Fort Collins, Colorado, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Mobile Commerce Market was valued at USD 478.2 Billion in 2022 and is expected to reach USD 6,151.9 Billion by 2032 at a CAGR of 29.2%.
The growing popularity of mobile payment apps and online shopping is driving the growth of m-commerce. This is due to increased Internet and smartphone usage, which allows people to buy and sell products, make payments, and book tickets on their mobile devices.
It is a subset of e-commerce, where one can do similar activities like m-commerce through laptops and desktops. But now, with phones becoming as efficient and powerful as computers, people prefer phones over laptops and desktops for shopping and billing activities. People prefer paying bills online rather than visiting offices offline in long queues. Nowadays, users prefer making transactions through mobile wallets, as comparatively carrying a phone is convenient.
The demand for mobile billing and payments is expected to grow with the elderly becoming more familiar with smartphones. People feel secure with the introduction of security checks like two-factor authentication. The pandemic has boosted the demand for m-commerce as people preferred buying things online during lockdown. Increased screen time and social media usage have made people more prone to impulsive buying.
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Segmentation Overview:
The global mobile commerce market has been segmented into transactions, payment method and region. The mobile marketplace dominates the transaction type segment and is expected to grow the fastest. Mobile apps offer an accessible platform for immediate browsing and shopping, app-only deals, and secure in-app payment options. Near Field Communication is predicted to grow the most during the projected period, allowing users to make secure payments by tapping their phone on a payment terminal.
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Mobile Commerce Market Report Highlights:
- The global mobile commerce market growth is anticipated at a CAGR of 29.2% by 2032.
- Mobile dominance is increasing, and m-commerce payment apps are being developed to allow payment from anywhere, anytime, redefining the consumer shopping experience.
- North America, led by the US, has a significant share of mobile commerce due to a large internet user base and a shift to mobile shopping during the pandemic. The younger population's preference for shopping on their phones is expected to drive further growth in m-commerce.
- Some prominent players in the mobile commerce market report include Google Inc., Visa Inc., MasterCard Inc., Paypal Holding Inc., Meta, Alipay, WeChat, Apple Pay, Amazon Pay, American Express, and others.
Industry Trends and Insights:
- Apple has expanded its online store in Chile to offer customers better support in purchasing its products and services.
- PayPal and Uber have announced an extension of their partnership to support Uber's growth in markets worldwide.
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Mobile Commerce Market Segmentation:
- By Transaction Type: Digital Wallets, Mobile Banking, Mobile Marketplace, and Shopping Apps
- By Payment Method Types: Near Field Communication (NFC), Wireless Application Protocol (WAP), Premium SMS, Direct Carrier Billing and Other Payment methods
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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