Albany, NY -- (SBWire) -- 10/05/2018 --M-commerce, or mobile commerce, refers to the purchase and/or sale of goods and services via mobile platforms such as smartphones and tablets. The increasing adoption of mobile commerce across the globe, especially in the West, has turned out to be immensely helpful towards strengthening the market. Developed countries such as those in North America have been significantly proactive in making m-commerce a vital part of day-to-day commercial transactions.
Broadly segmenting the mobile commerce market on the basis of transactions, three key categories may be formed: mobile payments, which include contactless near-field communication (NFC), digital and physical goods, and mobile money person to person (P2P) transfer; mobile ticketing and mobile coupons; and mobile banking.

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The mobile commerce market is largely driven by ongoing trends and the research report observes and predicts these, presenting a detailed evaluation of the same. Besides these, the report also highlights the various challenges that the mobile commerce market has encountered so far and will face over the course of the report's forecast period.

Overview of the mobile commerce market

While e-commerce took the commercial world by storm not so long ago, mobile commerce has gone way beyond the boundaries and limitations of e-commerce. Despite being in a nascent stage, the significance of m-commerce cannot be denied. Today, mobile commerce benefits multiple industries such as education, commerce, travel and ticketing, entertainment, enterprise resource planning, dispatching and inventory tracking, and traffic. Thanks to the proliferation of technology and the rising popularity of handheld devices, the consumer base of mobile commerce has widened. Moreover, with expanding disposable incomes, especially in emerging economies, consumers are more likely to resort to impulse purchases – a habit largely fuelled by online and mobile commerce. Other factors that stimulate the m-commerce market are the availability of cheap technology, growing internet penetration, and thriving online businesses.

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On one hand, the slow adoption rate of mobile payments in some regions of the world is a factor that threatens to stall the growth of the mobile commerce market in the larger context. However, many vendors are using this as an opportunity to expand their base and are focusing on increasing awareness regarding mobile wallets and the many benefits it presents. Nevertheless, there are still some restraining factors, as identified by the report. These include lower memory and slow internet speed in some regions, inadequate power of processing, and dearth of mobile literacy.
So far, the U.S. and China have emerged as the strongest national mobile commerce markets. However, with the economic turnover in many countries, widespread growth of the m-commerce industry is imminent.