How much is the Mobile Payment market worth?
According to the report, global demand for mobile payment market was valued at approximately USD 827.6 Billion in 2019 and is expected to generate revenue of around USD 8,724.2 Billion by end of 2027, growing at a CAGR of around 34.2% between 2020 and 2027.
What is Mobile Payment?
Mobile payments apply to purchases or transactions made using a mobile device by regulatory bodies under financial supervision. This service removes conventional alternatives such as cheque and cash, credit cards thus offering end users a high degree of ease. Smart phones have become an important commodity to all individuals with the increasingly growing global economy. Likewise, for many people the internet has become a part of life. It has increased the penetration of smart phones and internet users worldwide causing the mobile payment market to expand. The emergence of budget cell phones able to accept mobile payments have spurred the demand overall. Since consumers do not need to rely on conventional payment methods and can use a centralized system to conduct payment as well as remittance services, this technology has largely helped bridge the gap between the banked and under banked population. As a result, organizations and regulatory bodies have earned favorable initiatives as it is especially useful in regions with low bank penetration.
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What are Mobile Payment market’s key drivers?
• Increase in the Number of Mobile Phone Users
• Growing Penetration of Mobile Financial Services among Mobile Phone Users
• Social Networking and Gaming Improves the Demand for Mobile Payments
How much market share of Mobile Payment was held by retail segment in 2019?
Based on the application, the global market for mobile payment is segmented into BFSI, entertainment, energy & utilities, IT & telecom, retail, healthcare, hospitality & tourism, and others. The retail segment accounted for almost 27% share of the market in 2019. Consumers are increasingly opting for mobile purchases for a range of products and services, such as grocery stores, apparel & accessories, health & beauty, books, and computers & electronics due to the convenience of ordering and receiving them at doorsteps. Additionally, exclusive deals and discount vouchers on the m-commerce sites provided by various vendors draw consumers towards mobile purchases.
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Which region is predicted to have the largest share in the Mobile Payment market?
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 33% share of the overall market due to the availability of advanced communications and IT infrastructure in the region, especially in the U.S. Moreover, robust growth in the region’s business mobility along with the growing proliferation of mobile devices is raising market revenue. In terms of BYOD adoption, North American workers are ahead of their global colleagues. Asia Pacific is likely to grow at high CAGR in the forecast period. The growing number of Chinese SMEs operating in the IT sector is taking advantage of the technology to save considerable costs for IT infrastructure and maintenance by implementing centralized management frameworks.
Which are the prominent Mobile Payment Key Players across the globe?
Major players in mobile payment market are Vodacom Group Limited (South Africa), MTN Group Limited (South Africa), Econet Wireless Zimbabwe Limited (Zimbabwe), Safaricom Limited (Kenya), Orange S.A. (France), Mahindra Comviva (India), PayPal Holdings, Inc. (U.S.), Millicom International Cellular S.A. (Luxembourg), Bharti Airtel Limited (India), and MasterCard Incorporated (U.S.) among others.
Table of Contents (TOC)
1. Global Mobile Payment Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global Mobile Payment Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global Mobile Payment Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
126.96.36.199. Rest of North America
7.2.1. Europe Regional Market Size and Trend Analysis
188.8.131.52. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
184.108.40.206. Southeast Asia
220.127.116.11. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
18.104.22.168. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
22.214.171.124. Saudi Arabia
126.96.36.199. South Africa
188.8.131.52. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments
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