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Global Mobile Payment Technologies Market Assessment and Revenue Forecast Until the End of 2024
MRRSE
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The global mobile payment technologies market is poised for outstanding growth in the near future. The ceaseless adoption of smart electronics coupled with increasing mobile data usage is fuelling the mobile payment technologies market. The proliferation of digital payment solutions has been a welcome move especially among new-age consumers.
Rapid pace of development of payment technology has brought a radical change in expectations of consumers and businesses to complete transactions. Contactless payment that employs wireless technology such as RFID and NFC is increasingly becoming common among consumers and businesses for purchase of products or services.
However, unwillingness among consumers due to risk of loss of critical data is challenging the growth of mobile payment technologies market to some extent.
Owing to a myriad favorable factors, the mobile payment technologies market is predicted to rise at an outstanding 20.9% CAGR between 2017 and 2024.
Reliability of Near Field Communication Technology Makes Proximity Segment Attractive
The mobile payment technologies market is segregated in terms of type, purchase type, end-use application, and geography. In terms of type, the market is bifurcated into proximity payment and remote payment. Of the two, proximity payment type is anticipated to lead contributing US$609.57 bn to the overall market by 2024. The proximity payment type is further sub-divided into near field communication and QR code payment. The demand for NFC based mobile payment is anticipated to favor the growth of proximity type segment.
In terms of purchase type, the key segments into which the mobile payment technologies market is segregated are airtime transfers & top-ups, merchandise and coupons, money transfers & payments, travel and ticketing, and others. Among them, airtime transfers & top-ups is anticipated to contribute substantially to the growth of mobile payment technologies market. On the other hand, money transfers and payments is predicted to be key revenue contributor to this market in the upcoming years.
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Depending upon end-use application, hospitality & tourism sector, BFSI, media and entertainment, retail, healthcare, IT & telecommunication, education, and others are the segments into which the mobile payment technologies market is segregated. Retail segment is predicted to hold a significant 15% market share until 2024, the segment is likely to contribute leading revenue among other end-use applications owing to widespread adoption of mobile payment solutions in the retail sector.
Digital Revolution in Emerging Economies to Make Asia Pacific Key Market
Geography-wise, the key regions into which the global mobile payment technologies market is classified are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America and Asia Pacific are the most attractive regional markets for mobile payment technologies. Early acceptance for newer technology and advantages of easy, secure, and convenient monetary transactions are pacing the growth of North America market. North America mobile payment technologies market is anticipated to be valued at US$321.92 bn by 2024.
Powered by India, China, and countries in South East Asia, Asia Pacific mobile payment technologies market is anticipated to emerge lucrative. These countries are emerging as new economic destinations attracting investments across industry verticals from developed economies. The Asia Pacific mobile payment technologies market is likely to be valued at US$753.12 bn by 2024-end. Rising government initiatives for a cashless economy is favoring mobile payment solutions in India.
Key companies operating in the global mobile payment technologies market include Visa Inc., MasterCard International Inc., American Express Co., Boku Inc., PayPal Inc., Fortumo, Bharti Airtel Ltd., Vodafone Ltd., AT & T Inc., Google Inc., Apple Inc., and Microsoft Corporation.
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