Market research analysts at Technavio predict that the global mobile wallet market size and share will grow steadily during the next four years and post an impressive CAGR of more than 35% by 2021. This market research analysis identifies the increased use of m-commerce as one of the primary factors for the phone wallet market. The constantly rising number of smartphones across the globe and high internet penetration have resulted in the increased popularity of m-commerce among consumers. In addition to offering easy access to a variety of products even from remote locations, m-commerce also offers flexibility and easy payment services to customers. This enhances the brand recall value and benefits for vendors in the long-term. As a result, there will be an increased adoption of mobile phone wallets among m-commerce companies, which will drive the mobile wallet market growth in the coming years.
This market research and analysis estimates that in terms of geographical regions, APAC will be the major revenue contributor to the market by the end of the forecast period. Though EMEA currently accounts for the major market shares, factors such as the increasing penetration of smartphones and mobile internet, the rise in usage of mobile devices in developed countries such as Australia, Hong Kong, and Singapore, and the increased adoption of mobile wallet technology in the developing countries such as India and China will augment the market’s growth prospects in this region.
Competitive landscape and key vendors
The market is marked by the presence of a number of international and regional players and is highly competitive, according to the mobile wallet market report by Technavio. The growth of mobile wallet companies mainly depends on the variety of services they provide. Service differentiation, product portfolio, and pricing are some of the other factors that vendors mainly compete on. The increasing usage of mobile wallets for shopping will intensify the market’s competitive environment. Furthermore, analysts predict that the international players will grow inorganically during the predicted period by acquiring small players. To survive the competition and establish their presence in the market, mobile payment companies have the need to distinguish their product and service offerings through clear and unique value propositions.
The leading vendors in the market are -
Citrus Payment Solutions
The other prominent vendors in the market are Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash.
Segmentation by application and the mobile wallet market analysis
During 2016, the retail stores segment accounted for the major shares and dominated this market, as per the mobile wallet statistic report The adoption of cashless payments using mobile wallets reduces the operational cost for retailers and increases their revenue. Additionally, mobile wallets have much lower processing fee than card-based transactions and also enable retail stores to easily track and analyze consumer data. As a result, this segment will witness an increased adoption of mobile wallets in the coming years as well.
Segmentation by industry and the mobile wallet market analysis
Travel and leisure
According to this market research report, the retail segment accounted for the major shares and dominated the market during 2016. The growing popularity of m-commerce that results in an increase in the digital purchase of various goods will drive the growth prospects of the market as mobile wallets are quicker and more efficient during online payments.
Key questions answered in the report include
What will the mobile wallet market worth, size and the growth rate be in 2021?
What are the key factors driving the global mobile wallet market?
What are the key mobile wallet market trends impacting the industry growth?
What are the challenges to the mobile wallet market growth?
Who are the key vendors in the global mobile wallet market?
What are the mobile wallet market opportunities and threats faced by the vendors?
Trending factors influencing the mobile wallet market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global mobile wallet market?
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