The new report by Expert Market Research titled, ‘Global Mobile Payment Market Price, Trends, Growth, Report and Forecast 2020-2025′, gives an in-depth analysis of the global mobile payment market, assessing the market based on its segments like transactions, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 1,140 billion
- Forecast CAGR (2020-2025): 22.5%
- Forecast Market Size (2025): USD 3852.3 billion
The market for mobile payment is being driven by the rising penetration of the internet across the globe. Further, intense competition within the mobile payment industry is aiding the market growth. The market is furthered by the rising acceptance of technology in the emerging regions, along with the rising penetration of smartphones. Moreover, due to constant technological advancements, the market is experiencing constant evolution, as a result of pushing the market forward. Mobile payments offer feasibility to the consumer since it is easy, fast, and hassle-free. Also, these offer enhanced security features, like password protection, OTP generation, and others, which is further boosting the industry growth.
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Industry Definition and Major Segments
Mobile payment, also referred to as m-payment, is an e-payment service which entails the utilisation of mobile devices to authorise, initiate, and confirm a transfer of money. It was first patented in 2000, and since then, this technology has been growing rapidly. This technology is accelerated by the availability of point-of-sale (POS) terminals, which enables the processing of transactions with the help of nearfield communications.
Based on mode of transaction, the market is segmented into:
By application, the industry can be categorised into:
- Energy and Utilities
- Hospitality and Transportation
By regions, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The mobile payment market is expected to witness a rapid growth over the forecast period owing to the gaining popularity of the service among the people, leading to shifting of their preference from the traditional to the modern ways of payment. The rising demand for quick and hassle-free services is contributing to the market growth. The market is expected to witness increased demand due to its ease of incorporation with loyalty and incentive programmes, offering consumers with several discounts and reward points. Moreover, the growing number of competitors and enhanced investment in the industry with dynamic security features are estimated to invigorate the market growth over the forecast period.
Key Market Players
The major players in the market are Worldline (EPA: WLN), Mastercard International Incorporated (NYSE: MA), Apple Inc. (NASDAQ: AAPL), PayPal (NASDAQ: PYPL), American Express Banking Corp. (NYSE: AXP), Bank of America Corporation (NYSE: BAC), and FIS (NYSE: FIS), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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