iCrowd Newswire – Jul 17, 2020
The Global Mobile Wallet Market is estimated to grow at a CAGR of 28.2% during the forecast period 2020-2027. The detailed market study shows that the global mobile wallet industry was valued $1,043.1 billion in the year 2019 and is anticipated to reach $7,580.1 billion by the end of the year 2027.
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A mobile wallet is a virtual wallet payment service which is generally known as eWallet, digital wallet and mWallet. This application is used to receive and send money from mobiles devices and makes in-store payments easy with user-friendly access.
The global mobile wallet market is driven by various growth factors such as advancements in the mobile phone technology, lowering security concerns and continuous R&D in the smartphone technology. Increasing smartphone adoption and rising penetration of digitalization in developing nations support the market growth. Advancement in mobile phone technology and increase in awareness level related to benefits of mobile wallets also drives the market growth in the future period. Increasing usage of mobile wallet functionalities (value-added services) further drives the market growth over the future period. Whereas, lack of awareness related to usage and benefits of mobile phone wallet technology, security concerns and high deployment costs may hinder the market growth over the forecast period. On the contrary, increase in adoption of near field communication technology by consumers and retailers will offer lucrative opportunities for the companies operating in the global mobile wallet market.
Segmentation Overview of the Global Mobile Wallet Market
The global mobile wallet market is categorized on the basis of type segment, technology segment, industry vertical and end-user segment. These major market segments are further categorized into various sub-segments to study the market in detail considering various market determinants and geographical dynamics.
The Type Segment of the Global Mobile Wallet Market is Sub-Segmented into:
The Technology Segment of the Global Mobile Wallet Market is Sub-Segmented into:
- Digital Only
- Text based/Short message service
- QR Code
- Near Field Communication
The Industry Vertical Segment of the Global Mobile Wallet Market is Sub-Segmented into:
- Energy & Utilities
- Media & Entertainment
- Hospitality & Transportation
The End User Segment of the Global Mobile Wallet Market is Sub-Segmented into:
Competitive Insights of the Global Mobile Wallet Market
VISA Inc., Samsung Electronics Co., Ltd., PayPal Holdings, Inc., Mastercard Incorporated, Google Inc., AT&T Inc., Alipay.com, Apple Inc., American Express Banking Corp. and Amazon Web Services Inc. are some major players included in the research study of the global mobile wallet market.
Geographical Overview of the Global Mobile Wallet Market
The Asia-Pacific mobile wallet market dominated the market position in the global marketplace by contributing approx. 2/5th of the market share in the year 2019. Also, the regional market share is anticipated to grow at the highest growth rate with a CAGR of ~30.5% during the forecast period 2020-2027. The regional market growth and dominance is attributed to rapid shift to internet capabilities and digitalization in the region. On the other hand, the North America mobile wallet market hold more than 1/4th of the market share in the year 2019.
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Keywords: Mobile Wallet