Mobile Payment Market to Reach $ 4,574 Billion by 2023 – Key Players Such as Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc.

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.

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.

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.

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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Top Winning Strategies: Mobile Payment Market

Top winning strategies are analyzed by performing a thorough study of the leading players in the global mobile payment market. Comprehensive analysis of recent developments and growth curves of various companies have helped understand the growth strategies adopted by them and their potential effect on the market. The companies are evaluated based on annual reports, SEC filings, and press releases. The key strategies traced from the analysis of recent developments of the key players in the mobile payment market are as follows:

•Agreement: This strategy enhances market players’ capabilities and improves market outreach
•Acquisition: This move is adopted by companies to take ownership stakes of other companies and control it. It also expands owners' geographical presence and cater to new customers as well as them.
•Product Launch: This includes introduction of new and unique rental plans in the market
•Partnership: This strategy is adopted when two or more companies agree to cooperate to advance their mutual interests
•Expansion: These strategies are adopted to enhance product portfolios, effective operations, expand geographical reach, and increase customer base
•Collaboration: This includes two or more companies agree to cooperate each other for a specific purpose or achieving a common goal

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Drivers: Mobile Payment Market

Increase in Penetration of Smartphones

The smartphones penetration rate in countries such as Canada, China, and India have been significantly high over the past few years. In 2014, approximately 56% of Canadians had smartphones; however, by 2015 the penetration rate reached to 68%, thus reflecting the increased use of smartphones by people. In addition, proliferation of 3G and 4G connectivity has enabled customers to have hassle-free access to services on their smartphones. In a country like the UK, 4G adoption has increased over the past year from 26% to 55%, whereas by the end of 2015, the global 4G connection base has surpassed the one billion mark. With evolving technology, smartphones are now available at reasonable prices, being affordable for customers. Moreover, the extensive growing distribution network of smartphones companies has made these devices easily available for end users.

Growth in M-commerce Industry

A boom in mobile commerce has been witnessed over the past few years, owing to growth in penetration of smartphones coupled with fast connectivity. Mobile commerce is anticipated to contribute approximately 35% of the overall e-commerce worldwide in 2016. Consumers are gradually opting for mobile purchase for a number of goods and services such as apparel & accessories, groceries, health & beauty, computer & electronics, and books, owing to ease of ordering and receiving it at one’s doorstep. In addition, special offers and discount coupons offered by various vendors available on the m-commerce platforms attract customer towards mobile purchase.

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