Global Mobile Wallet Market to Value USD 1,602.4 Billion in 2018: Transparency Market Research

Albany, New York (PRWEB) September 19, 2014

The new market research report published by Transparency Market Research is titled as, Mobile Wallet Market – Global Industry Analysis, Size, Share, Growth and Forecast, 2012 2018. As per the market study in this report, the global Mobile Wallet Market is expected to reach USD 1,602.4 billion by 2018, growing at a CAGR of 30.7% from 2012 to 2018. Mobile commerce is anticipated to be the leading segment till 2020, which will be then followed by mobile money transfer and mobile ticketing.

The market has shown a very clear picture of the mobile wallets segment trending upward for the foreseeable future. In the past year, the surge in the demand for mobile wallets and its applications are attributed mainly due to the global rise in Smartphone penetration. The rising smartphone penetration and increasing security are the growth factors driving the mobile wallet market. In addition, the market is also witnessing a global growth with increasing adoption of mobile payment services. However, although mobile payment services have emerged the market with its potential to transform the shopping and payment experience, there is a lack of awareness regarding the functioning of mobile wallets, security and privacy issues among many users. Hence, most customers still prefer making cash or credit card payments. These are the few factors that may hinder the growth of the market in the forecast period 2012 to 2018.

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Furthermore, stakeholders in the mobile wallet domain provide flexible payment services to users along with better brand recall value. They are attempting to alleviate the concerns regarding the lack of awareness issues, and thus aiming to cater complete safety of financial and personal information. The key factor to achieving great success and share of the mobile wallet is sheer customer experience. Users expect an intuitive experience in terms of speed, security, and a well-thought engaged program.

According to this report, the EMEA (Europe, the Middle East and Africa) is expected to be the largest market for the mobile wallet industry in 2018. The EMEA region in 2011 accounted for over 40% of the global revenue share. The Asia-Pacific region is expected to witness the fastest growth in terms of revenue over the forecast period, and is expected to grow at a CAGR of 31.0% from 2012 to 2018 in this geography. The reason behind the rapid growth in these regions was the rising public acceptance of mobile wallets in Europe, as well as the overall dense population in Africa. The European market for mobile wallet services is developing rapidly, with substantial momentum in NFC wallet services and miscellaneous launches of non-NFC wallet services pertaining to mobile-wallet.

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Also, the retail sector of the mobile-wallet formed the largest application of mobile wallets in 2011. It was valued at USD 144.8 billion. Similar trend is expected to propel the growth in this market further owing to factors such as initiatives undertaken to equip POS devices in convenience stores and ease of payment using smartphones at any locations. However, the next upward trending segment after the retail is the vending machines. They are significant applications of the mobile wallet technology and are expected to enjoy huge support from stakeholders.

The market has a number of players in the mobile wallet industry and they are differentiated on the basis of their role in the ecosystem. Some of the Key participants include Visa Inc., MasterCard, American Express Inc., PayPal Inc., Google, ISIS, Square Inc. and so on. This report is in the efforts to provide a competitive landscape, as well as profiles of companies and share analysis of the mobile wallet market.

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