Mobile wallet market set to register 127.5% CAGR in next seven years on account of growing smartphonesadoption.
Reports and Intelligence today added a new study on "Mobile Wallet Market (Applications, Mode of Payment, Stakeholders and Geography) - Global Share, Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2012 - 2020"
The analysts of the report predict that the mobile wallet market will witness an exponential growth during 2013 and 2020 to be worth $5.3 trillion in 2020; registering a CAGR of 127.5% during the forecast period. Mobile network operators will be most benefitted with wave and will bag largest chunk of the revenue, while OSS/BSS solution providers, handset and other hardware solution manufacturers, software developers and cloud computing companies, and content and applications aggregators will have their chunk of shares. The key vendors who have established their dominance include, ISIS, MasterCard Inc., PayPal Inc., and Visa Inc., American Express Serve, Citibank NA and Google Inc.
Strides in mobile phone technology have increased the scope of mobile wallet market. Its scope is further expected to increase due to continuous research and developments in the smartphone technology and enhanced security levels. Increasing forays of Smartphones in developing countries and widespread popularity in developed countries are working in the favor of global mobile wallet market. Further, the mobile wallet market would grow exponentially due to inclination of consumers and retailers for NFC (Near Filed Communication).
Mobile wallet is handy to use and also accessible anytime, anywhere. Apart from providing economical transaction facility, it also helps users to maintain account details. However, factors such as security, high investment cost, lack of technological understanding by consumers would prove to be detrimental for mobile wallet market. Even though such limitations work against the growth of the market, many industry players are teaming up to study and provide an enhanced product in order to provide quality service to customers and fulfill their needs.
As per the report, global mobile wallet applications market is segmented based on mobile commerce, mobile coupons, mobile ticketing, micropayments and mobile transfers. Further, depending upon the mode of payment, the global mobile market consists of remote and NFC payments. Down the hierarchy, NFC mobile payment is categorized into NFC handsets, NFC tags and chips Micro SD, readers and NFC SIM/UICC card.
Also, global mobile wallet market stakeholders comprise of mobile network operators (MNOs), handset manufacturers, software developers, content applications and aggregators, OSS/BSS solution providers, and other stakeholders.
In terms of geographical locations, report segments global mobile wallet market into North America, EMEA, Asia Pacific and Latin America. Presently, Asia Pacific leads the global mobile wallet market, followed by EMEA and North America. Further, the report forecasts Asia Pacific region to have the highest share in global mobile wallet market during 2013 to 2020. This can be credited to factors such as increasing popularity of Smartphones, popularizing m-payments and m-banking and rising technological competence.