The Mobile Wallet Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mobile Wallet Global Market Report 2024, 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.
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.
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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 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 mobile wallet market report table of contents includes:
- Executive Summary
- Mobile Wallet Market Characteristics
- Mobile Wallet Market Trends And Strategies
- Mobile Wallet Market – Macro Economic Scenario
- Global Mobile Wallet Market Size and Growth
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- Global Mobile Wallet Market Competitive Benchmarking
- Global Mobile Wallet Market Competitive Dashboard
- Key Mergers And Acquisitions In Mobile Wallet Market
- Mobile Wallet Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- com Inc.
- Apple Inc.
- Google LLC
- Samsung Electronics Co Ltd.
- Alibaba Group Holding Limited
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