The demand for mobile money is steadily gaining momentum in the global market as a response to the rapid development of the telecommunications sector and the need for anytime banking, especially in remote locations. Furthermore, the advent and penetration of 2G, 3G, and 4G networks has bolstered the opportunities for the mobile money or mobile payment market to flourish. Presently, Europe and North America accounted for the majority of the market share.
North America and Europe are expected to contribute the highest revenue shares to the global mobile money market, helping the industry achieve an annual growth rate of more than 70% over the forecast period. The report also projects that emerging economies across BRIC nations are expected to contribute to the market significantly in the forthcoming years.
The research report delivers a definitive business overview and investigates the factors impacting the mobile money or mobile payment market. It encompasses growth forecasts, demand and supply trends affecting the industry, market drivers, and growth inhibitors of the mobile payment or mobile money market. Additionally, the report also highlights the significant market developments and the upcoming technological advancements. The report provides qualitative and quantitative analysis based on the information sourced. It also uses analytical tools such as Porter’s Five Force models and SWOT analysis to determine the future bargaining power of buyers, suppliers and consumers.
Overview of the global mobile money market
The global mobile money market registered tremendous growth over the last decade. The market capitalized on the benefits of advanced technologies, new age operating systems, and value-added applications in mobile phones which are rooted in the flourishing electronics and telecommunications sectors. The market is mainly driven by the verity that internet connectivity has been able to penetrate in regions that cannot afford brick and mortar banking branches. All these factors have created opportunities not only for leading mobile manufacturers, but also for mobile application developers, telecommunication, service providers, and other stakeholders.
Growing reliance on mobile phones and network connectivity for shopping, purchasing e-tickets to movies, bill payments, and other similar activities is expected to drive the market. Moreover, transacting through mobile money provides an affordable and easily-accessible method for making payments, which is expected to progressively impact the mobile money market during the forecast period.
However, security concerns with regards to online transactions might prove to be a growth inhibitor for the industry. Nevertheless, the report finds that cell phone service providers and financial institutions will benefit from the trend of mobile money to extend their services and expand customer base.
The report has segmented the global money market into consumer goods and retail, telecommunications, media and entertainment, banking and financial services, and hospitality in terms of mobile money applications. On the basis of various modes of transaction, the global market for mobile money is segregated into smartcards or near field communication (NFC) systems, SMS, mobile web or wireless application protocol (WAP), direct mobile billing, unstructured supplementary service data (USSD), and system tool kit (STK).
Companies mentioned in the research report
The report profiles the leading companies contributing to the market trends, which include, Sybase, PayPal, Google, Vesta, Cornviva, Xius, Utiba, Yellow Pepper, Luup, and Obopay. Other key players in the market include Aepona, Gemalto, eServ Global Ltd., MasterCard, Visa, C-SAM, Monitise, Don River, and mFoundry.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments