Press release
Mobile Wallet Market to Witness Propelling Growth by 2038 Due to Growing Popularity of Payments via Mobile Wallets in Several Industrial Verticals
Mobile Wallet Market
Research Dive states that the global mobile wallet market is likely to register a revenue of $46,006.0 million by 2028, at a CAGR of 18.9% over the forecast period from 2021 to 2028.
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Market Dynamics
As per the analysts of Research Dive, the growing popularity of payments in several industrial verticals via mobile wallets coupled with the rise in number of mobile transactions across the globe are the major factors anticipated to accelerate the growth of the global mobile wallet market over the forecast period. In addition, the cost-effectiveness and enhanced operational efficiency in mobile wallets are other factors expected to boost the market growth by 2028. Moreover, the increasing digitization and continuous technical advancements in mobile wallets are projected to create huge growth opportunities for the mobile wallet market in the estimated timeframe. However, the rising concerns about cyber-related crimes and the lack of awareness regarding the benefits of mobile wallets across the globe may restrict the market growth in the coming years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic prominently impacted the mobile wallet market growth. This was mainly due to the significant increase in digital payments, cash displacement, e-commerce, and rapid payments across the globe during the pandemic period. The global market is estimated to grow gradually even after the pandemic, mainly because customers are now greatly choosing mobile wallets like PayPal, Paytm, and Google Pay for financial transactions to prevent physical contact.
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Segments of the Market
The report has divided the global mobile wallet market into wallet type, payment type, technology, and region.
By wallet type, the open sub-segment is projected to have a dominating market share and garner a revenue of $16,553.8 million in the analysis period. This is majorly because open mobile wallets allow users to withdraw, transfer money, and buy goods and services. In addition, open wallets provide numerous benefits to customers such as utilizing the funds in their digital wallet to withdraw money or make payments that are transferred to the account in cash.
By payment type, the point of sale (POS) sub-segment accounted for $7,181.7 million in 2020 and is projected to garner the highest revenue during the analysis period. The prominent growth of the sub-segment can be attributed to the growing usage of point-of-sale systems by small enterprises to take advantage of various capabilities they offer. Besides, effective POS systems enable business owners to spend less time on store/business management and help in quick decision-making.
By technology, the QR code sub-segment garnered a revenue of $3,595.2 million in 2020 and is expected to reach up to $15,866.3 million during the analysis period. This is mainly because any data transferred through QR codes is encrypted and the payments made are quick and completely secured.
By region, the Asia-Pacific mobile wallet market is predicted to account for $18,025.2 million by 2028 and witness fastest growth over the forecast period. This growth is attributed to the increasing preference of customers in the APAC region for equal amounts of seamlessness and security. In addition, the booming retail market has prompted the global payment processing solution providers to focus their efforts in this area to deliver improved services in e-wallet industry.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global mobile wallet market are: American Express Banking Corp., Amazon Web Services Inc., Apple Inc., AT&T Inc., Alipay.com, Google Inc., PayPal Holdings, Inc., Mastercard Incorporated, Vodafone Group PLC, and Samsung Electronics Co., Ltd. These players are implementing several strategies to gain a chief position in the global industry.
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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