According to the latest IMARC group report entitled “Mobile wallet market: global industry trends, share, size, growth, opportunities and forecasts 2022-2027.”, Offers a comprehensive analysis of the industry, which includes information on mobile wallet market share. The report also includes an analysis of competition and the region, as well as current developments in the global market. The global mobile wallet market has reached a value of 120 billion US dollars in 2021. Looking ahead, the IMARC Group expects the market will reach $ 336.2 billion by 2027, growing at a CAGR of 18.6% between 2022 and 2027.
Mobile Wallet is an online application and software that helps individuals make digital payments online. In addition, it includes the use of Near Field Communication (NFC) chips and QR code technologies that facilitate the exchange of digital content while ensuring the transaction process. It is usually accessed through installed or built-in applications that allow users to store debit and credit card information. As a result, it provides increased convenience, a safer shopping experience, a wide range of uses and easy access along with refund coupons and discounts, making it increasingly popular with the masses.
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The rapid coronavirus epidemic (COVID-19) followed by closure has significantly supported market growth as consumers now prefer mobile wallets to pay to avoid physical contact to prevent disease transmission. With significant improvements in e-commerce infrastructure, this has increased the preference for online shopping due to the mandatory closure of physical retail outlets. In addition, the integration of bill payment functions with mobile wallet applications has had a positive impact on the market.
The global market is largely driven by the growing penetration of high-speed internet connections. Together with the growing rate of adoption of tablets and smartphones among the masses, this creates a positive outlook for the market. In addition, continuous improvements in the information technology (IT) and finance sectors are also driving market growth. Furthermore, the sudden epidemic of coronavirus disease (COVID-19) has facilitated the adoption of digital payment methods aimed at maintaining social distance and minimizing the spread of the virus, thus having a positive impact on market growth worldwide. In this light, increasing government initiatives to promote cashless payments through mobile wallets is also driving market growth. Other factors are expected to further strengthen the market, including rapid digitization, growing investment by key players in developing robust marketing strategies and celebrity recognition, and improving e-commerce infrastructure.
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Competition with key players:
The report also analyzed the competitive landscape of the market with some of the key players.
- Alipaycom (Alibaba Group Holding Limited)
- Amazon Web Services Inc. (Amazon.com Inc.)
- American Express
- Apple Inc.
- Google LLC (Alphabet Inc.)
- Mastercard Incorporated
- PayPal Holdings Inc.
- Samsung Electronics Co.Ltd.
- Squareup Pte. ltd.
- Visa Inc.
Mobile wallet market segmentation:
Our report categorized the market based on region, type, and application.
Division by type:
Division by application:
- Reception and transport
- Health care
Browse by region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Main highlights of the report:
- Market performance (2016-2021)
- Market outlook (2022-2027)
- Porter’s analysis of five forces
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of a competitive landscape
We update our reports if you want the latest primary and secondary data (2022-2027) with cost module, business strategy, competitive environment, etc. Click on the request for a free sample report, the report will be emailed to you in PDF format within 24-48 hours of payment confirmation.
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