The global mobile payment market is expected to see steady growth, increasing at CAGR by more than 30 per cent from 2016 to 2023. The mobile payment market is driven primarily by the global spread of smartphones and tablets and by increasing government initiatives and support for the deployment of mobile payment technologies. Furthermore, the increase in mobile payment solutions across major financial institutions and the increase in mobile broadband penetration in both developed and developing regions is expected to fuel the growth of the mobile payment market throughout the forecast period.
However, lack of awareness in developing regions and data privacy and security threats are expected to hinder the adoption of mobile payment solutions during the forecast period. The global mobile payment market ecosystem is made up of platform providers, solution providers and service providers. The introduction of advanced mobile payment services and platforms has become a major strategy followed by key players to stay ahead of the competition. In addition, leading players in the global mobile payment market are focusing on entering into a strategic partnership and collaboration to develop advanced solutions and enhance technological expertise to sustain market competition.
The major players operating in the global mobile payment market are MasterCard Inc., Google Inc., Apple Inc., LevelUp, Skrill Limited, Paypal Inc., Visa Inc., WorldPay, Samsung Electronics Co. Ltd., and TIO Networks Corp.
- Introduction of cloud-based mobile payment solutions and services has become an emerging trend in the market
- Surge in acquisition and mergers
- Introduction of advanced mobile payment platforms and services
[Browse full report: “Mobile payment Market Size”]
Key research study highlights comprise:
- Exhaustive research and analysis of the global MOBILE PAYMENT industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on MOBILE PAYMENT market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2016 in terms of value (US$Mn)
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global MOBILE PAYMENT market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global MOBILE PAYMENT market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in MOBILE PAYMENT market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of MOBILE PAYMENT market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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