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Market research analysts at Technavio predict that the global mobile wallet market size and share will grow steadily during the next four years and post an impressive CAGR of more than 35% by 2021. This market research analysis identifies the increased use of m-commerce as one of the primary factors for the phone wallet market. The constantly rising number of smartphones across the globe and high internet penetration have resulted in the increased popularity of m-commerce among consumers. In addition to offering easy access to a variety of products even from remote locations, m-commerce also offers flexibility and easy payment services to customers. This enhances the brand recall value and benefits for vendors in the long-term. As a result, there will be an increased adoption of mobile phone wallets among m-commerce companies, which will drive the mobile wallet market growth in the coming years.
This market research and analysis estimates that in terms of geographical regions, APAC will be the major revenue contributor to the market by the end of the forecast period. Though EMEA currently accounts for the major market shares, factors such as the increasing penetration of smartphones and mobile internet, the rise in usage of mobile devices in developed countries such as Australia, Hong Kong, and Singapore, and the increased adoption of mobile wallet technology in the developing countries such as India and China will augment the market’s growth prospects in this region.
The market is marked by the presence of a number of international and regional players and is highly competitive, according to the mobile wallet market report by Technavio. The growth of mobile wallet companies mainly depends on the variety of services they provide. Service differentiation, product portfolio, and pricing are some of the other factors that vendors mainly compete on. The increasing usage of mobile wallets for shopping will intensify the market’s competitive environment. Furthermore, analysts predict that the international players will grow inorganically during the predicted period by acquiring small players. To survive the competition and establish their presence in the market, mobile payment companies have the need to distinguish their product and service offerings through clear and unique value propositions.
The leading vendors in the market are -
The other prominent vendors in the market are Airtel, American Express, Bank of America, Dwolla, LevelUp, LivQuik, Merchant Customer Exchange, MobiKwik, M-Pesa, Square, Venmo, Y-cash Software Solutions, and ZipCash.
During 2016, the retail stores segment accounted for the major shares and dominated this market, as per the mobile wallet statistic report The adoption of cashless payments using mobile wallets reduces the operational cost for retailers and increases their revenue. Additionally, mobile wallets have much lower processing fee than card-based transactions and also enable retail stores to easily track and analyze consumer data. As a result, this segment will witness an increased adoption of mobile wallets in the coming years as well.
According to this market research report, the retail segment accounted for the major shares and dominated the market during 2016. The growing popularity of m-commerce that results in an increase in the digital purchase of various goods will drive the growth prospects of the market as mobile wallets are quicker and more efficient during online payments.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by industry
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Buying criteria
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Appendix
PART 18: Explore Technavio
Tags: mobile banking, mobile valeting, e commerce applications, internet advertising, e commerce, internet and e commerce market size,
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