Demand For Mobile Payments Is Likely To Garner A Market Value Of US$ 42 Bn In 2022 And Is Expected To Register A Staggering Double Digit CAGR Of 30% By The Assessment Period 2022-2032; States Fact.MR

“Deepening digital literacy and the consequent increase in smartphone ownership has prompted consumers to rely on mobile payment technologies. Furthermore, ease of access and convenience is prompting major industries to deploy mobile financial transaction interfaces, broadening market growth prospects,” states a Fact.MR analyst.

United States, Rockville MD, Aug. 17, 2022 (GLOBE NEWSWIRE) — A recently published Fact.MR study states that global demand for mobile payments is expected to surpass US$ 590 Bn by registering a staggering double digit CAGR of 30% in the forecast period 2022-2032. Penetration of smart mobile phones along with an increase in E-commerce sites is positively influencing the demand for mobile payments.

Historically, from 2015 to 2021, the global sales of mobile payments exceeded US$ 36 Bn, flourishing at a CAGR of 27%. Imposition of mandatory social distancing protocols during the COVID-19 pandemic led to a decline in traditional face-to-face financial transactions, compelling adoption of mobile payment devices.

Furthermore, mobile payment companies are focusing on designing an easy interface for consumers and businesses. This, in turn, is expected to increase the dependency on mobile payments. In addition, mobile payment companies are offering cashback and rewards. This is attracting consumers to use mobile payments.

For More Insights on this Market, Get A Sample Report!

http://www.factmr.com/connectus/sample?flag=S&rep_id=7150

During COVID-19 outbreak, the retail segment accounted for the highest market share in mobile payment market, due to high demand of contactless payments in retail shops such as grocery and drug stores which helps in reducing chances of virus transmission.

Key Takeaways from the Market Study

• By location, remote payments expected to hold more than 60% market share for mobile payment market.
• By end use, BFSI industry expected to hold more than 20% market share for mobile payment market.
• Mobile payment industry expected to possess nearly 25% market share throughout North America.
• Mobile payment industry expected to possess nearly 35% market share throughout Asia Pacific.
• U.S, China and India top three countries driving demand for mobile payment.

Competitive Landscape

• In January 2022, PayPal Holdings Inc. launched gift wrapping feature with the help of Venmo. This feature helps to gift money to friends and family. The company is focusing on attracting consumers to use digital payments.
• In 2018, Visa Inc. partnered with Allianz partners and launched “Allianz Prime”- a mobile payment and loyalty app. The company is focusing on providing fast, safe and easy payment options to its users.

To Gain In-Depth Insights on Mobile Payment Market, Request Methodology at http://www.factmr.com/connectus/sample?flag=RM&rep_id=7150

Key Segments Covered

• By Technology :
  • Direct Mobile Billing
  • Interactive Voice Response System based Mobile Payment
  • Mobile App based Payments
  • Mobile Payments via Near Field Communication
  • Mobile Web Payment
  • Mobile Payment via SMS
  • Other Mobile Payment Technologies
• By Type :
  • B2B Mobile Payment
  • B2C Mobile Payment
  • B2G Mobile Payment
  • Other Mobile Payment Types
• By Location :
  • Remote Mobile Payment
  • Proximity Mobile Payment
• By End Use :
  • Mobile Payment for Media & Entertainment
  • Mobile Payment for Healthcare
  • Mobile Payment for IT & Telecom
  • Mobile Payment for Retail & E-commerce
  • Mobile Payment for Transportation
  • Mobile Payment for BFSI
  • Mobile Payment for Other End Uses

COVID 19 Impact Analysis

The outbreak of the COVID-19 pandemic positively impacted market growth. An increase in health-related concerns due to COVID-19 is also changing consumers’ shopping patterns. The pandemic has boosted the preference for contactless payments to minimize the number of touchpoints at the point of sales. According to the statistics provided by EastWestBank, in 2020, the usage of contactless payment in the U.S. increased by 150% compared to 2019. Moreover, 87% of consumers preferred shopping in stores by using contactless payment options.

Top impacting factors

Increase in demand for fast and hassle-free transaction services

Mobile payment is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts all types of companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online from anywhere. 

