According to the report, global demand for mobile wallet market was valued at USD 500 billion in 2014 and is expected to reach USD 2,500 billion in 2020, growing at a CAGR of approximately 30% between 2015 and 2020.Zion Market Research has published a new report titled “Mobile Wallet (NFC and Remote Payment) Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.”
The report covers forecast and analysis for the Mobile Wallet market on a global and regional level. The study provides historic data of 2014 along with a forecast from 2015 to 2020 based on revenue (USD billion). The study includes drivers and restraints for the mobile wallet market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the mobile wallet market on a global level.
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In order to give the users of this report a comprehensive view on the mobile wallet market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the mobile wallet market has also been included. The study encompasses a market attractiveness analysis, wherein product segments and application segments are benchmarked based on their market size, growth rate, and general attractiveness.
The mobile wallet market is mainly driven by the growing demand for the smartphones use and the entry of new players in this market. Another major driving factor is increasing working population engaged in the banking and online buying of products, discounts offered by companies to draw in customers in festive seasons for purchase through mobile wallet and growth of service portfolios by the enterprises. Owing to this, mobile wallet market is expected to exhibit strong growth during the years to come.
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The mobile wallet market is segmented on the basis of different types of mobile wallet products such as near field communications NFC and remote payment. The NFC dominated the market with over 50% share in total revenue generated in 2014 and is expected to be the fastest growing segment over the forecast period.
The mobile payment mode dominated application segment and were accounted for large chunk of the mobile wallet market in 2014. Furthermore, the OSS/BSS solution providers are expected to witness the fastest CAGR during the forecast period. This is attributed to the constant improvement of mobile wallet in NFC technology. Moreover, the money transfer transactions contributed to the largest share accounted for over 30% of share in total revenue generated in the mobile wallet market, followed by recharge & bill payments and utility segment respectively.
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North America dominated the mobile wallet market and accounted for over 25% share of the total revenue generated in 2014. The mobile wallet market in the Asia Pacific region is expected to exhibit strong growth in the years to come. Despite its promising future, the mobile wallet market segment is facing challenges like different cash transfer channels, lack of awareness, stringent policies, low margins and poor web connectivity in several areas.
Some of the key industry participants in global mobile wallet market include, American Express, Apple Inc., MasterCard, Visa, AT&T, Sprint, First Data, BlackBerry, Samsung, Google and others.