Global IT Spending by Mobile Payment Service Providers Market 2015-2019
| Published: Nov 2015 | Pages: 73 | SKU: IRTNTR7633 |
Outlook of the global IT spending by mobile payment market
This research report considers revenues generated from the sales of hardware, software, and services. Technavio’s market research analysts predict the global IT spending by mobile payment market to grow at a CAGR of over 12% from 2015 to 2019.
The increased adoption of m-commerce by consumers is attracting financial institutions, communication service providers, and retailers to contribute to the growth of this market. With the introduction of technologies such as near field communication (NFC) and radio frequency identifiers in cell phones, many new consumers are expected to transition to mobile gateways for online and offline retail purchases.
Technological advances will augment the introduction of new digital wallets and mobile wallet services during the forecast period. Services that are currently popular in this market include Google wallet, Apple's Passbook, PayPal, Lemon wallet, Square wallet, and Isis.
Market segmentation based on product categories
- Hardware
- Software
- Services
In 2014, the hardware and software segments held the larger share of IT spending in the mobile payment market. IT spending in hardware segment includes procurement of computers, servers, storage devices and systems, peripheral devices, and network.
Investments in mobile payment software by service providers essentially implies development of apps for online payments. These apps are created with the intention of integrating with retail platforms to give a smooth shopping and payment experience to customers. As per the forecast, the market is expected to witness an increase in the demand for analytics-based software to help track customer data and to launch targeted offerings.
Geographical segmentation of the global IT spending by mobile payment market
- APAC
- Americas
- EMEA
In 2014, the Americas region held the largest share of the IT spending in the mobile payment market. Mobile payment service providers see a huge market potential in this region with many new players trying to expand their presence. Banks in the Americas region are expected to enter the mobile payment market in a big way to develop new mobile payment platforms over the next four years.
Leading vendors of the global IT spending by mobile payment market
- Amazon Payments
- IBM
- HP
- Oracle
While Apple is taking key steps to broaden the features offered by Apple Pay, its rival Samsung acquired LoopPay in February 2015 to offer similar services. In a strategic move, Google acquired Softcard, a mobile payment app owned by three key wireless carriers; Verizon, AT&T, and T-mobile. This research report predicts many new acquisitions and product launches to propel the growth of this market until 2019.
The other prominent vendors in this market include Accenture, AT&T, CSC, Fujitsu, Google Pay, Infosys, SAP, Samsung, Square, TCS, Verizon, and Wipro.
Key questions answered in the report
- What are the key factors driving the enterprise mobility market?
- What are the key market trends impacting the growth of the enterprise mobility market?
- What are the various opportunities and threats faced by the vendors in the enterprise mobility market?
- Trending factors influencing the market shares for EMEA, APAC, and Americas?
- Key outcome of the five forces analysis on the airport passenger screening systems market?
- Growth forecast of the enterprise mobility market until 2019?
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