Skip to main content

Proximity Mobile Payment Market Technological breakthroughs, Value chain and stakeholder analysis

Proximity mobile payment technology has become an important part of the shopping experience in recent years due to the steady technological progression of the method and rising adoption of the necessary supporting technology across regional and consumer demographics. Proximity mobile payment consists of identifying a product by the aid of an encrypted key and making a payment through digital payment channels. Presently, proximity mobile payment technology is applied through barcodes and near field communication technology.

According to Transparency Market Research, the global Proximity Mobile Payment Market was valued at US$57.9 bn in 2017. Exhibiting a solid 48% CAGR, the proximity mobile payment market is expected to rise to a valuation of US$411.4 bn by 2022.

Here are the key insights into the factors determining the growth trajectory of the global proximity mobile payment market:


Rising Adoption of Smartphones Drives Demand from Proximity Mobile Payment Market

One of the key drivers for the global proximity mobile payment market is the rising use of smartphones across the world. The convenience of near field communication technology in proximity mobile payment has come to the fore due to the widespread incorporation of NFC technology in modern smartphones. This is likely to remain an important driver for the proximity mobile payment market in the coming years due to steady development of the NFC platform to enable varied applications. Growing efforts from telecommunication giants towards the development of NFC are thus likely to help the proximity mobile payment market.

Near field communication dominated the global proximity mobile payment market in 2017, accounting for 75.3% of the market and being valued at US$43.6 bn. The near field communication segment of the global proximity mobile payment market is expected to exhibit a robust 52.6% CAGR through the 2017-2022 forecast period and rise to a valuation of US$360.9 bn.


Growing Incorporation of Digital Payment Channels in Retail, BFSI to Drive Demand

The rising popularity of digital payment channels hasn’t gone unnoticed in the global business sector, where leading retail sector players have kept in touch with the market’s movement by installing advanced payment protocol at their stores. Latest advancements such as NFC have thus been smoothly accepted in technologically up-to-date sectors such as retail and BFSI, leading to growing demand from the proximity mobile payment market.

North America to Dominate Flourishing Proximity Mobile Payment Market

Geographically, North America is expected to remain the dominant contributor to the global proximity mobile payment market in the coming years due to the widespread availability of an advanced technological setup and steady demand for technological advancements in the dynamic economic setup. The widespread availability of smartphones with near field communication has also helped the proximity mobile payment market achieve steady expansion in North America in the last few years. The North America proximity mobile payments market accounted for US$13 bn in 2017 and is expected to rise to more than US$98 bn by 2022 on the back of a strong 49.8% CAGR therein.


Europe is also likely to be an important regional market for proximity mobile payment technology in the coming years and is expected to rise to US$73.9 bn by 2022. The market is likely to exhibit a strong 46.9% CAGR from 2017 to 2022 and could benefit significantly from the steady support in developed European countries for advancements in how money changes hands.

Competitive Dynamics

Leading companies in the global performance coatings market include AkzoNobel NV, Masco Corporation, Hempel A/S, Jotun A/S, The Valspar Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co. Ltd., BASF SE, and PPG Industries Inc. The global proximity mobile payment market is likely to be moderately fragmented in the coming years due to the availability of lucrative opportunities in the market in a number of regions.


Comments

Post a Comment

Popular posts from this blog

Wi-Fi Chipset Market Poised for an Explosive Growth in the Near Future

Wi-Fi is a technology based on the IEEE 802.11 standard which connects two or more devices using wireless communication within a limited area such as office building, school, home, or computer laboratory. Usage of Wi-Fi has increased significantly in residential and commercial places since the last several years due to the ease of its installation and operation. Currently, a number of devices including video-game consoles, digital cameras, digital audio players, digital printers, smart TVs, tablets, phones, and personal computers are available with built-in Wi-Fi technology. These devices can connect to the internet with the help of wireless access point or wireless LAN (Local Area Network) and can provide control and monitoring of a system from a remote location. Wi-Fi chipsets usually operate in 2.4 gigahertz UHF (Ultra High Frequency) band and 5.8 gigahertz SHF (Super high frequency) band. Wi-Fi Alliance, comprising more than 375 organizations worldwide, establishes and enforces W...
Post a Comment
Read more

Keyless Entry System Market: Industry Outlook, Growth Prospects and Key Opportunities

Keyless entry system is technology that provides physical access to an individual inside any premises or automotive without the use of a mechanical key for performing the locking and unlocking operation. Keyless entry system provides an enhanced convenience and security to the users. In case of a keyless entry system, the users get secure and authorized access to an automotive or premise with the use of various external devices or gesture such as a keyless fob or a smart card, or by the use of their own voice, fingerprints or facial recognition among others. Owing to rapidly increasing adoption of smart technologies across various application sectors, keyless entry systems is increasingly installed among users especially in the transportation sector, government sector, banking financial services and insurance (BFSI) sectors and hospitality industry among others. The global Keyless Entry System market is anticipated to experience a robust growth during the forecast period from 2017 to...
Post a Comment
Read more

Automotive Leaf Spring Suspension Market - Business Strategies and Recent Development

Key priorities of automotive manufacturers include increasing operational performance, improving drivability, and ensuring the safe transport of cargo and passengers. Increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies have prompted manufacturers to focus on improving the power and drivetrain systems such as clutch, transmission, propeller shaft, axle, and leaf springs. Leaf springs are located between the wheels and the body of the vehicle. When the wheel passes over a bump, it rises and deflects the spring; thereby, storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. Increase in demand for automobiles globally, is driving the leaf spring market. The leaf springs are primarily used in light, medium, and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on use of leaf spring technology for bet...
Post a Comment
Read more