Mobile Payment Market Size, Share, Trends And Industry Growth Analysis, Forecast To 2023

The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Increase is penetration of smartphones, growth in m-commerce industry, and rise in adoption of mobile payment in emerging economies drive the growth of the mobile payment market.

The report features a competitive scenario of the mobile payment industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the mobile payment market.

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According to a new report published by Allied Market Research, titled, Mobile Payment Market by Mode of Transaction, Type of Mobile Payment, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the mobile payment market was valued at $601 billion in 2016, and is projected to reach $4,574 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023. The Asia-Pacific mobile payment industry segment is anticipated to grow at the highest rate during the forecast period.

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The Asia-Pacific generated the highest revenue in the mobile payment market in 2016 due to increase in number of youth population that is active on online media in India, growth in m-commerce, and introduction of innovative solutions by the key players in the region. The mobile payment market in LAMEA is expected to grow at the CAGR of 31.4% during the forecast period.

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MOBILE PAYMENT MARKET, BY APPLICATION

6.1. OVERVIEW

6.1.1. Market size and forecast

6.2. ENTERTAINMENT

6.2.1. Key market trends
6.2.2. Growth factors and opportunities
6.2.3. Market size and forecast

6.3. ENERGY & UTILITIES

6.3.1. Key market trends
6.3.2. Growth factors and opportunities
6.3.3. Market size and forecast

6.4. HEALTHCARE

6.4.1. Key market trends
6.4.2. Growth factors and opportunities
6.4.3. Market size and forecast

6.5. RETAIL

6.5.1. Key market trends
6.5.2. Growth factors and opportunities
6.5.3. Market size and forecast

6.6. HOSPITALITY & TRANSPORTATION

6.6.1. Key market trends
6.6.2. Growth factors and opportunities
6.6.3. Market size and forecast

6.7. OTHER

6.7.1. Key market trends
6.7.2. Growth factors and opportunities
6.7.3. Market size and forecast

SMS segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 33.5%. Among applications, hospitality & transportation is expected to witness highest CAGR of 34.9% during the forecast period.

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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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