Portland, OR, Sept. 11, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile payments market generated $601.3 billion in 2016, and is estimated to generate $4,573.8 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023. The report provides an extensive analysis of market size & forecasts, drivers & opportunities, key segments, and business performance of industry players.
Surge in penetration of smartphones, rise in adoption of mobile payments in emerging countries, and rise of the m-commerce industry is expected to drive the growth in the global mobile payments industry. However, concerns regarding security and data breach are expected to restrain the market growth. On the other hand, the demand for rapid and hassle-free transactions are expected to offer opportunities for further growth.
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The report offers detailed segmentation of the market based on mode of transaction into SMS, near field communication (NFC), and wireless application protocol (WAP). The SMS segment accounted for more than half of the total share in terms of revenue in 2016, and is estimated to maintain its position during the forecast period. However, the NFC segment is expected to register the highest CAGR of 36% from 2017 to 2023.
Based on type of mobile payment, the research segment the market into mobile money and mobile wallet/bank cards. The mobile money segment held the major share with nearly three-fourths of the total share in 2016, and is expected to maintain its lion's share during the forecast period. However, mobile wallet/bank cards segment is estimated to grow at the highest CAGR of 35.2% from 2017 to 2023.
Geographically, the report discusses the market into North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Asia-Pacific accounted for more than one-third of the total market share in 2016 and is expected to remain dominant by 2023. This region would offer lucrative opportunities throughout the forecast period, growing at the highest CAGR of 35.5% during the forecast period.
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Key market players discussed 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. They have implemented different strategies including partnerships, new product launches, mergers & acquisitions, joint ventures, collaborations, and others to gain stronghold in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.