Mobile Payment Market Likely to Garner $ 4,574 Billion by 2023

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Mobile Payment Market

The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Increase is penetration of smartphones, growth in m-commerce industry, and rise in adoption of mobile payment in emerging economies drive the growth of the mobile payment market.

The Asia-Pacific generated the highest revenue in the mobile payment market in 2016 due to increase in number of youth population that is active on online media in India, growth in m-commerce, and introduction of innovative solutions by the key players in the region. The mobile payment market in LAMEA is expected to grow at the CAGR of 31.4% during the forecast period.

SMS segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 33.5%. Among applications, hospitality & transportation is expected to witness highest CAGR of 34.9% during the forecast period.

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According to a new report published by Allied Market Research, titled, Mobile Payment Market by Mode of Transaction, Type of Mobile Payment, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the mobile payment market was valued at $601 billion in 2016, and is projected to reach $4,574 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023. The Asia-Pacific mobile payment industry segment is anticipated to grow at the highest rate during the forecast period.

The report features a competitive scenario of the mobile payment industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the mobile payment market.

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The smartphones penetration rate in countries such as Canada, China, and India have been significantly high over the past few years. In 2014, approximately 56% of Canadians had smartphones; however, by 2015 the penetration rate reached to 68%, thus reflecting the increased use of smartphones by people. In addition, proliferation of 3G and 4G connectivity has enabled customers to have hassle-free access to services on their smartphones. In a country like the UK, 4G adoption has increased over the past year from 26% to 55%, whereas by the end of 2015, the global 4G connection base has surpassed the one billion mark. With evolving technology, smartphones are now available at reasonable prices, being affordable for customers. Moreover, the extensive growing distribution network of smartphones companies has made these devices easily available for end users.

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