Market Research Future published a research report on “Mobile Wallet Market Research Report – Global Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Market Research Future’s (MRFR’s) report on the global mobile wallet market claims a possibility of the market achieving 40% CAGR during the forecast period (2016-2022) and reach a valuation of USD 5 billion by the end of 2022. Mobile wallet is an advanced technology where information of the debit and credit card can be stored for any later usage. It will be stored inside the mobile and in case of later payment procedures, carrying cards would not be necessary.
The Mobile Wallet Market is expected to rise in coming days owing to rising initiatives taken by governments across the globe. In major countries, governments are trying to replace the liquid transaction with digital transaction. Many card companies are now installing NFC chip in smartphones to give their customers a better experience of digital transaction. At the same time, the market is gaining much traction from the e-commerce segment.
However, the mobile wallet market can face some daunting challenge in overcoming the misuse of bank details and cybercrimes. Cybercrimes could easily divulge a lot of personal information and make it available to public. Meanwhile, major service providers are implementing latest technologies to safeguard the practice from both ends to check the threat of any breach.
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The major players operating in the market of mobile wallet are- American Express (U.S.), Apple Inc. (U.S.), AT&T INC.(U.S.), Blackberry Ltd. (Canada), First Data Corporation (U.S.), Google Inc. (U.S.), Sprint Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), MasterCard Incorporated (U.S.), and Visa Inc (U.S.) among others.
MRFR, in an attempt to get closer to the mobile wallet market, segments it by mode of payment and application. This analysis helps the report provide a better predictive analysis of the market.
Based on the mode of payment, the global mobile wallet market can be segmented into payment and application. The payment segment includes remote payment, NFC and others. In the burgeoning of e-commerce segment, the remote payment sub-segment is getting enough traction to grow substantially.
By application, the mobile wallet market comprises commerce market, ticketing market, mobile coupon, mobile transfer, micro payment and others. The ticketing market segment is getting considerable thrust from travel and tourism sector. At the same time, entertainment sector is also bolstering the segment’s market claims.
Geographically, MRFR studies the mobile wallet market by including regions, namely, North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). This type of study reveals growth pockets with details for a better predictive analysis.
The APAC region is leading the segment owing to a huge population switching to mobile wallet system. Countries such as India and China have a high number of smartphone users. At the same time, the market got substantial boost from the recent demonetization in India which influenced a lot of people into adopting such mobile wallets.
In North America and Europe, the presence of several market players is triggering much growth. Companies like Apple, Amazon launching their own mobile wallet is bolstering the regional market growth. Digital fluency and digital structure in these regions are quite substantial which is helping the market in finding opportunities and diversify growth possibilities.
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- Software developers
- Mobile app Developers
- Banking Service Providers
- Software Developers
- Software Distributors
- Mobile based financial service providers and distributors
- Research Institutes & Universities
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