Mobile Wallet Market Size is Projected to Reach USD 7,580.1 Billion By 2027 - Valuates Reports

BANGALORE, India, July 8, 2020 /PRNewswire/ -- Easy access to a range of goods even from remote locations, providing consumers with convenient payment services has to lead to increased mobile phone wallet adoption. This trend is expected to increase further during the forecast period.

The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027. 

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TRENDS INFLUENCING THE MOBILE WALLET MARKET SIZE

Growing awareness of mobile wallets and their applications, rising smartphone penetration and high affordability, are expected to drive the growth of mobile wallet market size.

The rise of various e-commerce platforms is driving the growth of the Mobile Wallet market size. The ways consumers pay for their goods have changed with the advent of e-commerce and Internet penetration across the globe. Consumers are more inclined to purchase products easily from their home. This need for simplicity and the ability to purchase from anywhere is encouraging the use of mobile wallets. 

Growing smartphone penetration is predicted to be one of the major drivers for the growth of the mobile wallet market size. As smartphone adoption increases, the trend towards the use of financial services on mobile devices is also gaining momentum due to convenience and cost-effectiveness. This encourages financial institutions and technology players to cater to mobile applications to provide payment services.

The current generation of people is more tech-savvy and accustomed to digital platforms offered by various technology players. This changing customer preferences are encouraging tech players to launch their mobile wallet product offerings. The growing preference of mobile wallet over a traditional banking system or physical cash is fuelling the growth of the mobile wallet market size.

 Due to the recent COVID-19 outbreak has forced customers to stay home, thereby increasing their online shopping activities. This factor will increase the mobile wallet market size during the forecast period. 

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MOBILE WALLET MARKET SHARE ANALYSIS

The restaurant application segment is expected to witness the highest CAGR during the forecast period. The technology has allowed the consumer to check in, pre-order, order online, and make reservations using a mobile app. Furthermore, restaurants have started updating the terminals to accept the different forms of payment. All these factors are expected to increase the mobile wallet market size.

Asia-Pacific accounted for the largest mobile wallet market share, owing to its high mobile penetration platform for e-commerce transactions.

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

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TOP COMPANIES IN THE MOBILE WALLET MARKET 

Technology players like Uber, Ola, Flipkart, MakeMyTrip and Amazon concentrate on investing in mobile wallets to give their customers seamless banking experience. Companies exploit its technical history to provide their customers with creative product offerings.

The favourable government regulation is further encouraging technology vendors to launch their mobile wallets. Some of the major players in that Mobile Wallet market are:

• Amazon Web Services, Inc.
• American Express Banking Corp.
• Apple Inc.
• Alipay.com
• AT&T Inc.
• Google Inc.
• Mastercard Incorporated
• PayPal Holdings, Inc.
• Samsung Electronics Co., Ltd
• VISA Inc
• Others.

MARKET SEGMENTATIONS

By Type

• Proximity
• Remote.

By Technology 

• Near Field Communication
• QR Code
• Text based/Short message service
• Digital Only
• By End User
• Personal
• Business.

By Industry Vertical

• Hospitality & Transportation
• Media & Entertainment
• Retail
• Healthcare
• Energy & utilities
• Telecommunication
• Others.

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SIMILAR REPORTS

●  Mobile Payment Market Reports

Mobile payment market size was valued at USD 601 Billion in 2016, and is projected to reach USD 4,574 Billion by 2023, at a CAGR 33.8%

Growth in mobile penetration, along with the emerging technology, is expected to be the significant drivers for the Mobile payment market growth.

Some of the top companies analyse in the mobile payment market include, Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva.

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●  Near Field Communication Market Report 

The near field communication technology is extensively used in pay terminals using mobile devices. The growing popularity of mobile devices and the increasing number of online consumers are expected to drive the Near field communication market size. 

This report focuses on the global Near Field Communication status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Near Field Communication development in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.

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●  Near Field Communication Systems Market Report

This report focuses on Near Field Communication Systems volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Near Field Communication Systems market size by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, China and Japan.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-14T1474/global-near-field-communication-systems

●  COVID-19 Impact on Remote Mobile Payment Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2V305/remote-mobile-payment

●  COVID-19 Impact on Proximity Mobile Payment Market Report

Mobile proximity payment is a payment made via mobile phones or other wireless devices. Barcodes and NFC are currently two of the world 's leading competitors in the global proximity mobile payment market.

Mobile payment proximity systems require a large volume of supporting technological architecture. Still, their immense utility in making payment easier, safer and more convenient for customers is likely to drive demand from the Proximity Mobile Payment Market size.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4M258/proximity-mobile-payment

●  Covid-19 Impact on Mobile Wallet and Payment Technologies Market Report

This report provides a complete quantitative data and qualitative analysis on the global market for Mobile Wallet and Payment Technologies. The market size is analysed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-15G2761/covid-19-impact-on-mobile-wallet-and-payment-technologies

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