The mobile wallet market is witnessing growth globally with increasing adoption of mobile payment services. Asia Pacific is expected to be the fastest growing region for the market, during the forecast period followed by EMEA.
the Global Mobile Wallet market size was valued at $16,650 million in 2013 and is projected to reach $ 5,250 million by 2020, growing at a CAGR of 127.5% from 2013 to 2020.
Growing awareness regarding mobile wallets and their applications, rising smartphone penetration and increasing security are expected to drive the mobile wallet market. Mobile commerce is expected to be the leading segment till 2020, followed by mobile ticketing and mobile money transfer.
The mobile wallet market is witnessing growth globally with increasing adoption of mobile payment services. The lack of regulations and monitoring for mobile enabled payments in African countries has triggered the mobile wallet growth in the region, whereas reluctance of merchants in Asia Pacific countries such as India, temporarily has hold the growth, which in turn will prompt the much faster adoption in future explain the analysts.
Although mobile payment services have the potential to transform the shopping and payment experience, most consumers still prefer cash or credit card payment due to their concerns related to security and technology infancy of mobile wallet. On the other hand, higher investment and deployment issues have also been detrimental to mobile wallet industry. Although these restraints are prevalent, companies from the telecommunication industry are collaborating to better serve the needs of the customers with new and improved product/service innovations, which will help to better the adoption both in consumer and merchant groups.
The global mobile wallet market is segmented based on applications, mode of payment and stakeholders. On the basis of applications, the market is segmented into mobile commerce, mobile ticketing, mobile coupons, money transfers, micro payments and others. In terms of mode of payment, the market is divided into NFC and remote payment. The stakeholders for the mobile wallet industry involve mobile network operators, handset manufacturers, mobile payment service providers, OSS/BSS solution providers, software developers, content and applications aggregators, and others which includes TSM, value service providers, retailers/merchants and mobile payment networks and banks. The OSS/BSS Solution Providers is expected to witness highest growth rate mainly due to the consistent development of mobile wallet in terms of technology namely NFC technology. The study also offers an updated review on the present major market players, which also includes description of relevant recent developments activities. Global positioning of the most active market players is also included in the study.
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Some of the key market players profiled in the report include American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, and others. These companies are focusing on adopting strategies, such as product/service innovation, collaborations, and mergers and acquisitions to increase their market share and build consumer confidence respectively. For instance, American Express has recently come up with a new global standard to boost the digital payment security and make things easier for consumers with purchasing when shopping on a mobile handset, tablet, personal computer or any smart device.
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