Mobile wallet allows consumers to pay by phone even during travel, from any location, anytime.
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The mobile wallet market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous research and developments in the smartphone technology and lowering security concerns. The widespread smartphone adoption in developed markets and its increasing penetration levels in developing markets are influencing the growth of the mobile wallet market positively.
Furthermore, growing adoption of NFC (near field communication) technology by retailers and consumers is expected to propel the growth of the mobile wallet market.
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It not only provides transaction facilities at affordable prices but also facilitates consumers to manage their accounts easily.
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While all these aspects are boosting the growth of the mobile wallet industry, consumers’ concerns related to security and technology infancy, plus investment and deployment issues are expected to impede the growth of the mobile wallet market. Although these restraints are prevalent, companies from the telecommunication industry are collaborating with each other to better serve the needs of their customers with new and improved product/service innovation.
The global mobile wallet market is expected to reach $5,250 billion by the end of 2020, growing at a CAGR (compounded annual growth rate) of 127.5% from 2013 to 2020. The global mobile wallet market has been segmented in this report into applications, mode of payment, stakeholders and geography.
The global mobile wallet applications market includes mobile commerce, mobile ticketing, mobile coupons, mobile transfer, and micropayments. On the basis of mode of payment, the global mobile wallet market is categorized into remote and NFC payments.
The NFC mobile payment is further sub-segmented into NFC handsets, readers, Micro SD, NFC tags and chips and NFC SIM/UICC card. The global mobile wallet market stakeholders encompass mobile network operators (MNOs), handset manufacturers, OSS/BSS solution providers, software developers, content applications and aggregators, and other stakeholders.
The global mobile wallet market in terms of geography covers North America, EMEA, Asia Pacific and Latin America. At present, Asia Pacific dominates the global mobile wallet market, followed by EMEA and North America.
It is expected that the Asia Pacific will continue to dominate the global mobile wallet market from 2013 to 2020 owing to rising smartphone penetration levels, promotion of m-payments and m-banking and increasing technological awareness.
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This report provides a holistic view of the overall mobile wallet market and the deepest levels of the market segmentation.Various economic factors, which are significant in determining market trend, buying decisions and market attractiveness are analyzed for market estimation and forecasting. Detailed elaboration of drivers, restraints and opportunities in the report will enable in strategic decision making with regard to identifying the potential market.
Top investment pockets for various applications, mode of payment, stakeholders, and geographic regions has been identified with the use of various macro and micro-economic factors to provide enterprises more focused approach to gain competitive advantage. Porter’s Five Force Analysis discusses areas, such as bargaining power of buyers, bargaining power of suppliers, intensity of competitive rivalry, threat of new entrants, and threat of substitutes in detail for the mobile wallet market.In addition, the study also discusses various regulatory factors critical for the market growth.
Thus, estimation of market numbers, with due consideration to all these factors has helped in enhancing the scope of the report. This analysis will support stakeholders, such as mobile network operators, handset manufacturers, OSS/BSS solution providers, software developers, content applications and aggregators, and other stakeholders in identifying and capturing markets with high potential.
Historical data is provided for 2011, 2012 whereas forecast is available through 2020 in terms of revenue ($million) for each and every segment.
The market is also analyzed on the basis of most active market players in the mobile wallet market. This competitive analysis is done on the basis of their business strategies and recent organic and inorganic development.
Company profiles of major worldwide market players included in this report covers their business strategies, financial overview, SWOT analysis and recent development. This inclusion will enhance the strategic business decision making of the stakeholders.
Companies profiled in this report include American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, and Google. These companies are focusing on adopting strategies, such as product/service innovation, collaborations, and mergers and acquisitions to increase their market share and build consumer confidence respectively.
For instance, American Express has recently come up with a new global standard to boost the digital payment security and make things easier for consumers with purchasing when shopping on a mobile handset, tablet, personal computer or any smart device.
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