DUBLIN–(BUSINESS WIRE)–The “Mobile Wallet Market Report by Type (Proximity, Remote), Application (Retail, Hospitality and Transportation, Telecommunication, Healthcare, and Others), and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global mobile wallet market size reached US$ 142.2 Billion in 2022. Looking forward, the market is set to reach US$ 387.8 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2022-2028
The increasing penetration of smartphones, the decreasing cost of mobile data plans, and the widespread adoption of contactless payments represent some of the key factors driving the market.
Mobile wallets offer numerous features, such as biometric authentication, which allows users to log in using their fingerprint or facial recognition technology, adding an extra layer of security. Several mobile wallets also offer loyalty programs, discounts, and cashback incentives to encourage users to use their platform for transactions.
The escalating smartphone penetration majorly drives the global market. With the rising popularity of smartphones and the decreasing cost of mobile data plans, consumers are accessing the internet through their mobile devices. This is leading to an increasing number of mobile payments as consumers seek more convenient ways to pay for goods and services.
Along with this, the widespread adoption of contactless payments to minimize contact with surfaces and consumers on account of the rapid outbreak of coronavirus disease is significantly supporting the demand. Since mobile wallets offer a contactless payment solution, allowing consumers to make payments without physically handling cash or credit cards, further impacting the market.
In addition, mobile wallets offer high security, with encryption and authentication protocols that protect user data and prevent fraud is positively influencing the demand. Apart from this, several government agencies are promoting the use of digital payments, as they offer greater transparency and can help reduce the use of cash, which can be prone to fraud and counterfeiting, which is also contributing to the market.
Furthermore, the introduction of rewards and loyalty programs, which incentivize users to make more transactions and build customer loyalty, is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and extensive research and development (R&D) activities.
The report has also provided a comprehensive analysis of the competitive landscape in the global mobile wallet market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report.
|No. of Pages
|2022 – 2028
|Estimated Market Value (USD) in 2022
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
Key Market Segmentation:
The report has provided a detailed breakup and analysis of the mobile wallet market based on the type. This includes proximity and remote. According to the report, remote represented the largest segment.
A detailed breakup and analysis of the mobile wallet market based on the application has also been provided in the report. This includes retail, hospitality and transportation, telecommunication, healthcare, and others. At present, retail represents the most preferred application worldwide.
Asia-Pacific was the largest market for mobile wallet. Some of the factors driving Asia-Pacific mobile wallet market included rapid urbanization, favorable government regulations and continual technological advancements.
- Alipay.com (Alibaba Group Holding Limited)
- Amazon Web Services Inc. (Amazon.com Inc)
- American Express Company
- Apple Inc.
- Google LLC (Alphabet Inc.)
- Mastercard Incorporated
- Paypal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Squareup Pte. Ltd. and Visa Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tdev8t
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