Press release
Mobile Wallet Market: Exponential Growth, Influencing Trends and Dominant Players
Mobile Wallet Market Size
What Is The Projected Market Size Of The Global Mobile Wallet Market And Its Growth Rate?
The mobile wallet market is seeing a meteoric rise with competitive advances in technology and changing consumer behaviour.
•Market Size in 2024: $2109.19 billion
•Market Size in 2025: $2765.95 billion (31.1% CAGR) - Growth attributed to convenience, security concerns, changing consumer behaviour, and government initiatives.
•Market Size in 2029: $8404.8 billion (32.0% CAGR) - Forecasted growth is driven by contactless payments, financial inclusion, rise of digital banking, cross-border transactions, and advancements in payment technology.
What Is Driving The Growth In The Mobile Wallet Market?
The global increase in smartphone penetration is a powerful catalyst for mobile wallet market growth. Smartphones, with their multifaceted functions beyond calling and texting, are becoming ubiquitous, resulting in the escalation of digital payments and the usage of mobile wallets. For instance, in February 2023, according to Uswitch Limited, the UK saw a 3.8% increase in smartphone users from 2022, and by 2025, 95% of the UK population are anticipated to own a smartphone. Hence, this surge in smartphone usage is propelling the advancement of the mobile wallet market.
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Who Are the Key Players Driving Mobile Wallet Market Growth?
•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.
What Are The Key Trends In The Mobile Wallet Market?
•Integration of blockchain and cryptocurrency
•Rewards integration in loyalty programs
•Offline mobile payments
•Mobile wallets for public transportation
•Collaborations with retailers and merchants
What Are The Segments Of The Global Mobile Wallet Market?
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
Which Region Leads The Mobile Wallet Market?
Asia-Pacific was the largest contributor to the mobile wallet market in 2024 and is expected to retain its position in the foreseeable future. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Mobile Wallet Market Global Market Report?
Market Size Analysis: Analyze the Mobile Wallet Market size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Mobile Wallet Market for effective categorization.
Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Mobile Wallet Market growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks affecting the Mobile Wallet Market.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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