February 04, 2020
According to the research report titled ‘Mobile Wallet Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco's, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, Australia, China, India, Japan, Singapore, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2019- 2025’, available at MarketStudyReport.com, the global mobile wallet market is expected to surpass USD 270 billion by the year 2025.
According to the report, rising adoption of mobile phones and smart devices in various industries along with attractive cashback and discounts offered by mobile wallet provides are major factors driving the mobile wallet market growth. Various banks worldwide are developing innovative solutions in order to enhance customer experience and satisfaction. This factor has compelled banks to invest in mobile wallet services which in turn is further aiding the market expansion. Booming e-commerce industry along with growing tech savvy millennial population are also stimulating the industry outlook.
As per type, the report cites that the semi-closed mobile wallet market segment held 65% share in the year 2018. Increasing market penetration by various tech companies along with shifting preferences towards digitalization are fueling the segmental growth. On the other hand, the open mobile wallet market segment is expected to grow with a CAGR of 15% during the period of 2019-2025. Escalating investments by banks in order to launch their respective mobile wallets are facilitating the business scenario.
In terms of ownership, the report states that the tech companies segment held 60% share of the mobile wallet market in the year 2018. Development of innovate mobile wallet solutions by various tech companies are propelling the segmental growth. Meanwhile, device segment is presumed to expand with a CAGR of 21% owing rising development of mobile wallets by device manufacturing companies.
Speaking of technology landscape, the near field communication (NFC) technology segment is poised to acquire substantial gains in the subsequent years. This type of technology is used across various industrial applications, from manufacturing to retail. Meanwhile, the demand for optical/QR code technology in emerging economies will witness substantial growth due to its low cost properties.
Considering the geographical landscape, the Asia-Pacific mobile wallet industry held more than 50% share in the year 2018. Factors such as flourishing e-commerce sector and smart devices production and favorable government regulations which promote digital payment solutions are augmenting the regional demand.
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On the other hand, mobile wallet market in Europe is expected to expand with a CAGR of 16% through 2025. Rising adoption of near field communication technology in retail sector along with rising collaboration activities among service providers and banks are fostering the market growth.
Wells Fargo & Co., Vodafone Group Plc., Visa Inc., Tencent Holdings Ltd., Skrill Ltd., Samsung Electronics Co. Ltd., PayPal Holdings Inc., One97 Communications Ltd., One Mobikwik Systems Pvt. Ltd., Mozido Inco., Mastercard Inc., J.P. Morgan Chase & co., ICICI Bank Ltd., Due Inc., Google LLC, First Data Corp., Barclays Plc., AT&T Inc., Apple Inc., Allied Wallet Inc., Anti Financial Services Group, American Express Co. and Amazon.com Inc. are the prominent companies operating in the mobile wallet market.
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