The global mobile money market is projected to rise at an impressive CAGR of 22.0% from 2016 to 2024. The market was valued at US$17.25 bn in 2014, vis-à-vis revenue.
Albany, NY -- (SBWIRE) -- 01/15/2018 -- Multiple Conducive Factors Create Opportunity-laden Environment for Mobile Money Market
The global mobile money market is on the cusp of a transformative change with growth increasingly swinging toward emerging economies, says TMR in a new report. The global mobile money market will derive growth from factors such as companies investing in context-based marketing and real-time marketing to leverage mobile money. With smartphone and personal device sales spiraling in emerging countries with an increasingly affluent consumer base, the need for more inclusive banking is also simultaneously being felt. This presents a multi-billion dollar opportunity for companies such as Bango.net Limited, Fortumo OÜ, Paypal, Inc. (PayPal Holdings, Inc.), Judo Payments, and others. Mobile commerce, mobile banking, mobile wallets, and mobile payments all come under the purview of the mobile money market.
Get the sample copy of this report : https://www.marketresearchreports.biz/sample/sample/173424
The coming together of various conducive factors will create an opportunity-laden environment for providers of mobile money services. Currently, service providers are focusing on cost effective alternatives to reach out to a larger consumer base. However, consumers continue to remain wary about security and privacy; the situation is compounded by regulatory complexity hampering the long-term growth of the mobile money market.
The current generation of disparate platforms is also hindering the adoption of the mobile money solution amongst consumers as they are required to manage multiple wallets for different transactions/services. However, there is little doubt that with the unprecedented penetration of mobile devices, these will increasingly serve as vehicles for financial transactions.
SMS Payments to Remain Most Popular Means of Conducting a Mobile Money Transaction
In the global mobile money market, by mode of payment, the SMS payment segment holds the largest share. This is attributable to the convenience and efficiency that SMS-based payment operations lend. The greatest advantage, however, is that SMS-based mobile money is compatible with different connected devices such as tablets and smartphones.
Request for TOC of this report : https://www.marketresearchreports.biz/reports/173424/mobile-money-global-industry-market-research-reports/toc
In countries across MEA, APAC, and Europe, transactional payments by SMS are already popular and there are no signs of their popularity fading through the forecasting horizon. However, the market is also marked by a growing adoption of other payment methods such as mobile billing, payment clients, and WAP-based payments. The future could see NFC and UUSD/STK modes emerge in a big way to challenge the leading position of SMS payments.
Moreover, by type of purchase transaction, in 2014, the money transfers and payments segment was the largest in the global mobile money market. Growth is projected to be the strongest in the airtime transfers and top-ups segment through 2024. In 2015, sectors such as BFSI, energy and hospitality collectively accounted for more than one-third of the revenue generated in the mobile money market.
Europe to Claim Highest Share in Mobile Money Market until 2024
Geographically, the mobile money market saw the highest revenue coming in from Europe in 2015. While North America trailed Europe in terms of revenue contribution, the region is expected to post better growth as compared to Europe through the forecast period.
Collectively, the two regions are estimated to contribute more than fifty percent of the revenue to the global mobile money market. The MEA region is anticipated to be the fastest-growing segment during the forecast period due to rising Internet and tablet penetration and technological advancements in the telecommunication sector. Real-time buying is gaining momentum in MEA, which enables companies to develop targeted products and services on the basis of mobile usage patterns. This is expected to create immense opportunities for the mobile money market in the region.
View full report here : https://www.marketresearchreports.biz/reports/173424/mobile-money-global-industry-market-research-reports
Among the top service providers in the global mobile money market are: Bango.net Limited, Boku, Inc., Dwolla, Inc., Fortumo OÜ, Judo Payments, Paypal, Inc. (PayPal Holdings, Inc.), Square, Inc., Stripe, and WePay, Inc.
The global mobile money market has been segmented as follows:
Mobile money market, by mode of payment
Mobile money market, by types of purchase
Airtime Transfers & Top-ups
Money Transfers & Payments
Merchandise and Coupons
Travel and Ticketing
Mobile money Market, by Industry Vertical
Energy and utility
Hospitality and Tourism
Media and Entertainment
SCM and Logistics
Telecommunication and IT
Mobile money Market, by Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
The United Arab Emirates (UAE)
Rest of MEA
Rest of Latin America