Global mobile wallet market is expected to reach USD 3,142.17 billion by 2022, growing at a CAGR of 32% between 2017 and 2022.
Mobile wallet market report offers forecast and analysis for the market on a global and regional level. The study provides historic data of 2016 along with a forecast from 2017 to 2022 based revenue (USD Billion). The study includes drivers and restraints for the mobile wallet market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the mobile wallet market on a global level.
To understand the competitive landscape in the market, an analysis of Porter’s five forces model for the mobile wallet market has also been incorporated. The study covers market attractiveness analysis, where the application, geography, and product segments are analyzed on the basis of their market size, growth rate, and attractiveness.
The study provides a decisive view on the mobile wallet market by segmenting the market based on product, geography, and application. All the applications have been assessed depending on current and future trends and the market is analyzed for period 2016 to 2022. This report analyzes current and future demand of mobile wallet for different regions including North America, Latin America, Europe, Asia-Pacific and the Middle East and Africa. This report segments the market into prominent countries such as France, UK, U.S., Germany, China, Japan, India, and Brazil.
The report covers through competitive viewpoint including company profiles of the key participants operating in the global market. Key players profiled in the report includes American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm and others.
The report segments global mobile wallet market as:
Mobile Wallet Market: Product Segment Analysis
Mobile Wallet Market: Application Segment Analysis
Mobile Wallet Market: Regional Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Mobile Wallet market. Zion Research has collected and analyzed key data belong to the global Mobile Wallet market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Mobile Wallet across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Mobile Wallet industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Mobile Wallet market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
The mobile wallet also is known as m-wallet is an innovative technological feature. It is an online interface that offers ease of carrying the money or cash like the physical wallet. This is the simple way to carry credit card or debit card information in a digital form on a mobile device. Instead of using a physical plastic card to make payment, payment can be easily done by smartphone, tablet, or smart watch.
A mobile wallet is very convenient, easy and safe way of payment. Increasing awareness of comfort, convenience, and adoption of the smartphone is a key driver of the mobile wallet market.Additionally, high growth in e-commerce is anticipated to fuel the growth of mobile wallet market during upcoming years. However, increasing hacking and fraud cases along with the lack of trust can impact the growth of the market. Although, these challenges are prevalent, many companies from telecom sector are collaborating with each other to provide better service to end user.Many businesses are now focusing on security to provide safe service to end-user and technological advancements are together boosting mobile wallet market growth. Currently, the mobile wallet is largely adopted by different businesses across the globe that will increase the revenue, reduce operation cost, augment safety from thefts and improve end-user satisfaction.
Mobile wallet market is segmented on the basis of product, application, and geography. Product segment is the ways to make the payment which include near field communications (NFC) and remote payment. Recently, remote payment is dominating the market as many payments is done out of the states or country. The high amount of payment and transaction can be done through remote payment. NFC payment is also in growing phase as there are several NFC compatible smartphones such as Google’s Nexus Series, Samsung’s Galaxy Series, and the iPhone are providing NFC payment option. Mobile wallet market has high growth potential due to considerable growth of e-commerce industry.
On the basis of the application, the market has been segmented retail payments, vending machines, public transportation, restaurants and others. Retail and restaurants segment are growing rapidly due to increasing demand of online clothes, cookery, and grocery and easily available cooked food items. North America is a leading region for the mobile wallet market due to its enormous efforts to convert its economy into the digital economy. Europe is also growing with robust growth rate followed by Asia Pacific. In Asian countries, there is a high growth opportunity for mobile wallet payments due to high adoption of smartphones.
Key industry participants in the global mobile wallet market include American Express, Apple Inc., Amazon.com inc., Bank of America, Citibank, Citrus Payment Solutions, Dwolla, MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google, Paytm, and others.