Mobile Wallet Market was worth US$ 1.70 Bn in 2021 and total revenue is expected to grow at a rate of 28.2 % CAGR from 2021 to 2029, reaching almost US$ 12.45 Bn in 2029
Market Overview
The report covers the Mobile Wallet market’s most recent revenue and market trends. It provides a market overview, definition, and structure, as well as preventative and pre-planned management. The report focuses on the factors that influence the Mobile Wallet Market, such as gross margin, cost, market share, capacity utilization, and supply. It also aids in determining the future potential of the Mobile Wallet Market in the next few years during the forecast period. The report provides a market overview through common subjects that are highlighted with unique data based on the need. The overview aids in making decisions about how to approach the market and comprehending the industry’s backdrop.
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Market Scope
During the forecast, the Mobile Wallet market is developing at a stable rate between 2021 and 2029. Due to the efforts of industry participants, the market is forecast to grow significantly between 2021 and 2029. Import/export consumption, supply and demand, cost, price, share, sales volume, revenue, and gross margins are all covered in this Mobile Wallet market research. In the Mobile Wallet market, the research looks at each producer's manufacturing sites, capacity, production, ex- factory price, market price, sales revenue, and market share. The report also includes factors like Market segmentation, CAGR (Compound Annual Growth Rate), Year-on-Year growth (percent), Porter’s five force model, absolute USD potential, and expected market cost structure.
Segmentation
Depending on technology, the market is divided into four sub-segments: digital, text-based/short messaging service, near field communication, and QR code. The NFC category is anticipated to develop at a strong CAGR of more than 23% over the forecast time period due to the ease with which the technology can be used and the growing popularity of contactless payment among subscribers all over Globe. Mobile wallets with NFC capabilities offer an additional level of security, which is said to be the main factor for the market’s rapid growth. To secure and create a secure communication channel between end-user devices and point-of-sale terminals, NFC uses message authentication. This technology is enhancing firm profitability and customer satisfaction, which is bettering the prospects for the sector as a whole.
The market is divided into the following segments: Hotel & Transportation, Media & Entertainment, Retail, Healthcare, Energy & Utilities, Telecommunication, and Others based on Industry Vertical. Shops are becoming more and more aware of the potential advantages of accepting mobile payments. Businesses who use digital marketing and cashless payment technologies should have access to customer information and loyalty. With NFC technology, quicker checkout and lower processing fees, costs should be reduced and operational efficiency should increase. Businesses can utilise the technology to track rewards for loyalty and run special promotions to better connect with mobile customers. Throughout the projection period, the retail sector is anticipated to increase significantly. The ubiquity of smartphones and the increasing need for improved consumer products are anticipated to stimulate the increase in demand.
Geographical divisions within the realm of digital wallets are made in accordance with how sophisticated the payment ecosystems are in various markets. The availability of 4G mobile bandwidths and sophisticated retail point of scale services can support the adoption of NFC and in-app capabilities in established markets like North America and Europe. Mobile wallets are typically used to make online purchases in developing nations like China and India on marketplaces like Alipay, Tenpay, and Paytm. In Africa, less than 25% of the population has a bank account, yet more than 80% has a mobile phone of their own. Globally, the markets for business mobile payments are growing to be the most alluring. Given the state of the market,
Key Players
• PayPal Holdings, Inc.
• Samsung Electronics Co., Ltd
• VISA Inc.
• Amazon Web Services Inc.
• American Express Banking Corp.
• Apple Inc.
• Alipay.com
• AT&T Inc.
• Google Inc.
• JP Morgan Chase
• Tencent
• Ant Financial
• One97 Communications Limited
• Vodafone
• Skrill
• Sprint Corporation
• Well Fargo
• First Data
Regional Analysis
The study delves into the Mobile Wallet market in depth, segmenting it into regions. The review evaluates the market in North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East on a local and country-by-country basis. The market in each region is thoroughly investigated, enabling for the identification of regional market trends, restrictions, and development opportunities.
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Key Questions answered in the Mobile Wallet Market Report are:
- Which product segment grabbed the largest share in the Mobile Wallet market?
- How is the competitive scenario of the Mobile Wallet market?
- Which are the key factors aiding the Mobile Wallet market growth?
- Which region holds the maximum share in the Mobile Wallet market?
- What will be the CAGR of the Mobile Wallet market during the forecast period?
- Which application segment emerged as the leading segment in the Mobile Wallet market?
- Which are the prominent players in the Mobile Wallet market?
- What key trends are likely to emerge in the Mobile Wallet market in the coming years?
- What will be the Mobile Wallet market size by 2027?
- Which company held the largest share in the Mobile Wallet market?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Mobile Wallet market
- Landscape- Leading key players and other prominent key players.
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