DUBLIN--(BUSINESS WIRE)--The "Mobile Wallet Market by Type, Technology, End User and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to this report the mobile wallet market size was valued at $1,043.1 billion in 2019, and is projected to reach $7,580.1 billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
The mobile wallet provides a convenient solution for any business that allows customers to purchase their products online with greater ease, therefore driving sales. As mobile use grows rapidly, users begin to go online more often via mobile and even shop via mobile. With the mobile wallet, it is possible to hold all the items that a physical wallet would carry on the mobile device.
A mobile wallet is a virtual wallet payment service acronym as mWallet, digital wallet, or eWallet. It is a mobile technology that makes in-store payments conveniently and is also used by merchants by listing to its desired mobile wallet service provider. In simple terms, a mobile wallet is an application that allows it users to send and receive money from its mobile device. It is a form of a mobile-commerce model designed for the convenience and ease of access to a user's payment services.
The mobile wallet market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous R&D in the smartphone technology and lowering security concerns. The widespread smartphone adoption in the developed markets and its increasing penetration levels in the developing markets are influencing the growth of the mobile wallet market positively. Increase in awareness levels, the ubiquity of mobile phones, and advancements in the mobile phone technology drive the growth of the market in the coming years.
In addition, the crucial drivers for this market are availability of user-friendly technologies and related advancements, a rise in significance of social media and mobile data usage, increase in convenience factor, and high usage of mobile wallet functionalities (value-added services). However, factors such as high deployment costs, security concerns, and lack of awareness pertaining to mobile phone wallet technology may impede the growth of the stated market moderately. Furthermore, surge in adoption of near field communication technology by retailers and consumers is expected to propel the growth of the mobile wallet market.
Key Benefits
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global mobile wallet market share is provided.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the global mobile wallet industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the global mobile wallet market potential.
Key Market Players
- Amazon Web Services Inc.
- American Express Banking Corp.
- Apple Inc.
- Alipay.com
- AT&T Inc.
- Google Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd
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VISA Inc.
Key Findings
- By type, the remote segment dominated the mobile wallet market trends. However, the proximity segment is expected to exhibit significant growth during the forecast period.
- By technology, the QR code segment dominated the mobile wallet market share in 2019. However, the near field communication segment is expected to exhibit significant growth during the forecast period.
- By applications, the retail segment dominated the mobile wallet market revenue in 2019. However, the media & entertainment segment is expected to exhibit significant growth during the forecast period.
- By end user, the personal segment dominated the market. However, the business segment is expected to exhibit significant growth during the forecast period in the industry.
- Region wise, Asia-Pacific dominated the market in 2019. Whereas, North America is expected to witness significant growth in terms of revenue in the coming years.
Market Dynamics
Drivers
- Soar in Number of Mobile Subscribers Across the Globe
- Increase in Government Initiatives to Encourage Cashless Economy
- Rise in the Adoption of Mobile Wallet as a Digital Payment-Based Business Models Among Digital Applicationss
Restraint
- Concerns Associated With Fraudulence Transactions and Data Security
Opportunities
- Increase in Mobile Point of Sale (Pos) Devices and Nfc-Enabled Handset
- Mobile Banking and Inventive Mobile Payment Application
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Market Evolution/ Industry Roadmap
For more information about this report visit https://www.researchandmarkets.com/r/7zy4u1
