Skip to main content

Global Mobile Applications Market Projected to Display Stellar 16.2% CAGR by 2020

The growing demand for easy monetary transactions has helped the global mobile wallet market gain momentum over the last couple of years. The need to improve the security features of current transaction and payment techniques has triggered the deployment of near-field communication technology as a potential replacement for them. The primary drivers in the global mobile wallet market include the rising penetration of tablets and smartphones and the rising use of mobile internet. The proliferating use of smartphone applications is further expected to drive the global market for mobile wallet. Benefits of using mobile wallet, such as enhanced brand recall value, easy payment modes offered to clients, and flexibility in terms of time and location, are further anticipated to boost the market.
The growing popularity of near-field communication technology among consumers across the globe and the expansion of the online shopping forum are expected to bode well for the mobile wallet market. However, concerns related to security breach and data vandalism are likely to act as deterrents in the growth of the market.
The global mobile wallet market is estimated to witness strong growth over the forecast period. In 2015, the market stood at US$675.0 bn and is projected to be worth US$1,602.4 bn by the end of 2018.
Retail Segment to Surge Ahead in terms of Adoption of Mobile Wallet
The retail segment is expected to emerge dominant among all the prime application segments including financial institutions, MNOs, payment network, customers, and intermediaries. It is expected that the retail segment will account for a share of 46.6% by 2018, closely followed by the vending machines segment. The growth of the retail segment can be attributed to the rising number of retail stores across the globe and the demand for convenient transactions.
In terms of consumer type, card users are estimated to rake in a large share of the pie and rise to a valuation of US$793.2 bn by the end of the forecast period. Value-added benefits given to card holders by banks is anticipated to be one of the prime factors aiding the growth of this segment.
Developing Regions to Open New Horizons for Market Growth 
In developed regions such as Western Europe and North America, the presence of traditional banking channels and the prevalence of mobile phones is almost equivalent. The penetration of smartphones in North America is above 50% and is projected to rise at a significant rate in the Asia Pacific region. However, the use of mobile phones for banking is comparatively higher than traditional banking methods in developing regions. The development of mobile banking is essential in these regions as extensive branch networks might not be an economically feasible option here. Mobile wallets enable consumers to efficiently manage their bank accounts virtually and avail services at affordable rates.
The mounting adoption of smartphones and mobile internet in Europe, the Middle East, and Africa (EMEA) is likely to help the region surge ahead in the global mobile wallet market. The prime driver in the mobile wallet market in the EMEA is the growing partnership among mobile operators.
The nature of the global mobile wallet vendor landscape is extremely consolidated in nature and is dominated by a few leading players. Companies such as ISIS (Softcard), Google Wallet, and Paypal together held a share of 70.0% in 2012 in the market. The growth of the market is expected to be augmented by the increasing number of strategic partnerships among competitors. Other prominent companies are LeveIUP, Amazon, V.me, and Payments.

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