The latest research report by Emergen Research, named ‘Global Mobile Payment Market - Forecast to 2032 The report is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
The global mobile payment market size was USD 972.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 14.3% during the forecast period. Increasing use of contactless payments and rising number of loyalty benefits in a mobile environment are key factors driving market revenue growth.
The mobile payment market has witnessed exponential growth in recent years, revolutionizing the way individuals conduct transactions. This market encompasses a broad spectrum of payment methods facilitated through mobile devices, allowing users to make purchases, transfer funds, and conduct financial transactions conveniently and securely.
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Drivers Fueling Market Expansion
The increasing adoption of smartphones, coupled with the proliferation of internet connectivity, serves as a primary driver for the mobile payment market. The convenience offered by mobile payment solutions, allowing users to make purchases or transfer money with just a few taps on their devices, has significantly contributed to market growth. Additionally, the ongoing shift towards a cashless society and the growing preference for contactless payment methods, especially in the wake of the COVID-19 pandemic, have accelerated the uptake of mobile payment systems.
Growth Factors Driving Adoption
The continuous innovation and evolution of mobile payment technologies are driving widespread adoption. NFC (Near Field Communication), QR code-based payments, mobile wallets, and peer-to-peer payment apps are among the various solutions that have gained prominence. Furthermore, the integration of mobile payment options by businesses across various sectors, including retail, hospitality, and e-commerce, has further fueled consumer acceptance and usage.
Challenges and Restraints
Despite its rapid growth, the mobile payment market faces challenges related to security and interoperability. Security concerns regarding data breaches and fraud are crucial factors influencing consumer trust in these systems. Moreover, ensuring interoperability among different payment platforms and devices remains a challenge, impacting seamless user experiences.
Market Growth and Future Outlook
The mobile payment market is poised for continued expansion, driven by technological advancements and the growing inclination towards digital financial services. Innovations such as biometric authentication, tokenization, and blockchain-based solutions are expected to enhance security and trust in mobile payment systems. Furthermore, collaborations between financial institutions, tech companies, and regulatory bodies aimed at standardizing and streamlining mobile payment infrastructures will likely contribute to market growth.
Overview of the Mobile Payment Market Report:
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
In-depth analysis of the risks, restraints, and limitations in the Mobile Payment Market industry
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Mobile Payment Market , with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Major Companies and Competitive Landscape
The globalMobile Payment Market is fragmented, with a number of small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the
Mobile Payment Market . Some prominent players operating in the market are:
Google LLC
Samsung Group
com Inc.
Apple Inc.
Paypal Inc.
Visa Inc.
MasterCard Inc.
com
American Express Banking Corp.
MobiKwik System Limited
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The market's growth is further propelled by technological advancements and innovations aimed at developing safer, more effective, and environmentally friendly biocidal products. Companies are investing in research and development to create novel formulations with enhanced efficacy while meeting regulatory standards. The advent of bio-based biocides derived from natural sources presents a promising avenue for sustainable and eco-friendly solutions, catering to the increasing demand for greener alternatives.
For the purpose of this report, Emergen Research has segmented the global mobile payment market on the basis of location, mode of transaction, payment type, and end-use, and region:
· Location Outlook (Revenue, USD Billion; 2019-2032)
Proximity
Remote
· Mode of Transaction Outlook (Revenue, USD Billion; 2019-2032)
Mobile Web Payments
Near Field Communication
Mobile Application
Others
· Payment Type (Revenue, USD Billion; 2019-2032)
Business to Business (B2B)
Business to Customer (B2C)
Business to Government (B2G)
Others
· End-use Outlook (Revenue, USD Billion; 2019-2032)
Banking, Financial Services, and Insurance (BFSI)
Media & Entertainment
Retail & E-commerce
Healthcare
Information Technology (IT) & Telecom
Others
Segmentation:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
About us:
Emergen research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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