The report estimated that the global mobile wallet market would attain a market size of $5,250billion in 2020, registering a compound annual growth rate of 127.5% during 2013-2020.
Portland, OR -- (SBWIRE) -- 07/03/2014 -- Allied Market Research publishes a report titled “Mobile Wallet Market (Applications, Mode of Payment, Stakeholders and Geography) - Global Share, Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2012 – 2020.”
The report estimated that the global mobile wallet market would attain a market size of $5,250billion in 2020, registering a compound annual growth rate of 127.5% during 2013-2020. Rising security concerns, growing awareness about mobile wallets and growing Smartphone market would drive the market growth. Mobile commerce would be the dominant segment until 2020 and mobile ticketing & mobile money transfer are expected to follow.
“The mobile wallet market is witnessing growth globally with increasing adoption of mobile payment services. Asia Pacific is expected to be the fastest growing region for the mobile wallet market, during the forecast period followed by EMEA,” state analysts Lita Person and Saurabh Saxena. “The lack of regulations and monitoring for mobile enabled payments in African countries has triggered the mobile wallet market growth in the region, whereas reluctance of merchants in Asia Pacific countries such as India, temporarily has hold the growth, which in turn will prompt the much faster adoption in future” explain the analysts.
To view the Complete Report visit: http://www.alliedmarketresearch.com/mobile-wallet-market
Mobile payments definitely have immense potential; however, majority of customers prefer the traditional methods of payment such as cards and cash. Further, issues relating to deployment and higher initial investment would pose a major challenge to the market growth. To address such concerns, key firms across the globe are coming together to innovate and offer enhancedservices.
The market is categorized into applications, mode of payment and stakeholders. Further, the application segment consists of mobile commerce, mobile ticketing, mobile coupons, money transfers, micro payments and others.
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For mode of payment, the two sub-segments are NFC and remote payment.
The stakeholders segment consists of mobile network operators, handset manufacturers, mobile payment service providers, OSS/BSS solution providers, software developers, content and applications aggregators, and others, which include TSM, value service providers, retailers/merchants and mobile payment networks and banks. The OSS/BSS Solution Providers segment would grow the fastest due to improvements in the mobile wallet technology.
The study conducted provides a detailed analysis of the top market players. They are given below:
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