Global Mobile Wallet Market: Mainly Propelled by tremendous demand for smartphone and internet.


According to the latest report published by Variant Market Research, the global mobile wallet market is projected to reach $5,795 billion by 2024 from $453 billion in 2016. In this report, global mobile wallet market says that the global market is growing at 37.5% CAGR from 2016 to 2024.
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Expansion of e-commerce services fuels, the global mobile wallet market
Mobile wallet allows consumers to make transactions facility easier, and manage their accounts even during the travel, these all factors are influencing the global mobile wallet market growth positively. Additionally, implementation of digital marketing has also encouraged the global mobile wallet market trend. Though, lack of government restrictions, and issues in security and privacy are the major hindrance of the market. Moreover, untapped prospects in emerging markets, and advancements in technologies are expected to equally influence the overall growth of market during the forecast period
Market Segmentation
Application, mode of payment, user age group, and geography are the segmentation of the mobile wallet market. By application, the market is bifurcated into merchant purchases, money transfers, bill payments, and others. Mode of payment segment is classified into SMS, NFC, WAP, and others. Moreover, user age group segment includes 18-29, 30-44, 45-59, and above 60.
On the basis of geography, global mobile wallet market is categorized into North America, Europe, Asia- Pacific, and Rest of the World (RoW). North America is further segmented into U.S., Canada, and Mexico whereas Europe segment includes of UK, Germany, France, Italy, and others. Asia-Pacific is bifurcated into India, China, Japan, South Korea, and others while RoW segment consist South America, Middle East, and Africa.
Money transfer, by application occupied the largest global mobile wallet market share in the year 2016, owing to increase in mobile internet users
In the year 2016, Money transfers dominated the application segment with largest market share during the forecast period due to increasing mobile internet users, and new player enter the market to deliver e-commerce services.
NFC, by mode of payment segment expected to attain fastest CAGR throughout the forecast period.
In the mode of payment segment, NFC will attain fastest CAGR during the forecast period 2016 – 2024 owing to increasing penetration of NFC-enabled smartphones worldwide.
Asia-Pacific dominated the leading share in the global mobile wallet market
In the year 2016, Asia-Pacific and Europe generated the highest market share with about 46.7% and 23.1% respectively. While, RoW is anticipated to dominate the market in future with fastest CAGR. The major growth is seen due to availability of free internet access at public places and rising demand from corporate card circles, and high penetration of smartphones. Moreover, countries like Ghana, Uganda, Nepal, Singapore, are witnessing a high demand in the global mobile wallet market.
To browse the complete report, visit at https://www.variantmarketresearch.com/report-categories/information-communication-technology/mobile-wallet-market
Competitive Landscape
Key players profiled in the report include Apple Inc., Amazon.com Inc., American Express, Microsoft Corp. Inc, Visa Inc., Paytm, Alipay, MasterCard Inc, BlackBerry Ltd., Samsung Electronics Co., Ltd., and Google Inc, among others.
Scope of the Global Mobile Wallet Market
Application Segments
  • Merchant Purchases
  • Money Transfers
  • Bill Payments
  • Other Applications
Mode of Payment Segments
  • SMS
  • NFC
  • WAP
  • Other Mode of Payments
User Age Group Segments
  • 18-29
  • 30-44
  • 45-59
  • Above 60
Geographical Segments
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Asia-Pacific
    • India
    • China
    • Japan
    • South Korea
    • Others
  • RoW
    • South America
    • Middle East
    • Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
For further information, visithttps://www.variantmarketresearch.com
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