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Mobile wallet market value is projected to hit $7,580.1 billion by 2027 at CAGR of 28.2% | Major Key Players - Amazon Web Services Inc., American Express Banking Corp., Apple Inc.,, AT&T Inc.Mastercard Incorporated, PayPal Holdings, Inc.

10-27-2020 09:31 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Mobile wallet market value is projected to hit $7,580.1 billion

Rise in smartphone penetration coupled with emergence of digitalization and demonetization are major factors expected to drive the growth of the mobile wallet market. Mobile commerce drives the adoption of mobile wallet and is expected to support the growth of the market in the coming years. Whereas, mobile ticketing and mobile money transfer are applications that have revolutionized the mobile wallet market in Asia-Pacific, which in turn is anticipated to be the fastest growing region for the market, during the forecast period followed by LAMEA.

The global mobile wallet market was estimated at $1.04 billion in 2019 and is anticipated to hit $7.58 billion by 2027, registering a CAGR of 28.2% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.

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Payment-based business model among digital applications, and upsurge in government initiatives to drive cashless economy fuel the growth of the global mobile wallet market.

Based on geography, Asia-Pacific accounted for the largest share in 2019, generating more than two-fifths of the global market. Simultaneously, the region is also expected to grow at the fastest CAGR of 30.5% till 2027. The other provinces studied in the report include North America, Europe, and LAMEA.

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The key market players analyzed in the global mobile wallet market report include American Express Banking Corp.,, VISA Inc., Apple Inc., AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., Amazon Web Services Inc., and Samsung Electronics Co., Ltd. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.

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The global mobile wallet market is analyzed across type, technology, industry vertical, and region. Based on type, the remote segment contributed to nearly three-fifths of the total market revenue in 2019 and is expected to lead the trail by the end of 2027. The proximity segment, on the other hand, is expected to portray the fastest CAGR of 29.8% from 2020 to 2027.

Based on industry-vertical, the retail segment held more than one-third of the total market share in 2019 and is projected to rule the roost by 2027. At the same time, the telecommunication segment would manifest the fastest CAGR of 35.0% throughout 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. AMR 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.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

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