PORTLAND, Oregon, August 31, 2018 /PRNewswire/ --
Asia-Pacific region is expected to dominate the global mobile payments market throughout the forecast period owing to rise in mobile penetration platform required for e-commerce transactions
Allied Market Research published a report, titled, Mobile Payment Market by Mode of Transaction (SMS, NFC, and WAP), Type of Mobile Payment (Mobile Wallet/Bank Cards and Mobile Money), and Application (Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others) - Global Opportunity Analysis and Industry Forecast, 2016-2023. According to the report, the global mobile payments market garnered $601.3 billion in 2016, and is expected to reach $4,573.8 billion by 2023, registering a CAGR of 33.8% from 2017 to 2023. The report offers a detailed analysis of market player positioning, drivers & opportunities, market size & forecast, and product portfolio & business performance of industry players.
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Rise in penetration of smartphones, increase in adoption of mobile payments in emerging economies, and growth in m-commerce industry would propel growth in the industry. However, data breach and concerns regarding security would hinder the market growth. On the other hand, demand for fast and hassle-free transaction services would act as an opportunity for further market growth.
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SMS transaction segment to be lucrative
The report segments the market based on mode of transaction into SMS, Wireless Application Protocol (WAP), and Near Field Communication (NFC). The SMS segment contributed to more than half of the total market share in 2016 and is expected to retain its position throughout the forecast period. However, the NFC segment would grow at the highest CAGR of 36% from 2017 to 2023.
Mobile money to dominate throughout forecast period
The report bifurcates the market based on type of mobile payment into mobile money and mobile wallet/bank cards. The mobile money segment contributed to three-fourths of the total market share in 2016 and maintain its lion's share throughout the forecast period. However, mobile wallet/bank cards segment would register the highest CAGR of 35.2% from 2017 to 2023.
Retail segment to dominate, hospitality & transportation to grow fastest
The application segment is sub-segmented into entertainment, healthcare, energy & utilities, hospitality & transportation, retail, and others. The retail segment contributed to nearly one-third of total market share in 2016 and continue to dominate the market throughout the forecast period. However, in terms of growth rate, the hospitality & transportation segment would supersede the retail segment, registering a CAGR of 34.9% from 2017 to 2023.
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Asia-Pacific to emerge as lucrative & fastest growing region
Geographically, the report analyzes the market into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). Asia-Pacific contributed to more than one-third of the global market share in 2016 and continue to be dominant during the forecast period. This region would be lucrative throughout the forecast period, registering the highest CAGR of 35.5% from 2017 to 2023.
Prominent players in the industry
Major market players analyzed in the study include Orange S.A., MasterCard Incorporated, Vodacom Group Limited, MTN Group Limited, Bharti Airtel Limited, PayPal Holdings, Inc., Safaricom Limited, Millicom International Cellular SA, Econet Wireless Zimbabwe Limited, and Mahindra Comviva.They have adopted various strategies including partnerships, mergers & acquisitions, new product launches, collaborations, joint ventures, and others to gain strong position in the industry.
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