The latest market report published by Credence Research Inc. is “Global Mobile Payment Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The global mobile payment market generated revenue of around USD 1548.2 billion in 2021 and is anticipated to grow a CAGR of over 27.80% during the forecast period from 2022 to 2028 to reach around USD 6745.46 billion in 2028.
The rising adoption of the e-commerce industry in emerging countries such as India and China has a high penetration of smartphones and increasing 3G or 4G connectivity users. Additionally, both countries account for more than one-third of the world‘s population, thus posing the maximum market potential for mobile payment. The rising internet penetration for online shopping is expected to propel market growth further. Furthermore, the rising adoption of sound wave-based mobile payments is driving the growth of the mobile payment market. Instead of using some technologies, such as bank applications, mobile wallets, and card terminals, sound wave-based payment transactions are processed through unique sound waves containing encrypted payment information. Internet does not require sound wave-based mobile payments. Its solutions are easy to deploy at a lower cost, particularly in countries where residents cannot afford advanced smartphones. These factors are increasing the growth of the mobile payment market.
Browse Global Mobile Payment market report-https://www.credenceresearch.com/report/mobile-payment-market
The global mobile payment market is bifurcated into payment type, transaction mode, end user, purchase type, application and geography. Based on payment type, the market is categorized into proximity and remote. Based on transaction mode, the mobile payment market is segmented into mobile web payments, SMS direct carrier billing, near-field communication and others. By end users, the global market is classified into personal and business. Based on purchase type, the market is categorized into airtime transfers and top-ups, merchandise and coupons, money transfer and bill payments, travel and ticketing and others. Based on application, the mobile payment market is classified into media & entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific dominated the market share in 2021. The increasing adoption of digital wallets and QR code services increased exponentially after the government demonetization action. Also, government initiatives such as digitalization are expected to boost the market in India further. China is expected to attain the maximum revenue share in the Asia-Pacific region. Furthermore, this region has become a valuable market for high adoption prices of smartphones and the rising trend of digitization in the region, which is expected to increase the market growth in the Asia Pacific region.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global mobile payment market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global mobile payment market segmentation based on payment type, transaction mode, end-user, purchase type and application.
- Major countries in each region with their import/export statistics
- The global mobile payment market report also includes analyzing the global, regional, and country levels, along with key market trends, significant player analysis, market growth strategies, and key application areas.
The Global Mobile Payment market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Payment Type (2016–2028; US$ Bn)|
|By Transaction Mode (2016–2028; US$ Bn)|
|By End User (2016–2028; US$ Bn)|
|By Purchase Type (2016–2028; US$ Bn)|
|By Application (2016–2028; US$ Bn)|
|By Geography Segment (2016–2028; US$ Bn)|