Press release
Mobile Money Market to Rise at an Impressive CAGR of 22.0% from 2016 to 2024: Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth
Some of the players that hold dominance in the global mobile money market are PayPal Holdings, Inc., Square, Inc., WePay, Inc., Boku, Inc., and Fortumo OÜ. The entry of new players is intensifying the competitive landscape. As competition heats up, there is emergence of companies such Judo payments, Bango.net Ltd., and Dwolla, Inc. rising to the forefront, observes Transparency Market Research. The leading players account for a share of 40% in the global market in 2015.
Prominent players are consolidating their positions by opting for acquisitions. Several key players are focused on develop advanced products with innovative features and advanced functionalities, in a move to gain a competitive edge over others. A number of emerging and established players are targeting small- and medium-sized enterprises and offering user-friendly and secure mobile payment features in order to fortify their presence in the global market. As a part of short-term strategy, these players are tapping lucrative opportunities in the economies of Middle East and Europe.
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The various modes of payment for mobile money broadly comprise SMS, NFC, mobile billing, and USSD/STK. Of all the modes, the SMS mobile payment segment held the dominant position in 2015 and is anticipated to hold its sway throughout the forecast period. The market is projected to rise at a leading pace through 2024. The growth of the segment is driven by their vast uptake attributed to significant convenience and marked ease of SMS payments.
Regionally, the market is segmented into the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), Europe, and North America. Of these, Europe held the leading share of the global market and is predicted to retain its top position throughout the assessment period. However, the MEA is projected to rise at major CAGR during 2016 – 2024. The stellar growth of this regional market is attributed to the rising Internet and tablet penetration and substantial advancements in the telecommunication technology sector.
Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth
The burgeoning penetration of smartphones and mobile telephony in numerous emerging economies is a key factor driving the demand for mobile payments. The extensive demand for SMS-based payment operations is attributed to the marked convenience of these operations.
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The vast popularity of transactional payments via SMS in various countries of the MEA, APAC, and Europe has accentuated the growth of the market. The rapidly emerging demand for mobile billing, WAP-based payments, and payment clients in various developing and developed economies is boosting the mobile money market. In addition, the rising prominence of money transfers and payments segment is a key factor driving the market.
The advent of more secure mobile payment methods is bolstering the demand among affluent consumers in developing and developed nations. The demand for secure payments among BFSI, hospitality, and energy sectors is providing a robust impetus to the growth of the market. In addition, NFC and UUSD/STK modes of mobile payments are gaining traction in the coming years. Furthermore, the growing popularity of airtime transfers and the vastly rising demand for top-ups are notable factors catalyzing the growth of the market.
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Financial Data Breach Concerns Key Impediment, Rising Telecom Sector to Present Lucrative Avenues
The mounting concern of phishing attacks, data breach, and financial data manipulation among mobile users is a crucial factor likely to hinder the market. In addition, presence of disparate systems across different transactions and services is also impeding the growth of the market to an extent. In addition, the lack of well-defined financial inclusion policies practiced by governments is a key factor acting as a bottleneck to the market. Be that as it may, the growing mobile penetration in several emerging markets has unlocked a slew of opportunities for telecommunication operators to capitalize on. In addition, the substantially rising demand for mobile payments features among connected device manufacturers and service providers is a key factor expected to open up exciting prospects in the market in the coming years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Mobile Money Market (Payment Mode - NFC, Mobile Billing, SMS, and USSD/STK; Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, and Travel and Ticketing; Industry Vertical - BFSI, Energy and Utility, Retail, Health Care, Hospitality and Tourism, Media and Entertainment, SCM and Logistics, and Telecommunication and IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”
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The global mobile money market is segmented based on:
Mode of payment
NFC
Mobile Billing
SMS
USSD/STK
Others
Type of Purchase
Airtime Transfers & Top-ups
Money Transfers & Payments
Merchandise and Coupons
Travel and Ticketing
Others
Industry Vertical
BFSI
Energy and Utility
Retail
Health Care
Hospitality and Tourism
Media and Entertainment
SCM and Logistics
Telecommunication and IT
Others
Geography
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific (APAC)
China
Japan
India
Indonesia
Australia
Rest of APAC
Middle East & Africa (MEA)
The United Arab Emirates (UAE)
Saudi Arabia
South Africa
Rest of MEA
Latin America
Brazil
Rest of Latin America
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