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Published Date: 2017-09-14Number of Pages: 170

Proximity Mobile Payment Market (Type - Barcodes, Near Field Communication; Application - Retail, BFSI, Hospitality and Tourism, IT and Telecommunications, Media and Entertainment, Aviation, Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022

Global Proximity Mobile Payment Market: Snapshot

The proximity mobile payment market is very much a market of modernity, having come to the fore following widespread acceptance of mobile payment technology and digital economic architecture. Proximity mobile payment consists of payment carried out through mobile phones or other wireless devices. Barcodes and NFC are two of the leading contenders in the global proximity mobile payment market at present. Proximity mobile payment systems requires a large volume of supporting technological architecture, but their immense utility in making payment easier, more secure, and more convenient for customers is likely to drive demand from the global proximity mobile payment market in the coming years.

According to Transparency Market Research, the global proximity mobile payment market was valued at US$57.9 bn in 2017, but is likely to exhibit stunning progress in the coming years to end up at a valuation of US$411.4 bn by 2022. The proximity mobile payment market is expected to exhibit a robust 48% CAGR between 2017 and 2022.

 

proximity mobile payment market

 

Near Field Communication Likely to Dominate Proximity Mobile Payment Market

Of the two types of proximity mobile payment systems currently in major use, near field communication is likely to remain the dominant leader over the 2017-2022 forecast period. Barcodes are used extensively across the world, but the greater convenience of NFC tags have made them likely to be adopted on a wide scale in the retail sector. Near field communication accounted for more than 75% of the global proximity mobile payment market in 2017 and is likely to extend its dominance by increasing its market share to 87.7% by 2022. The segment was valued at US$43.6 bn in 2017 and is likely to exhibit a superb CAGR of 52.6% between 2017 and 2022 to emerge with a valuation of US$360.9 bn in 2022.

North America Likely to Remain leading Geographical Segment due to Widespread Acceptance

North America is the leading contributor to the global proximity mobile payment market and is likely to retain this position in the coming years thanks to the widespread adoption of proximity mobile payment systems in the developed region. The high adoption of smartphones and especially NFC-enabled smartphones in advanced countries such as the U.S. and Canada is likely to remain a key driver for the proximity mobile payment market in North America in the coming years. The North America proximity mobile payment market is likely to rise from US$13 bn to more than US$98 bn over the 2017-2022 forecast period, exhibiting a strong 49.8% CAGR therein.

The Europe proximity mobile payment market is likely to follow North America closely, with the region likely to account for a valuation of US$73.9 bn by the end of 2022. Like in North America, the proximity mobile payment market has also been helped in Europe by the steady technological development of the overall shopping experience and widespread support for technological advancements such as proximity mobile payment. The Europe proximity mobile payment market is expected to exhibit a robust 46.9% CAGR from 2017 to 2022.

The Middle East and Africa (MEA) market could also turn out to play a key role in the proximity mobile payment market in the near future due to the rapid economic development of several countries in the region and the steady acceptance of technological innovations in the economic chain.

Global Proximity Mobile Payment Market: Competitive Dynamics

Leading players in the global proximity mobile payment market include Samsung Electronics Co. Ltd., Visa Inc., Apple Inc., Alphabet Inc., Square Inc., ACI Worldwide Inc., PayPal Holdings Inc., Starbucks Corporation, Mastercard Incorporated, and CVS Health Group.

Global Proximity Mobile Payment Market: Overview

Proximity mobile payment is payment carried out via wireless methods through smartphones or other mobile devices. Proximity mobile payment can be conducted in various ways and has become a standard in numerous sectors due to the convenience it provides to customers as well as proprietors in carrying out cashless transactions smoothly and quickly. Proximity mobile payment technology requires extensive installation of accompanying infrastructure, making it too expensive for a number of enterprises. However, the steady rise in the adoption of proximity mobile payment systems in developed countries could hasten the growth of the global proximity mobile payment systems market in the coming years.

According to Transparency Market Research, the global proximity mobile payment market was valued at close to US$58 bn in 2017. Exhibiting a stunning 48% CAGR between 2017 and 2022, the market is expected to rise to more than US$411 bn by 2022.

The report provides a complete cross-sectional analysis of the global proximity mobile payment market. The numerous application and end use segments of the global proximity mobile payment market are analyzed in detail in the report, while the various types of proximity mobile payment technologies in the market are also described in the report. The performance of the proximity mobile payment market in various regions is described in the report in order to provide a picture of the global market’s regional dynamics.

Global Proximity Mobile Payment Market: Dynamics

The report analyzes the major drivers affecting the performance of the global proximity mobile payment market. The effect of major factors driving the demand for proximity mobile payment solutions is discussed in detail in the report, which also provides a clear picture of the most important restraints affecting the market. The mechanism through which these influential factors affect the global proximity mobile payment market is discussed in detail in the report. Economic and regulatory factors affecting the dynamics between the proximity mobile payment market’s drivers and restraints are also elaborated in the report.

Key drivers for the global proximity mobile payment market include the rising adoption of smartphones among various user demographics, rising preference among customers for mobile payment technology, and the increasing ease of making widespread installation of the technological infrastructure required for advanced systems such as proximity mobile payment.

Global Proximity Mobile Payment Market: Segmentation

By mode of payment, the global proximity mobile payment market is bifurcated into near field communication and barcode. Of these, near field communication, valued at US$43.6 bn in 2017, is likely to remain the dominant contributor to the global proximity mobile payment market in the coming years. Near field communication accounted for 75.3% of the global proximity mobile payment market in 2017 and is likely to become even more important to the market by 2022, when it is expected to account for 87.7% of the global market. The near field communication segment is likely to reach a value of US$360.9 bn by 2022 at a whopping 52.6% CAGR between 2017 and 2022.

Geographically, North America is expected to remain the dominant contributor to the global proximity mobile payment market in the coming years. The North America proximity mobile payment market was valued at US$13 bn in 2017 and is expected to rise to more than US$98 bn by 2022 at a robust 49.8% CAGR therein.

Global Proximity Mobile Payment Market: Competitive Dynamics

Leading players in the global proximity mobile payment market include Samsung Electronics Co. Ltd., Visa Inc., Apple Inc., Alphabet Inc., Square Inc., ACI Worldwide Inc., PayPal Holdings Inc., Starbucks Corporation, Mastercard Incorporated, and CVS Health Group.


 
 
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