Mobile Payment Market Expected to Reach $ 4,574 Billion by 2023: Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited.
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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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.
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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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.
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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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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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