As per the market study, the global mobile wallet market is projected to reach $5,250billion in 2020, growing at a CAGR of 127.5% from 2013 to 2020. Growing awareness regarding mobile wallets and their applications, rising Smartphone penetration and increasing security are expected to drive the mobile wallet market. Mobile commerce is estimated to lead the segment till 2020, followed by mobile ticketing and mobile money transfer.
The mobile wallet market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous research and developments in the smartphone technology and lowering security concerns. The widespread smartphone adoption in developed markets and its increasing penetration levels in developing markets are influencing the growth of the mobile wallet market positively. Furthermore, growing adoption of NFC (near field communication) technology by retailers and consumers is expected to propel the growth of the mobile wallet market.
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Even though mobile payment services have the potential to change the shopping and payment experience, most consumers still prefer cash or credit card payment due to their concerns related to security and technology infancy of mobile wallet. On the other hand higher investment and deployment issues have also been detrimental to market growth. Although these restraints are prevalent, companies from the telecommunication industry are coming together to better serve the needs of the customers with new and enhanced product/service innovations, which will increase its adoption among consumers and merchants.
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Table Of Content:
- Executive Summary
- Key Finding: Mobile Wallet & NFC Market Study
- Market Dynamics
- Global Mobile Wallet Market by Application
- Global Mobile Wallet Market by Mode of Payment
- Mobile Wallet Market by Stakeholders
- Geographic Analysis
- Corporate Profiles and Analysis
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