The global mobile payment market is anticipated to witness a CAGR of over 25% from 2020 to 2028. Financial institutions and banks are increasingly shifting towards financial technologies to enhance customer overall experience by offering mobile payment services. This, in turn, is increasing the uptake of mobile payment solutions and services across the globe. Also, rising mobile broadband penetration and the proliferation of smartphones in developing regions such as Asia Pacific, Africa, and Latin America supporting the growth of the mobile payment market. However, the threat associated with data privacy and security and lack of awareness financial organizations is expected to hamper the growth of the market over the forecast period to some extent.
Report Scope
This report analyzes the global mobile payment market in terms of technology, application, and geography. The global mobile payment market has been bifurcated based on technology into WAP/WEB-based, SMS, unstructured supplementary service data (USSD), and near-field communication (NFC). By application, the global mobile payment market is segmented into merchandise purchase, money transfer, ticketing, bill payment, and other applications. The global mobile payment market covers major geographies such as North America, Europe, Asia Pacific, and Rest of World.
Major players operating in the global mobile payment market are following the strategy of entering a strategic partnership to integrate advanced technologies into their offerings. Also, key players are concentrating on acquiring other players to enhance their existing solutions portfolio.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Mobile Payment Market - Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2028” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global mobile payment market.
Target Audience
USP and Key Offerings
The report titled “Global Mobile Payment Market- Growth, Share, Opportunities, and Competitive Analysis, 2020 – 2028” offers strategic insights into the global mobile payment market along with the market size and estimates for the duration 2018 to 2028. The said research study covers in-depth analysis of multiple market segments based on technology, application, and cross-sectional study across different geographies. In order to help strategic decision-makers, the report also includes competitive profiling of the leading mobile payment solution and service providers, their SCOT (Strength, Challenges, Opportunities, and Threats) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the mobile payment market
Overall, the research study provides a holistic view of the global mobile payment market, offering market size and estimates for the period from 2018 to 2028, keeping in mind the above-mentioned factors.
On the basis of application, the global mobile payment market is categorized into the following segments:
Among application segments, the money transfer segment is projected to hold a major chunk of overall mobile payment market revenue share over the forecast period. In 2019, the segment accounted for over 30% of the overall market share. The increasing introduction of mobile banking and money transfer apps by banks and financial institutions is boosting segment growth. However, the merchandise purchase is expected to emerge as one of the fastest-growing segments due to increasing e-commerce activities across the globe.
On the basis of technology, the global enterprise asset management market is categorized into the following sub-segments:
SMS was the largest segment and valued at US$ XX Mn in 2019. The segment is expected to grow at a CAGR of XX% from 2020 to 2028. The ubiquity of SMS makes it a popular and preferred access technology among end-users. However, the NFC segment is projected to expand at the fastest CAGR of XX% over the forecast period. Increasing deployment of NFC technology by banks and financial institutions to offer secure and convenient mobile payment service to clients is boosting the growth of the segment.
By the end of 2028, Asia Pacific is projected to emerge as an attractive regional market for mobile payment solutions and service providers. The increasing number of mobile payment transactions supplemented by the proliferation of smartphones in the region is fueling the growth of the market. The mobile payment market in the Middle East and Africa is anticipated to expand at the highest CAGR of over 35% during the forecast period, from 2020 to 2028. The introduction of favorable government initiatives and support to introduce mobile payment programs is increasing the uptake of mobile payment technologies in the region.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Mobile Payment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Technology
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
