The growing m-commerce industry, change in the lifestyle, and a rise in income along with increased internet usage has propelled the growth of the global mobile payments market.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- As per the findings of the research carried out by Allied Market Research, the global Mobile Payment Market is foreseen to garner a whopping $3,388 billion by 2022. The market is expected to exhibit an impressive compound annual growth rate of 33.4% during the forecast period 2016–2022. The key findings of the report include the top impacting factors, most lucrative options, and the key winning strategies adopted by the key players in the global mobile payment market.
The report credits the increasing use of smartphones for the rapid growth of the global mobile payment market. With the increased penetration of mobile-based payment methods, transactions have become hassle-free and convenient. Online shopping has boosted the demand for mobile payment options. The growing m-commerce industry, change in the lifestyle, and a rise in income along with increased internet usage has propelled the growth of the global mobile payments market. With an aim to intensify their market presence, key players such as Paytm, MasterCard, Apple, and Samsung have launched mobile wallets and mobile payment apps to facilitate payments through smartphones. However, the risk associated with mobile payments such as fraudulent activities, data breach, and security concerns hinder the growth of the global mobile payment market. The growing demand for quick and hassle-free transaction services is expected to offer numerous opportunities to grow for the new entrants and potential investors of the market.
The report analyzes the global mobile payment market based on the mode of transaction, type of mobile payment, and the application. The modes of transaction used in mobile based payments are short message service (SMS), wireless application protocol (WAP), and near field communication (NFC). The transactions can be carried out through mobile wallets/bank cards and mobile money. In 2015, 75% of the total market share was accounted for by the mobile money segment. With additional benefits offered by the market players for transactions made via wallet and card is expected to boost the growth of mobile payments through mobile wallets/bank cards. Mobile payment apps and websites are finding applications in several sectors such as entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and many others. Based on the type of application, the hospitality & transportation sector is expected to grow at an unprecedented growth rate of 34.5%.
The presence of the global mobile payment market across the globe in the regions of North America, Asia-Pacific, Europe, and LAMEA are studied and compiled in the report. During the forecast period, China is projected to grow at a CAGR of 35.1% and continue generating the maximum revenue in the market.
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The competitive environment of the global mobile payment market and the key winning strategies adopted by the leading players included in the report enable the potential investors to take informed decisions. The leading players profiled include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular S.A., and Mahindra Comviva.
Key points to be considered
- Transactions made through short message services is expected to maintain its dominating streak during the forecast period.
- SMS accounted for 54% of the market revenue followed by WAP covering almost one-third of the global mobile payment market.
- The retail segment is foreseen to maintain its lead, among all the other applications.
- Based on the geography, Asia-Pacific generated the maximum revenue in 2015 and is anticipated to show the highest growth rate during the forecast period.
- With discounts and promotional offers offered by the leading players, North America and Europe show high scope for growth during the period 2016–2022.