Global Remote Mobile Payment Market Rise Exponentially at 44.9% CAGR through 2022

The demand in the global remote mobile payment market is projected to escalate an exponential CAGR of 44.9% during the forecast period of 2017 to 2022, gaining traction from a number of factors such as ubiquity of smartphones, technological advancements that have enabled instantaneous authentication of personals, and growing fields of Big Data and the internet of things.

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The advent of near field communication (NFC) technology is likely to have an impressive future in e-commerce as well as retail shops. Though the remote mobile payment market is still in nascent stage and data security remains the most glaring restraint, the future seems highly prosperous, with the opportunities exceeding a global worth of 7,526,127.9 mn by 2022, rapidly mounting from its evaluated worth of US1,176,712.6 mn in 2017.

Global Remote Mobile Payment Market: Segmentations

Based on mode of payment, the global remote mobile payment market has been segmented into peer-to-peer and m-commerce. In 2017, m-commerce accounted for 89.9% of the overall demand, which was worth US$1,058,366.1 mn. On the basis of end-use industry, the market for remote mobile payment has been bifurcated into hospitality and tourism, retail, IT and telecommunication, media and entertainment, banking, financial services, and insurance (BFSI), airline, and healthcare. On the basis of device, the remote mobile payment market has been categorized into smart devices and feature phones.

Geographically, the report takes stock of the potential of remote mobile payment market in the regions of North America including the U.S. and Canada, Latin America including Mexico, Brazil, and Argentina, Europe including the U.K., Germany, France, Italy, Spain, and Nordic, Asia Pacific except Japan (APEJ) including India, China, Thailand, Malaysia, Singapore, and Australia, and the Middle East and Africa including Gulf Cooperation Council (GCC), South Africa, Israel, and Nigeria. For each of these regions, this report on the global remote mobile payment market provides revenue comparison on the basis of mode of payment, end-use industry, and devices.

M-Commerce Remains Most Profitable Mode of Payment Segment

Based on mode of payment, the global remote mobile payment market has been segmented into peer-to-peer and m-commerce. In 2017, m-commerce accounted for 89.9% of the overall demand, which was worth US$1,058,366.1 mn. By the end of 2022, this segment is expected to remain the leader, serving 94.0% of the total demand in the global remote mobile payment market, which will be of valuation US$7,070,810.1 mn. Revenue in this segment is growing at US$1,202,488.8 mn over the course of the forecast period, and this absolute growth is larger than any other segment.

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On the basis of end-use industry, the market for remote mobile payment has been bifurcated into retail, hospitality and tourism, IT and telecommunication, banking, financial services, and insurance (BFSI), media and entertainment, airline, and healthcare. Nearly all of these sectors have high hopes from the remote mobile payment market. For instance, the media and entertainment industry has been marred by piracy for a long time, and are now adopting remote mobile payment methods to make up on a lot of lost revenue. Device-wise, the remote mobile payment market has been categorized into smart devices and feature phones.

Global Remote Mobile Payment Market: Key Research Aspects

To compile this business tool, in-depth interviews and discussions were conducted with a wide range of key opinion leaders and industry participants. Primary research included the bulk of research efforts, complimented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This process helped in authenticating and providing strength to the secondary research findings, whereas the primary research aided in the development of the analysis team’s expertise and market understanding.

Secondary research sources that were frequently referred to by the researchers include, but were not limited to, company’s financial reports, official websites, annual reports, broker reports, investor presentations, and SEC filings. Other sources such as market reports, internal and external proprietary databases, databases of statistics, national government documents, news articles, and webcasts specific to companies operating in the remote mobile payment market have also been referred for the report.

Global Remote Mobile Payment Market: Competitive Landscape

Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., DH Corporation, Visa Inc., ACI Worldwide, Inc., Square, Inc., Mastercard Incorporated., Fidelity National Information Services, Inc., Fiserv, Inc., and PayPal Holdings, Inc., are some of the key companies currently functional in the global remote mobile payment market.

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