In a recently published report, Global Mobile Payment Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Mobile Payment Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The widespread use of mobile devices like laptops, tablets and phones has led to the growth of Global Mobile Payment Market. Mobile Payment Market is expected to grow to a market of $3388 Billion and at a CAGR of 36% in the forecasted period of five years. Expanded market of cell phones, development in m-trade industry, change in way of life, and the requirement for brisk and bother free transactions are the main considerations that drive the market growth. Keeping in mind the end goal to grow their market share, worldwide players have launched new mobile payment apps and mobile wallet that enable clients to make payments and money transfer with their cell phone.
With the boom of technology, almost 54% of all mobile users are now opting for mobile payment apps for various transactions. Tech-savvy consumers now opt to shop online through their smartphones. Consumers often do their travel bookings through mobile apps.
Ascend in disposable income, tumultuous way of life, and infiltration of mobile phones combined with expanded web utilization has encouraged individuals and organizations to opt for mobile transactions as it is speedy and bother free.
Despite the way that the mobile payment market is flourishing, there is an absence of engagement among customers about adopting the new advancement. It is one of the major constraining components for the improvement of the market. Customers are in like manner put off by the deferrals in return some still cash transactions to coordinate the trade. Both the customers and shippers are not totally aware of the working structure of the mobile payment innovation and that is an explanation behind stress for the general improvement of the market.
The market for Mobile Payment can be segmented based on three aspects: by type, application and product type. Based on the type, the market can be segmented into two segments, Proximity Payment and Remote Payment. Proximity payment can be further sub-segmented into QR Code Payment and Near Field Communication (NFC). Remote Payment can be further sub-segmented into four sub segments: SMS Based, USSD/TSK, Direct Operator Billing and Digital Wallet. Based on the application of the mobile payment, the market can be segmented into six segments: Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality & Transportation and others. Based on the product type, the market can be segmented into five segments: Money Transfers and Payments, Airtime Transfers and Top-ups, Travel and Ticketing, Merchandise and Coupons and others.
The major regions of the Global Mobile Payment Market are North America, South America, Europe, Asia Pacific, Middle East and Africa.
The key players in the Global Mobile Payment Market are Orange S.A. (France), Vodacom Group Limited (South Africa), MasterCard Incorporated (U.S.), Bharti Airtel Limited (India), MTN Group Limited (South Africa), Safaricom Limited (Kenya), PayPal Holdings, Inc. (U.S.), Econet Wireless Zimbabwe Limited (South Africa), Millicom International Cellular SA (Luxembourg), and Mahindra Comviva (India).
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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