M-Commerce Payments Market - Trends and Forecast 2017 - 2022
Albany, NY -- (SBWIRE) -- 05/07/2019 -- Owing to the growing ubiquity of smartphones, the prosperity of the m-commerce payments is almost certain, with the demand projected to increment at an exceptional CAGR of 46.9% during the forecast period of 2017 to 2022. Sheer ease of usability that m-commerce brings to the users is the most powerful driver of this market, although the slow adoptability has been a little hindrance. Nevertheless, a number of companies are now offering in-app payments, enhancing security of the transactions and personal details, and promoting sales via "buy button" on social media platforms.
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In addition to that, since m-commerce enables the merchants to analyze the buying habit of individual customer and make lucrative offers to increment sales, growing number of vendors of various fields are expected to adopt m-commerce payment methods. In terms of valuation, the revenue in the global m-commerce payments market is estimated to reach US$7.55 bn by 2022, exponentially up from its evaluated worth of merely US$1.11 bn in 2017.
According to Transparency Market Research, the global m-commerce payments market was evaluated at a valuation of US$1.11 bn in 2017.This figure is estimated to reach US$7.55 bn by 2022. On the basis of mode of payment, the peer-to-peer transfer segment is projected to attain solid growth with a CAGR of 45.1% within the forecast period from 2017 to 2022. This segment is expected to reach around US$2.7 bn by the end of 2022. Geographically, North America is likely to dominate the global m-commerce payments market with a solid CAGR of 47.4% within the coming years, owing to several vendors operating in the region.
The broader reach because of mobility, rise in usage of smart devices, for example, smartphone and tablets, rigorous efforts for the collaboration between offline and online activities, and improved transmission capacity, which has helped the transaction process are to name a few leading factors propelling the global m-commerce market.
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Apart these, some other advantages of m-commerce payment methods are improved security, speedier checkout, and loyalty integration. Those are encouraging the growth of m-commerce. Moreover, m-commerce is anticipated to become less expensive than customary services, for example, managing an account, marketing and advertisements, banking, and purchasing. These aspects are expected to have a positive impact on the demand for m-commerce payments. Different online networking platforms have likewise installed "buy" buttons, which causes the marketers generate leads much quickly.