The Mobile Wallet Market is characterized by consumer demand for easy and convenient payment modes that consume minimum time as against traditional banking channels. Furthermore, surging demand for high-end mobile devices and integration of technologies such as RFID, Bluetooth and NFC across POS (Point of Sale) terminals is expected to significantly contribute to industry growth. Additionally, secure and easy payment processes and enhanced user experience offered by mobile wallet solutions are expected to fuel global demand.Technological advancement and the advent of NFC (Near-Field Communication) are also expected to positively impact market growth over the forecast period.
Browse Detailed Report with TOC at:
Further key findings from the study suggest:
The global mobile wallet market was estimated to comprise 230 million users in 2013, which is expected to reach 1,420.8 million users by 2020, growing at a CAGR of 30.0% from 2014 to 2020.
Retail was the largest application area in 2013 and accounted for over 40% of the overall market. This can be primarily attributed to initiatives to equip retail stores with easy mobile device payment options along with integration of POS terminals and various loyalty schemes, which result in better customer engagement. In public transportation, mobile wallet facilitates the purchase of tickets for air, rail, bus, and other forms of transport in an efficient manner.
Asia Pacific accounted for over 30% of the global market volume in 2013. Furthermore, the region is expected to witness the fastest growth over the next six years, which can be primarily attributed to the surge in number of smartphone and internet users.
Key industry participants include American Express Inc., BlackBerry, Apple Inc., First Data, Google, ISIS, MasterCard, PayPal Inc., Samsung and Visa Inc. Developing easy-to-use and secure mobile wallet solutions delivering enhanced user experience is expected to be a critical success factor for gaining market share.
Latest Reports by Hexa Reports:
Cardiac and Lung Surgical Robots Market:
Abdominal Surgical Robots Market:
ICT investment trends in education ;Enterprise ICT spending patterns through to the end of 2016:
For the purpose of this study, Grand View Research has segmented the global mobile wallet market on the basis of application and region:
Mobile Wallet Application Outlook (Volume, Million Users & Revenue, USD Billion; 2012 – 2020)
Mobile Wallet Regional Outlook (Volume, Million Users & Revenue, USD Billion; 2012 – 2020)
Request a sample copy of this Report at:
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Company Name: Hexa Reports
Contact Person: Ryan Shaw
Address:Felton Office Plaza, 6265 Highway 9
Country: United States