The global mobile wallet market size is expected to experience substantial growth backed by the increasing usage of smartphones across the globe. This information is published by Fortune Business Insights in its report, titled “Mobile Wallet Market, 2023-2030.” With data theft a major concern, the companies are developing advanced wallet systems that secure transactions with stringent encryption data leading to the growing adoption of such payment wallets during the forecast period.
Fortune Business Insights™ lists out all the mobile wallet market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- American Express Co
- Apple Inc.
- Mastercard Inc.
- AT&T Inc.
- Samsung Electronics Co., Ltd.
- Google LLC
- First Data Corporation
- Sprint Corporation
- Others
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Number of Smartphone Users to Propel Market Growth
According to the data by Businessworld Magazine, by 2030, around 1.2 billion Indian people will have a smartphone, and 99% of the internet consumption will be through mobile phones. The increasing number of smartphone users is expected to boost the product’s demand across the globe. Furthermore, companies are focusing on providing security to ensure safe and secure transactions. According to TradingPlatforms.com, a leading education platform for online trading estimates that around one-third of all POS transactions will be through mobile by 2024 across the globe. Therefore, security becomes crucial for safe transactions, and the companies developing advanced security solutions will contribute to the global mobile wallet market growth during the forecast period.
Market Segmentation:
Based on type, the market is trifurcated into closed, semi-closed, and open. On the basis of technology, the market is categorized into NFC (Near field communication), Optical/QR Code, Digital Only, and Text-Based.
- Based on technology, the NFC segment is expected to hold the largest global mobile wallet market share in terms of revenue during the forecast period. This is due to the increasing adoption of such digital communication systems across several retail stores for the convenience of customers globally.
Finally, on the basis of region, the market is segregated into Europe, Asia-Pacific, North America, the Middle East and Africa, and South America.
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REGIONAL INSIGHTS
Asia-Pacific – The region is expected to hold the highest position in the market during the forecast period. This is owing to the presence of a large tech-savvy population in countries such as India and China. Moreover, the rising disposable income of the working population is anticipated to boost the adoption of advanced mobile wallet solutions in the region between 2021 and 2028.
Europe – It is expected to be the second-most dominating region. This is owing to the increasing adoption of advanced mobile technologies and supportive government policies that promote cashless transactions leading to high mobile wallet adoption.
The Global Mobile Wallet Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Mobile Wallet? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Mobile Wallet Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Mobile Wallet Market? What Was Capacity, Production Value, Cost and PROFIT of Mobile Wallet Market?
- What Is Current Market Status of Mobile Wallet Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Mobile Wallet Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Mobile Wallet Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Mobile Wallet Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Mobile Wallet Industry? What are Global Mobile Wallet Analysis Results? What Are Global Mobile Wallet Development Trends?
- What Are Market Dynamics of Mobile Wallet Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Mobile Wallet Industry?
COMPETITIVE LANDSCAPE
Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue
The global market is consolidated by the presence of major companies that are merging with other companies to expand their mobile wallet solutions across different horizons. Moreover, other key players are adopting strategies such as the introduction of new products, partnerships, and collaboration to maintain their strongholds that will favor market growth.
Industry Development:
- June 2021 – Mastercard Incorporated announced its partnership with Zamtel, a leading Zambia-based telecommunication company. As per the partnership, Zamtel will roll out Matercard’s interoperable payment solution, physical card, and virtual payment solution.
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