type
- Small Business
- Medium Business
By End-User
- Retail
- Restaurants/Hospitality
- Service Based Business (Theater, Beauty Salons)
- Others (Trade People, Charity Collectors)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Hold Dominating Share Driven by Large Number of Product Users
The North America SoftPoS market share is estimated to hold a dominating market share and is slated to record an appreciable surge over the study period. The expansion is on account of a large presence of product users in the region.
The Europe market is set to record considerable expansion throughout the projected period. The growth is being impelled by the tremendous deployment of mobile payment and contactless payment methods.
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Competitive Landscape:
Leading Companies Ink Strategic Steps to Strengthen Industry Footing
Major market players are focused on adopting a range of strategic initiatives for strengthening the positions of their businesses. These include merger agreements, partnerships, and acquisitions. Besides, companies are also depicting an active interest in research activities and the development and launch of new products.
FAQs
How big is the SoftPoS market?
The SoftPoS market size was USD 248.5 million in 2022. It is expected to reach USD 1077.4 million by 2030.
How fast is the SoftPoS market growing?
The SoftPoS market will exhibit a CAGR of 20.4% during the forecast period, 2023-2030.
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