Global Mobile Wallet Market is expected to reach USD 2,950.2 billion by 2020, according to a new study by Grand View Research, Inc. Increasing smartphone penetration, exponential growth of mobile internet applications and advancement of 3G and 4G networks are expected to serve as key market drivers over the forecast period. Technological advancement and the advent of NFC (Near-Field Communication) are also expected to positively impact market growth over the forecast period.
The market is characterized by consumer demand for easy and convenient payment modes that consume minimum time as against traditional banking channels. Furthermore, surging demand for high-end mobile devices and integration of technologies such as RFID, Bluetooth and NFC across POS (Point of Sale) terminals is expected to significantly contribute to industry growth. Additionally, secure and easy payment processes and enhanced user experience offered by mobile wallet solutions are expected to fuel global demand.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market
Further key findings from the study suggest:
·
The global mobile wallet market was estimated to
comprise 230 million users in 2013, which is expected to reach 1,420.8 million
users by 2020, growing at a CAGR of 30.0% from 2014 to 2020.
·
Retail was the largest application area in 2013
and accounted for over 40% of the overall market. This can be primarily
attributed to initiatives to equip retail stores with easy mobile device
payment options along with integration of POS terminals and various loyalty
schemes, which result in better customer engagement. In public transportation,
mobile wallet facilitates the purchase of tickets for air, rail, bus, and other
forms of transport in an efficient manner.
·
Asia Pacific accounted for over 30% of the
global market volume in 2013. Furthermore, the region is expected to witness
the fastest growth over the next six years, which can be primarily attributed
to the surge in number of smartphone and internet users.
·
Key industry participants include American
Express Inc., BlackBerry, Apple Inc., First Data, Google, ISIS, MasterCard,
PayPal Inc., Samsung and Visa Inc. Developing easy-to-use and secure mobile
wallet solutions delivering enhanced user experience is expected to be a
critical success factor for gaining market share.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/technology
For the purpose of this study, Grand View Research has segmented the global
mobile wallet market on the basis of application and region:• Mobile Wallet Application Outlook (Volume, Million Users & Revenue, USD Billion; 2012 - 2020)
• Grocery Stores
• Public Transportation
• Restaurants
• Retail
• Vending Machines
• Mobile Wallet Regional Outlook (Volume, Million Users & Revenue, USD Billion; 2012 - 2020)
• North America
• EMEA
• Asia Pacific
• Latin America
For Free press release of this report - http://www.grandviewresearch.com/press-release/global-mobile-wallet-market
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.
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