The global mobile wallet market is expected to reach USD 7,581.91 billion
by 2024, according to a new report by Grand View Research, Inc. Growing mobile penetration with improved
payment infrastructure and data connectivity are expected to offer the significant
opportunity of the mobile wallet market. Increasing application of mobile
wallet which includes Apple Pay, Android Pay and Samsung Pay with the growing
capability of paying through mobile phones, is expected to drive the market
demand.
 |
Global Mobile
wallet Market, 2014 - 2024 (USD Billion)
|
Increasing demand for enhanced government policies and security issues is
expected to drive the market growth. Enterprises across the industries are
developing and deploying the new products for improving the productivity with
increasing security. The increasing need for lowering cost of ownership and
increased convenience need will continue to dictate the market development.
Growing development in NFC has encouraged the consumers to use the mobile
devices for making small and large payments. Proliferation and adoption of
mobile payments including digital wallets and usage of apps has encouraged the
non-payment technology firms to enter into payment landscape such as American
Express and Jawbone. According to the U.K. Cards Association, contactless
payments in the region have surged to 184% high with 179.6 Billion of
transactions.
In depth research report on Mobile Wallet Market
Further key findings from the report suggest:
·
Banking entities, payment gateways, businesses and payment
processors are expanding with the emerging payment technologies.
·
Proximity product type is expected to have maximum CAGR
over the forecast period owing to the increased penetration of NFC enabled
mobile phones.
·
The public transportation application segment is expected
to have significant growth over the forecast period, owing to changing industry
trends the transit system operators are moving away from traditional payment of
parking fees, displaying interactive route maps, sounding alarms in case of
emergency, real time service information and service schedules.
·
The restaurant application is expected to witness a CAGR
of over 38% over the forecast period. Restaurants have started upgrading
terminals for accepting the various payment methods. The technology has enabled
the customer to use a mobile app to check in, pre-order, order online and make
reservations.
·
Developed regions such as North America have a
well-established NFC market, owing to the high adaptability of the consumers
for the new technology. Three wireless carriers, T-Mobile USA , AT&T
Mobility (U.S) and Verizon Wireless (U.S) are working in collaboration with
Barclaycard U.S. and Discover Financial Services to analyze and implement the
NFC technology in the product list
·
The key players in the mobile wallet market include Google
Inc (U.S), Samsung Electronics Co., Ltd (South Korea), VISA Inc (U.S).
Companies are focusing on developing new services and secure payment platform
to enhance the market share.
Grand View Research has segmented the mobile wallet market on the basis
of product type, application, and region:
Mobile Wallet Product
Outlook (Revenue, USD Billion, 2014 - 2024)
·
Proximity
·
Remote
Mobile Wallet Application
Outlook (Revenue, USD Billion, 2014 - 2024)
·
Retail
·
Vending Machine
·
Public Transportation
·
Restaurants
Mobile Wallet Regional
Outlook (Revenue, USD Billion, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
Browse more research reports of this category:
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, the company offers
market intelligence studies ensuring relevant and fact-based research across a
range of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis
reports, please visit: http://www.grandviewresearch.com/
No comments:
Post a Comment