Mobile Payments Market
Opportunities and Forecasts, 2014- 2022
Mobile Payments Market: Future & Growth
Future & Growth of the Market • The global market is expected to garner $3,388 billion by 2022 • Registering a CAGR of 33.4% from 2016 – 2022 • Mobile payments through short message services (SMS) mode dominate the market
• Near field communication (NFC) would witness growth in its market share in coming years and is anticipated to grow at a robust rate
Mobile Payments Market: Factors Contributing to Market Growth
Factors Contributing to Market Growth: • Increased penetration of smartphones • Growth in M-commerce industry • Change in lifestyle • Need for quick and hassle-free transactions
Mobile Payments Market: Key Findings
Key Findings of the Market • Increased penetration of smartphones and online services would accelerate the growth of the overall mobile payments market • China would remain the leading revenue generating country throughout the period, growing at a CAGR of 35.1 % during the forecast period • In 2015, mobile money accounted for 75% of the overall mobile payments market share. • Hospitality & transportation is anticipated to grow at an unprecedented rate of 34.5% during the forecast period.
Mobile Payments Market Segmentation Market is Segmented into Following Types:
By Mode Of Transaction • Short Message Service (SMS) • Near-Field Communication (NFC) • Wireless Application Protocol (WAP)
By Type Of Mobile Payment • Mobile Wallet/Bank Cards • Mobile Money
By Application • Entertainment • Energy & Utilities • Healthcare • Retail • Hospitality & Transportation
Mobile Payments Market Segmentation Geographically, market is segmented as: • Asia-Pacific generated the maximum revenue in 2015 • North America and Europe have also indicated high growth potential, given that the customers are offered discounts and promotional offers while making mobile payments through mobile wallets and apps • China would remain the leading revenue generating country throughout the period
• LAMEA also contributes in generating market revenue
Mobile Payments Market: Key Players Key Players of the Market • • • • • • • • • • • • • •
Orange S.A. Vodacom Group Limited MasterCard Incorporated Bharti Airtel Limited MTN Group Limited Safaricom Limited PayPal Holdings, Inc. Econet Wireless Zimbabwe Limited Millicom International Cellular SA Mahindra Comviva One97 Communications Ltd. TIO Networks Corp Google Inc (Google Wallet) Apple Inc (Apple Pay)
Summary: Adoption and spread of mobile payment has resulted into the entry of leading companies such as Apple, Google, and MCX into the competitive landscape. These market players have launched new generation of transactional applications that not only streamline business process but also provide for greater transaction savings. With the growing number of end-users, focus would drift towards the security and speed of the transaction in the coming years.
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