LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global Internet and e-commerce market over the next four years as several markets including cryptocurrency, mobile payment, and mobile wallet, will witness an increase in revenues.
Based on the study carried out by Technavio research analysts, in 2014, the global cryptocurrency market grew remarkably by 622.7% from the previous quarter. Cryptocurrency is a form of encrypted code that can be transferred digitally using devices such as smartphones. Transactions using this currency are secure and easy unlike traditional card and cash purchases and do not require repetitive authentication. Most vendors and consumers are adopting cryptocurrency owing to the ease of transaction, which is one of the prime drivers for the cryptocurrency market. Unlike card transactions, these transactions do not incur service charges from the bank and are instant.
The global cryptocurrency market is segmented into three key regions: APAC, the Americas, and EMEA. The Americas was the dominant region in the cryptocurrency market during 2015. The region is the pioneer in the adoption of cryptocurrency with the US as the market leader that uses cryptocurrency as an alternate form of currency. Canada and Brazil are the other major countries in this region where cryptocurrency is regulated.
Bitcoin, Litecoin, Ripple, Peercoin, Namecoin, and Novacoin are the leading cryptocurrencies that have had a significant impact on the market over the last 10 quarters. “Investors believe that Bitcoin is a safe option to invest in as it has gained a large market share with a higher acceptance rate than any other cryptocurrency. The market for Bitcoin is expected to witness significant growth over the next four years as a huge trust factor is associated with these coins,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment research.
Apart from cryptocurrencies, the mobile payment market is another segment of the global Internet and e-commerce market, which is expected to grow at a rate of 18.10% during the period 2015-2019. Mobile payment is a form of payment where an end-user can initiate a transaction using a mobile device for goods and services through communication networks or technologies. Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit or debit cards. It is also referred to as mobile money, mobile money transfer, and mobile wallet.
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Another technology evolution is the global mobile wallet market, which is expected to grow at a CAGR of 36.8% over the period 2015-2019. Mobile wallets are electronic accounts enable people to manage their bank accounts through their cell phones. Their working is based on the NFC technology and is considered a revolutionary trend in the digital payments industry.
Some of the key vendors for the Internet and e-commerce market include Amazon.com, Apple, and Citrus Payment Solutions for mobile wallet; Airtel Money, Alipay, and American Express for mobile payment; and Bitcoin, Litecoin, and Namecoin for cryptocurrency.
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