Global Mobile Payment Technologies Market: Snapshot
The global mobile payment technologies market is poised for outstanding growth in the near future. The ceaseless adoption of smart electronics coupled with increasing mobile data usage is fuelling the mobile payment technologies market. The proliferation of digital payment solutions has been a welcome move especially among new-age consumers.
Rapid pace of development of payment technology has brought a radical change in expectations of consumers and businesses to complete transactions. Contactless payment that employs wireless technology such as RFID and NFC is increasingly becoming common among consumers and businesses for purchase of products or services.
However, unwillingness among consumers due to risk of loss of critical data is challenging the growth of mobile payment technologies market to some extent.
Owing to a myriad favorable factors, the mobile payment technologies market is predicted to rise at an outstanding 20.9% CAGR between 2017 and 2024.
Reliability of Near Field Communication Technology Makes Proximity Segment Attractive
The mobile payment technologies market is segregated in terms of type, purchase type, end-use application, and geography. In terms of type, the market is bifurcated into proximity payment and remote payment. Of the two, proximity payment type is anticipated to lead contributing US$609.57 bn to the overall market by 2024. The proximity payment type is further sub-divided into near field communication and QR code payment. The demand for NFC based mobile payment is anticipated to favor the growth of proximity type segment.
In terms of purchase type, the key segments into which the mobile payment technologies market is segregated are airtime transfers & top-ups, merchandise and coupons, money transfers & payments, travel and ticketing, and others. Among them, airtime transfers & top-ups is anticipated to contribute substantially to the growth of mobile payment technologies market. On the other hand, money transfers and payments is predicted to be key revenue contributor to this market in the upcoming years.
Depending upon end-use application, hospitality & tourism sector, BFSI, media and entertainment, retail, healthcare, IT & telecommunication, education, and others are the segments into which the mobile payment technologies market is segregated. Retail segment is predicted to hold a significant 15% market share until 2024, the segment is likely to contribute leading revenue among other end-use applications owing to widespread adoption of mobile payment solutions in the retail sector.
Digital Revolution in Emerging Economies to Make Asia Pacific Key Market
Geography-wise, the key regions into which the global mobile payment technologies market is classified are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America and Asia Pacific are the most attractive regional markets for mobile payment technologies. Early acceptance for newer technology and advantages of easy, secure, and convenient monetary transactions are pacing the growth of North America market. North America mobile payment technologies market is anticipated to be valued at US$321.92 bn by 2024.
Powered by India, China, and countries in South East Asia, Asia Pacific mobile payment technologies market is anticipated to emerge lucrative. These countries are emerging as new economic destinations attracting investments across industry verticals from developed economies. The Asia Pacific mobile payment technologies market is likely to be valued at US$753.12 bn by 2024-end. Rising government initiatives for a cashless economy is favoring mobile payment solutions in India.
Key companies operating in the global mobile payment technologies market include Visa Inc., MasterCard International Inc., American Express Co., Boku Inc., PayPal Inc., Fortumo, Bharti Airtel Ltd., Vodafone Ltd., AT & T Inc., Google Inc., Apple Inc., and Microsoft Corporation.
Global Mobile Payment Technologies Market: Overview
The mobile payment technologies research report provides valuable insights on the global mobile payment technologies market for the 2017-2024 forecast period, where 2016 is the base year and 2015 values have been provided for historical reference. It examines past and current growth trends to present projections for regional markets as well as the global market.
The executive summary section provides a snapshot of this market throwing light on demand-supply dynamics over a timescale. The report looks into prevalent trends and technologies playing a pivotal role in the growth of the said market over the aforementioned forecast period. It also examines various demand drivers, restraints, and opportunities that are expected to influence the market during the 2017-2024 forecast timeframe.
The research report provides a comprehensive analysis of the mobile payment technologies market in terms of purchase type, type, and end-use application. The report aims to understand the factors aiding the growth of mobile payment technologies market. It also aims to identify various factors that are likely to aid the growth of mobile payment technologies market.
Going ahead, the report also provides revenue estimates in terms of (US$ Bn). The report analyzes the adoption of various types of mobile payment technologies in different end-use applications which would consequently facilitate the growth of this market. The study also aims to understand the adoption of mobile payment technologies across industry verticals as the technology is currently at a nascent stage.
Extensive Research Phase add Credibility to Report Analysis
The making of the report involved employing bottom-up approach to assess market values for key segments. Top-down approach has been employed to counter validate the estimated values along with end-use application segments. Macro-economic indicators such as GDP, financial services, industry output, IT spending, and government regulations have been examined in the making of the report.
The secondary sources tapped into for making the report include World Bank payment statistics, government websites, company annual & financial reports, investor presentations, and SEC filings. In-depth secondary research phase in the making of the report provide us with overall market size and revenue projections for key segments. The primary research phase initially involved formulation of a detailed discussion guide to conduct interviews with industry experts and opnion leaders.
Data was validated using triangulation method, in which primary, secondary, and in-house analysis contributed to the final data. Analysts used MS Excel to determine qualitative and quantitative insights about the industry. The complete analysis and market value estimations were thereafter presented in the required format.
In-depth Competitive Analysis helps Gain Useful Insights
The report includes a section dedicated to the competitive outlook of the mobile payment technologies market. It mentions top players in the mobile payment technologies space along with a detailed competitive profile of each of them. In addition, the report throws light on key growth strategies adopted by leading market players along with information on financial standing, business positioning, and SWOTs