The North America SoftPoS Market would witness market growth of 19.3% CAGR during the forecast period (2023-2030).
SoftPoS transforms the latest smartphone or tablet into a device accepting contactless payments. This simplifies and expedites the retailer's setup process and eliminates the costs associated with traditional POS devices. For instance, in March 2022, Nets, a subsidiary of Nexi Group, introduced a new payment solution called "SoftPay.io" that enables Android-based mobile phones to accept contactless payments without hardware. The tap-to-phone solution enables merchants to accept digital payments and eradicate costs associated with cash handling. Furthermore, the increase in the number of devices increases the demand for these solutions and presents merchants with tremendous opportunities.
The spread of smartphones and internet connectivity has been a major driver of the market's development. The demand for these services delivered via mobile devices will increase as more people access these technologies. In recent years, the expanding acceptance of mobile wallets and the Unified Payments Interface (UPI) are clear indications of this trend.
The number of people using the internet for financial services has grown, and internet access has become more widespread. As a result, there has been a surge in digital transactions and the usage of digital financial services, becoming more convenient and easily accessible with the help of smartphones.
According to the International Trade Administration, in response to a significant disruption in retail channels, Canadians have embraced e-commerce. 75% of Canada's population, or over 27 million users, engaged in eCommerce in 2022. By 2025, this percentage is predicted to increase to 77.6%. Rising retail eCommerce sales in Canada result from a rise in online shoppers. Furthermore, due to the technological advancements of nations like the United States, the digitalization of banking services has become increasingly effortless. Hence, all these developments in the region have increased the interest of businesses in the adoption of these technology, which in turn will drive the expansion of the market in the coming years.
The US market dominated the North America SoftPoS Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $224,918.3 Thousands by 2030. The Canada market is anticipated to grow at a CAGR of 21.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 20.9% during (2023 - 2030).
Based on End-User, the market is segmented into Retail, Restaurants/Hospitality, Service Based Business, and Others. Based on Enterprise Type, the market is segmented into Small Business and Medium Business. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide SoftPoS Market is Projected to reach USD 1.04 Billion by 2030, at a CAGR of 20%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Worldline (Ingenico Group), CM.com N.V., EMI Global Corp (M4Bank), Fime SAS, Wizzit (Pty) Ltd, Tidypay AS, Bindo Labs, Inc., Fairbit LLC, Alcinéo, Asseco Group (Asseco Poland S.A.).
By End-User
By Enterprise Type
By Country
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