“Latest Market Overview for Mobile Payments Market Research Report 2018-2023 with CAGR 23.85%
Global Mobile Payments Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Mobile Payments market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Vodafone Group Plc
- Gemalto N.V (Thales Group)
- FIS Global
- Bharti Airtel Limited
- Mastercard Incorporated
- Orange S.A.
- Monitise Plc
- Mahindra Comviva
- Paypal (Ebay
- Eserve Global
- Cachet Financial Solutions
- Moremagic Solutions
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Description of Mobile Payments Market: The mobile payment market was valued at USD 668.12 billion in 2017 and is expected to reach a value of USD 2410.75 billion by 2023 at a CAGR of 23.85% during the forecast period (2018 – 2023).
With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of mobile payment market. The advancements in technology and introduction of various innovative products and services made mobile phones not only a telecommunication device but also as a monetary transferring device.
Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for the vendors. Conversely, closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry. The partnerships between various payment networks and mobile operators to provide mobile payment solutions in the emerging markets is expected to give a significant boost to the industry in the near future.
Exponential Growth in E-commerce to drive the Market
With increasing number of mobile devices all over the globe and high-speed cellular networks, e-commerce industry is in its best shape than ever before. The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale. According to the E-commerce Foundation, in 2017, the e-commerce industry all over the globe made revenue of USD 1.84 trillion out of which a major portion of sales is made via mobile devices. According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices most of the purchases being made form retailer’s app or website. With the increasing number of omni-channel vendors all over the globe, this scenario is expected to more boost to the mobile payments market in the next four years.
Asia Pacific to Present New Opportunities
Asia Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia are providing a stable ecosystem for the growth of mobile payment market. In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia Pacific). According to Visa, Inc., the company has issued more than 200MM debit cards in 2017 in India. The company also reveals that contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.
On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa, Inc., 79% of the transactions carried out in the country are carried out through electronic medium leaving only a 21% transactions to take place in cash. The company also suggests that there are more than USD 100 billion cash displacement opportunities in the country. Along with these trends, the increasing investments in e-commerce industry of Asia Pacific region coupled with the Tokyo Olympics 2020 scenario are expected to boost the mobile payment market in the region in the next four years.
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The Global demand for Mobile Payments Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Mobile Payments Market Report:
- A wide summarization of the Global Mobile Payments Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Mobile Payments Market.
- Analysis of company profiles of Top major players functioning in the market.
Mobile Payments Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Mobile Payments Market players in detail. Mobile Payments Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Mobile Payments Market report 2023?
- Key Market Dynamics: The Global Mobile Payments Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Mobile Payments Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Browse Detailed TOC, Tables, Figures, Charts, and Companies Mentioned in this Market Research Report @ https://360researchreports.com/Mobile Payments-13103401
The growth of this market worldwide is subjected to various factors; including consumer world-class Mobile Payments Market of many Mobile Payments Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.