A new market research report titled “Mobile Wallet Market”, published by Allied Market Research, indicates the global mobile wallet market is expected to reach $5,250 billion in 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. Asia Pacific is expected to be the fastest growing region for the mobile wallet market, during the forecast period followed by EMEA,” states analyst Lita Person and Saurabh Saxena.
“The lack of regulations and monitoring for mobile enabled payments in African countries has triggered the mobile wallet market 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 market growth. 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 report segments the global mobile wallet market on the basis of applications, mode of payment and stakeholders. The mobile wallet market by applications includes mobile commerce, mobile ticketing, mobile coupons, money transfers, micro payments and others.
In context to mode of payment, the mobile wallet market is divided into NFC and remote payment. The stakeholders for the mobile wallet market encompass 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. Companies profiled in this report includes American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, and Google.
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