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Mobile Wallet (NFC, Digital Wallet) Market: Huge Growth Opportunities | Industry Trends | Market Analysis & Global Forecast to 2020

11-16-2018 10:21 AM CET | Media & Telecommunications

Press release from: Allied Market Research

Mobile Wallet (NFC, Digital Wallet) Market: Huge Growth

The market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous research and developments in the smartphone technology and lowering security concerns. The widespread smartphone adoption in developed markets and its increasing penetration levels in developing markets are influencing the growth of the mobile wallet market positively. Furthermore, growing adoption of NFC (near field communication) technology by retailers and consumers is expected to propel the growth of the mobile wallet market.

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A mobile wallet allows consumers to make transactions even during travel, from any location and anytime. It not only provides transaction facilities at affordable prices but also facilitates consumers to manage their accounts easily. While all these aspects are boosting the growth of the mobile wallet industry, consumers’ concerns related to security and technology infancy as well as investment and deployment issues are expected to impede the growth of the mobile wallet market. Although these restraints are prevalent, companies from the telecommunication industry are collaborating with each other to better serve the needs of their customers with new and improved product/service innovation.

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Growing awareness regarding mobile wallets and their applications, rising Smartphone penetration and increasing security are expected to drive the mobile wallet market. Mobile commerce is expected to be the leading segment till 2020, followed by mobile ticketing and mobile money transfer.

The mobile wallet market is witnessing growth globally with increasing adoption of mobile payment services. Asia Pacific is expected to be the fastest growing region for the mobile wallet market, during the forecast period followed by EMEA, state analystLita Person and Saurabh Saxena. The lack of regulations and monitoring for mobile enabled payments in African countries has triggered the mobile wallet market growth in the region, whereas reluctance of merchants in Asia Pacific countries such as India, temporarily has hold the growth, which in turn will prompt the much faster adoption in future explain the analysts.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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