Mobile Wallet Market Estimated to Exceed US$ 336.2 Billion Globally By 2027 | CAGR of 18.6%

According to IMARC Group latest report titled "Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on mobile wallet market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global mobile wallet market reached a value of US$ 120 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 336.2 Billion by 2027, exhibiting a CAGR of 18.6% during 2022-2027.

Mobile wallets enable users to store and manage their financial information on their mobile devices. This includes credit and debit card information, loyalty programs, coupons, and tickets that are created under financial supervision by regulatory bodies, and the money exchange is generally facilitated by point-of-sale (POS) terminals that process transactions using nearfield communications. With mobile wallets, users can easily and securely make payments, transfer money, and access loyalty rewards, which are safe and secure, as they are protected by the same encryption and authentication protocols as online banking. Additionally, it provides users with a convenient way to store and manage their digital assets, such as music, photos, and videos and allows them to transfer files and access them on different devices easily.

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Market Trends:

The escalating number of smartphone users majorly drives the global market. This is due to rapid digitization and the penetration of high-speed internet connectivity across the globe. Along with this, significant improvements in the network infrastructure is a major driving factor. With a mobile wallet, consumers can quickly and securely pay for goods and services without having to physically present a card or cash, this is acting as another growth-inducing factor. In addition to this, the increasing mobile-based payment setups among retail outlets are positively influencing the market. Moreover, the integration of biometric identification features with tokenization in combination, offering a more secure experience, along with the advent of QR code scanning, and near-field communication (NFC), is creating a positive market outlook. Some of the other factors driving the market further include rapid urbanization and extensive research and development (R&D) activities.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• Alipay com (Alibaba Group Holding Limited)
• Amazon Web Services Inc. (Amazon.com Inc)
• American Express Company
• Apple Inc.
• Google LLC (Alphabet Inc.)
• Mastercard Incorporated
• Paypal Holdings Inc.
• Samsung Electronics Co. Ltd.
• Squareup Pte. Ltd.
• Visa Inc

Mobile Wallet Market Segmentation:

Our report has categorized the market based on region, type and application.

Breakup by Type:
• Proximity
• Remote

Breakup by Application:
• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.