Pune, Aug. 27, 2020 (GLOBE NEWSWIRE) -- The global mobile payment market size is expected to hit USD 8.94 trillion by 2027 while exhibiting an impressive CAGR of 29.0% between 2020 and 2027. This is ascribable to factors such as increasing population that are facilitating the high adoption of mobile phones along with technological advancement in the mobile wallet solutions across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Mobile Payment Market Size, Share & Covid-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 1.18 trillion in 2019 and is anticipated to witness growth during the forecast period.
Mobile payment is defined as that type of monetary transaction that involves electronic devices such as smartphones and tablets. This technology is used to transfer money from one device to another within no time by using mobile wallet options across the globe. According to a report by the Reserve Bank of India, the numbers of digital transactions are expected to rise around four times by 2021. Easy availability of banking services at the tap of the button along with safety and convenience factor is propelling the demand for this type of payment solutions globally.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments as well as several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/sample/mobile-payment-market-100336
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
COVID-19 to Facilitate Significant Growth Opportunities
The widespread effect of the novel coronavirus, COVID-19, is driving the push for digital transactions across the globe. Though cash is still considered to be an integral part of the people, digital transactions are rising owing to the fear of handling cash among several people. For instance, according to the Reserve Bank of India (RBI), digital transactions under Unified Payments Interface (UPI) rose to over 799.5 million in March 2019. Furthermore, these transactions were 4.5 times the volume registered in March 2018.
Increasing Adoption of Technology to Spur Demand
The financial industry is witnessing a massive surge in technological advancement with the introduction of modern applications of artificial intelligence (AI). Major concerns surrounding the adoption of mobile wallet technology are security and safety concerns that inhibit the growth. However, with the introduction of AI, the manufacturers are trying to develop innovative products that have the ability to detect fraud and ensure a secure environment for monetary transactions. Additionally, increasing adoption of near field communication (NFC) and point of sales (POS) by the commercial enterprises is driving the demand for global mobile payment market during the forecast period.
Among all the regions, the market in Asia-Pacific is expected to register the highest global market revenue during the forecast period. This is attributable to factors such as large population in the region that is driving the demand for mobile devices. Countries such as India, Japan, and China are driving the demand for high adoption of mobile devices and technology in the region. Additionally, in countries such as India, the government is promoting digitalization that will bode well for the market growth in the region. North America, on the other hand, is expected to witness significant growth for the market in the forthcoming years. The market was worth USD 297.88 billion in 2019 and is likely to rise owing to a well-developed mobile payment services in countries such as the USA.
PayPal Announces In-store Mobile Payments Offerings
In November 2019, PayPal, a prominent mobile payment solutions provider, announced its plan to offer an in-store mobile payment facility by the year 2020. According to the company, the in-store payment facility is expected to be flexible and convenient and will help them to consolidate their position in the competitive market. Adoption of strategies such as product expansion offering, the introduction of new products, merger and acquisition, and collaboration by the companies is anticipated to bode well for the global market growth during the projected horizon.
List of Key Companies Operating in Mobile Payment Market:
- Alipay.com Co Ltd. (China)
- Amazon.com, Inc. (US)
- American Express Co. (US)
- Boku Inc. (US)
- Google Inc. (US)
- MasterCard International Inc. (US)
- Obopay (US)
- Fidelity National Information Services, Inc.(FIS Global) (US)
- PayPal, Inc. (US)
- Visa, Inc. (US)
Mobile Payment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100336
Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Mobile Payment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type
- Proximity Payment
- Remote Payment
- By Industry (Value)
- Media & Entertainment
- Medical & Healthcare
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Payment Type
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/mobile-payment-market-100336
Have a Look at Related Research Insights:
Sensors for Smartphones and Mobiles Market Size, Share & Industry Analysis, By Sensor Type (Interface Sensor (Proximity, Near Field Communication(NFC), Ambient Light Sensor), Security Sensor (Face/Eye/Iris Recognition, Fingerprint Sensor), Motion Sensor (Accelerometer, Gyroscope, Compass) Others Sensor (Touch Sensors, Optical Sensors)) and Regional Forecast, 2019-2026
Artificial Intelligence (AI) Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026
Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026
Commerce Cloud Market Size, Share & Industry Analysis, By Component (Platform, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Application (Grocery and Pharmaceuticals, Fashion and Apparel, Travel and Hospitality, Electronics, Furniture and Bookstore, and Others), By End-use (B2B, and B2C), and Regional Forecast, 2020-2027
Big Data Technology Market Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release https://www.fortunebusinessinsights.com/press-release/mobile-payment-technology-market-9515