Global Mobile Wallet MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $5,795 Billion by 2024 from $453 Billion in 2016, growing at a CAGR of 37.5% from 2016 to 2024. By geography, RoW and North America are expected to grow at a CAGR of 39.8% and 38.3%, respectively, during the forecast period.
"Mobile Wallet Market (By Application: Merchant Purchases, Money Transfers, Bill Payments, and Others; By Mode of Payment: SMS, NFC, WAP And Others; By User Age Group; 18-29, 30-44, 45-59 And Above 60: By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors fueling the growth of the global mobile wallet market include high demand for smartphone and internet, expansion of e-commerce services, and implementation of digital marketing. Moreover, untapped prospects in emerging markets, and technological advancements could provide several scopes for the market in forecast period.
Application, mode of payment, user age group, and geography are the key segmentations considered in the global mobile wallet market. Application is sub-segmented into merchant purchases, money transfers, bill payments, and others. By mode of payment, the segments categorized into SMS, NFC, WAP and others. Furthermore, user age group is categorized into 18-29, 30-44, 45-59 and above 60.
Money transfers accounted the major share in application segment, followed by merchant purchases in 2016. In mode of payment, SMS and NFC together held the majority of share in 2016, whereas, NFC is anticipated to attain fastest CAGR during the forecast period. Moreover, 18-29 age group dominated the user age group segment with largest market share in 2016, followed by 30-44 age group.
Geographically, the mobile wallet market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia Pacific and Europe held the major market share in 2016 with about 46.7% and 23.1%, respectively. Although, RoW is expected to dominate the market in future with fastest CAGR, driven by, high penetration of smartphones, availability of free internet access at public places and growing demand from corporate card circles.
Key companies competing in the global mobile wallet market includes Apple Inc., Amazon.com Inc., American Express, Microsoft Corp. Inc, Visa Inc., Paytm, Alipay, MasterCard Inc, BlackBerry Ltd., Samsung Electronics Co., Ltd., Google Inc, and others.