Press release
Mobile Wallet Market Size, Growth Trends, Share Analysis And Forecast 2033
Mobile Wallet Market
The Business Research Company offers in-depth market insights through Mobile Wallet Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The mobile wallet market size has grown exponentially in recent years. It will grow from $1614.96 billion in 2023 to $2116.65 billion in 2024 at a compound annual growth rate (CAGR) of 31.1%. The growth in the historic period can be attributed to convenience and accessibility, security concerns, changing consumer behavior, government initiatives, partnerships and collaborations.
The mobile wallet market size is expected to see exponential growth in the next few years. It will grow to $6330.87 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to contactless payments, financial inclusion, rise of digital banking, cross-border transactions, advancements in payment technology. Major trends in the forecast period include blockchain and cryptocurrency integration, loyalty programs and rewards integration, offline mobile payments, mobile wallets for public transportation, collaborations with retailers and merchants.
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Market Segmentation:
The mobile wallet market covered in this report is segmented -
1) By Type: Open, Semi-Closed, Closed
2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies
3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based
4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications
Major Driver - Rising Smartphone Penetration Fuels Growth In The Mobile Wallet Market
The rise in smartphone penetration is driving the mobile wallet market going forward. Smartphones refer to mobile phones that can accomplish more tasks than just calling and text messaging. With the increasing number of smartphones and governments promoting digital payments and cashless payments, more people are installing mobile wallets on their phones. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, in China, there were 1.61 billion mobile connections in January 2021. Between January 2020 and January 2021, there were 8.0 million more mobile connections in China (+0.5%). Since many people have multiple mobile connections, the number of mobile connections in China in January 2021 was equal to 111.8% of the country's entire population. Therefore, increasing smartphone penetration is driving the mobile wallet market.
Competitive Landscape:
Major companies operating in the mobile wallet market report are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co Ltd., Alibaba Group Holding Limited, AT&T Inc., Tencent Holdings Limited, Barclays plc, Wells Fargo & Company, American Express Banking Corporation, VISA Inc., PayPal Holdings Inc., Mastercard Incorporated, Square Inc., MercadoLibre Inc., Skrill Ltd., Revolut Ltd., Ant Financial Services Group, Circle Internet Financial Ltd., One Mobikwik System Pvt Ltd., Mozido Inc., TRM Labs Inc., BitPay Inc., Dwolla Inc., Zerion Inc., Bitski Inc., Blockstream Corporation, Alipay.com, Zelle Inc., Jerry Technologies Inc.
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Top Trend - Rising Emphasis On Customer Engagement And Loyalty Solutions
Major companies operating in the mobile wallet market are increasing their focus on introducing customer engagement and loyalty solutions to gain a competitive edge in the market. Customer engagement and loyalty solutions consist of various strategies, technologies, and programs that aim to attract, retain, and strengthen the bond between businesses and their customers. For instance, in December 2023, SAP Emarsys, an Austria-based software company, launched a mobile wallet solution that aims to provide a personalized customer loyalty experience. This mobile wallet offering allows users to securely and conveniently save, store, and use electronic bank cards, IDs, mobile passes, and other items. The solution is designed to better connect digital and in-store experiences, which aligns with the rise of mobile wallets.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Mobile Wallet Market Characteristics
3. Mobile Wallet Market Trends And Strategies
4. Mobile Wallet Market - Macro Economic Scenario
5. Mobile Wallet Market Size And Growth
…..
27. Mobile Wallet Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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