Rise in adoption of mobile payment in emerging economies

Emerging economies, such as India and China, have high penetration of smartphones along with increasing 3G and 4G connectivity users. In addition, both the countries account for more than one-third of the world’s population, thus posing maximum market potential for mobile payment. It is anticipated that approximately 90% of the population under the age of 30 years resides in these emerging markets. 

Key Benefits for Stakeholders 

• The study provides an in-depth analysis of the global Mobile Payment market share along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the global Mobile Payment market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the Mobile Payment industry.
• The quantitative analysis of the market for the period 2020–2027 is provided to determine the Mobile Payment market potential.

Interested to Procure The Data? Inquire here

http://www.factmr.com/connectus/sample?flag=EB&rep_id=7150

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global mobile payment market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of technology (near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile apps and others), type (B2B, B2C, B2G and others), location (remote payment and proximity payment) and end use (media & entertainment, healthcare, IT & telecom, retail & e-commerce, transportation, BFSI and others) across five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).

Explore Fact.MR’s Coverage on the Technology Domain-

Intrusion Detection & Protection System Market – The global intrusion detection & protection systems market is estimated at USD 5.5 Billion in 2022 and is forecast to surpass USD 18.4 Billion by 2032, growing at a CAGR of 12.8% from 2022 to 2032.

Payment Gateway Market – The global market for payment gateway is expected to hold a value of US$ 26 Bn in 2022 and secure US$ 189 Bn by 2032. The industry is projected to expand at a CAGR of 21% during the forecast period from 2022 to 2032.

3D Radar Market – Global sales of 3D Radar in 2021 was held at US$ 14.7 Bn. With 12.7%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Hardware is expected to be the highest revenue generating 3D Radar component, with a projected growth of 12.6% during 2022 – 2032.

5G Core Market – Global revenue of 5G core in 2021 was held at US$ 1.1 Bn. Further, the market is projected to grow at a CAGR of 26.7% during 2022 – 2032. Solution is expected to be the highest revenue generating component, with a projected growth of 25.5% during 2022 – 2032.

Financial Analytics Market – The financial analytics market revenue totaled US$ 9.3 Billion in 2021 and is projected to register a Y-o-Y expansion rate of nearly 11% to reach US$ 10.3 Billion in 2022. During the 2022-2032 period of assessment, the market is poised to register a CAGR of 9.3% to be valued at US$ 25.1 Billion. Increasing financial transaction volumes across key verticals has led to increased uptake of efficient financial analytics tools.

Application Transformation Market – The global application transformation market was valued at US$ 12.1 Billion in 2021, and is projected to register a Y-o-Y increase of 11.6% in 2022 to be valued at US$ 13.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 10% value CAGR, likely to reach US$ 34.9 Billion by the end of the said forecast period.

Cryptocurrency Market – “After the information revolution of this century, there has been a significant investment for developing digit economy. It has led to the emergence of distributed ledger technology and establishment of the cryptocurrency market over online platforms.”

Facility Management Market – The global facility market was valued at US$ 42.2 Billion in 2021, and is projected to register a Y-o-Y increase of 2.0% in 2022 to be valued at US$ 47.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 12.5% value CAGR, likely to reach US$ 153.7 Billion by the end of the said forecast period.

Automatic Number Plate Recognition (ANPR) Market – The global automatic number plate recognition market was valued at US$ 3.1 Billion in 2021, and in 2022 to be valued at US$ 3.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at an 11.5% value CAGR, likely to reach US$ 10.4 Billion by the end of the said forecast period.

Commercial Drones Market – The global commercial drones industry was valued at US$ 5.2 Billion in 2021, and is scheduled to register a Y-o-Y growth rate of 13.5% in 2022, being valued at US$ 5.9 Billion. From 2022-2032, the industry is projected to flourish at a 9.2% value CAGR, expected to reach a market value of US$ 14.2 Billion. Overall, a dollar opportunity worth US$ 8.3 Billion is projected throughout the period of assessment.

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

Mahendra Singh

US Sales Office:

11140 Rockville Pike

Suite 400

Rockville, MD 20852

Email: sales@factmr.com

Tel: +1 (628) 251-158