The size of the worldwide SoftPoS market was estimated at USD 248.5 million in 2022. A CAGR of 20.4% is predicted for the market during the forecast period as it increases from USD 293.6 million in 2023 to USD 1,077.4 million in 2030.
Near-field Communication (NFC) technology found in tablets and smartphones is used as a POS terminal by SoftPoS, a software-based contactless payment system that enables businesses to accept digital payments more affordably and better serve their customers. These options do away with the requirement for extra hardware and simplify and lower the cost of setting up conventional POS terminals. Solutions for SoftPoS are also referred to as tap-to-phone or tap-on-phone solutions.
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Which company dominates the Global SoftPoS Market?
- 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)
What are the factors driving the growth of the SoftPoS Market?
Modern smartphones and tablets can be made into contactless payment acceptance devices using SoftPoS. This cuts down on costs associated with conventional POS devices and streamlines and expedites the retailer's setup procedure. For instance, in March 2022, Nets, a Nexi Group subsidiary, unveiled a new payment solution called "SoftPay.io," which enables merchants to use their Android-based mobile phones as a payment terminal and accept contactless payments without the need for additional hardware.
With the tap-to-phone solution, businesses can accept digital payments and do away with the costs associated with handling cash. 40% of Americans, according to a MasterCard poll, use Android phones to run the SoftPoS application for contactless transactions at merchant locations. This causes the number of smartphones to increase, driving up demand for these solutions and providing fantastic opportunities for businesses.
What are the market's geographic insights for the SoftPoS Market?
The five geographic divisions that make up the global SoftPoS market are North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Because there are many market participants and SoftPoS solution users in North America, it is anticipated that the region will hold the largest market share. The percentage of contactless transactions in North America outside of the United States in 2020 and 2021 was 17% and 24%, respectively, along with 3% and 4% in the United States alone, according to RBR Global Payment Cards Data. In order to provide users present throughout the region with safe and secure payment options, tap-to-phone solutions are in high demand due to the growing development of the retail and e-commerce sectors.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "SoftPoS Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on SoftPoS Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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