Portland, OR , Oct. 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile wallet market was estimated at $1.04 billion in 2019 and is anticipated to hit $7.58 billion by 2027, registering a CAGR of 28.2% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
Increase in number of mobile subscribers across the globe, rise in the adoption of mobile wallet as digital payment-based business model among digital applications, and upsurge in government initiatives to drive cashless economy fuel the growth of the global mobile wallet market. On the other hand, concerns associated with fraudulence transactions and data security restrain the growth to certain extent. Nevertheless, an increase in usage of mobile point of sale (POS) devices and NFC-enabled handsets and growing inclination toward mobile banking & inventive mobile payment application are anticipated to pave the way for numerous opportunities in the industry.
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Covid-19 scenario-
- The ongoing social distancing measures and concerns over the usage of cash and plastics have impacted the market positively.
- The outbreak of Covid-19 has increased the trend of contactless payments which, in turn, has boosted the global mobile wallet market to a significant extent.
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The global mobile wallet market is analyzed across type, technology, industry vertical, and region. Based on type, the remote segment contributed to nearly three-fifths of the total market revenue in 2019 and is expected to lead the trail by the end of 2027. The proximity segment, on the other hand, is expected to portray the fastest CAGR of 29.8% from 2020 to 2027.
Based on industry-vertical, the retail segment held more than one-third of the total market share in 2019 and is projected to rule the roost by 2027. At the same time, the telecommunication segment would manifest the fastest CAGR of 35.0% throughout the forecast period.
Based on geography, Asia-Pacific accounted for the largest share in 2019, generating more than two-fifths of the global market. Simultaneously, the region is also expected to grow at the fastest CAGR of 30.5% till 2027. The other provinces studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global mobile wallet market report include American Express Banking Corp., Alipay.com, VISA Inc., Apple Inc., AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., Amazon Web Services Inc., and Samsung Electronics Co., Ltd. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.
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