Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile payment market is projected to reach $12.06 trillion by 2027, having witnessed $1.48 trillion in 2019, exhibiting a considerable CAGR of 30.1% from 2020 to 2027. The market report provides a detailed analysis of leading investment pockets, top market segments, market dynamics, market size and estimations, competitive analysis, and regional analysis. It is an essential resource for investors or shareholders, and leading market players to strategically plan and enhance their competitive edge.
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193 – Tables
42 – Charts
294 – Pages
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Base Year | 2019 |
| Market Size in 2019 | $1.48 Trillion |
| Market Size in 2027 | $12.06 Trillion |
| CAGR | 30.1% |
| No. of Pages in Report | 294 |
| Segments Covered | Payment Type, Transaction Mode, End User, Purchase Type, Application, and Region |
| Drivers | The rise in smartphone penetration around the world |
| Growth of the mobile commerce sector in developing nations | |
| A surge in mobile payments in developing countries | |
| Restraints | Increase in the prevalence of data breaches |
| Increasing security concerns in the mobile payment sector | |
| Opportunities | The rise in demand for fast and frictionless transaction services |
The global mobile payment market is classified into various segments based on payment type, end user, transaction mode, purchase type, application, and region. It is offered in both tabular and graphical form, permitting an individual or a commercial enterprise to benefit perception into the highly profitable and swiftly expanding segments.
By payment type, the remote segment held the major market share in 2019, contributing to nearly two-thirds of the global mobile payment market revenue, and is projected to rule the roost by 2027. Nonetheless, the proximity segment is estimated to showcase the fastest CAGR of 31.4% from 2020 to 2027.
By transaction mode, the mobile web payments segment held the largest market share in 2019, accounting for more than half of the global mobile payment market revenue, and is expected to maintain its lead position during the forecast period. However, the near-field communication segment would cite the highest CAGR of 33.4% from 2020 to 2027. The SMS direct carrier billing, regional, and others segment are also studied in the report.
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In terms of region, the market across the Asia-Pacific region dominated the largest market share, holding more than half of the global mobile payment market revenue, and is anticipated to retain its dominance throughout the forecast period. The same region is expected to witness the highest CAGR of 31.2% from 2022 to 2027. The other regions included in the report are North America, Europe, and LAMEA.
The report also provides an in-depth analysis of the prominent players in the global mobile payment market such as JPMorgan Chase & Co., Apple Inc., PayU, Samsung, Visa Inc., One97 Communications Limited, Mastercard, PayPal Holdings, Inc., Google, LLC, and American Express Company. These market leaders have adopted a variety of tactics such as joint ventures, new technological advancements, collaboration, and geographical expansion, to gain their foothold in the market and to prove their flair in the industry.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global Mobile Payment market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global Mobile Payment market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the Mobile Payment industry.
- The quantitative analysis of the market for the period 2020–2027 is provided to determine the Mobile Payment market potential.
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Mobile Payment Market Report Highlights
Aspects Details
By Payment Type
- Proximity
- Remote
By Transaction Mode
- Mobile Web Payments
- Near-Field Communication
- SMS Direct Carrier Billing
- Others
- Regional
By End User
- Personal
- Business
By Purchase Type
- AIRTIME TRANSFER AND TOP UPS
- MONEY TRANSFERS AND BILL PAYMENTS
- MERCHANDISE AND COUPONS
- TRAVEL AND TICKETING
- OTHERS
By Application
- Media & Entertainment
- Energy & Utilities
- Healthcare
- Retail
- Hospitality & Transportation
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Netherlands, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market PlayersPAYU, SAMSUNG, PAYPAL HOLDINGS, INC, VISA, INC, ONE COMMUNICATIONS LIMITED, GOOGLE LLC, MASTERCARD, JPMORGAN CHASE CO, APPLE, INC, AMERICAN EXPRESS COMPANY
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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 "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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