| Source: Custom Market Insights
Sandy, Utah, UNITED STATES
Sandy, Utah, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Mobile Payments Market Size, Trends and Insights By Technology (Near Field Communication, Direct Mobile Billing, Interactive Voice Response System, Mobile Web Payment, SMS, Mobile App, Others), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Media & Entertainment, Retail & E-commerce, Healthcare, IT & Telecom, Transportation, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.
“According to the latest research study published by Custom Market Insights (CMI), the demand of global Mobile Payments Market size & share was valued at approximately USD 55.34 Billion in 2021 and is expected to reach a value of around USD 587.52 Billion by 2030, at a compound annual growth rate (CAGR) of about 37.1% during the forecast period 2022 to 2030.”
The Mobile payments market is expected to grow at a compound annual growth rate of 37.1% during the forecast period extending from the year 2021 to the year 2030. The outbreak of the COVID-19 pandemic had a positive effect on the market.
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The market is expected to reach USD 587.52 billion by the year 2030. This growth is associated with the growing demand for mobile payment platforms worldwide. The demand for mobile payment options will continue to grow during the forecast period as this is a good substitute for the traditional methods of payment which happens to be a secure option.
(A free sample of the Mobile Payments report is available upon request; please contact us for more information.)
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(Please note that the sample of the Mobile Payments report has been modified to include the COVID-19 impact study prior to delivery.)
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Market Dynamics
Drivers
The mobile payments market is expected to grow well in the coming years due to the rapid adoption of this technology by developing and developed nations, especially after the outbreak of the COVID-19 pandemic. This market will soar higher in the forecast period. This technology has been adopted in various nations due to the feature of Cashless transactions.
The availability of payment through mobile phones is extremely hassling-free. Features on the platform will help grow the market in the coming years. Improvisation of the existing technologies will lead to acquiring a larger consumer base.
The population across the globe is growing dependent on advanced technology and devices. All these factors shall play an extremely important role in the market’s growth. Other factors that will be instrumental in the growth of the market our reliability, security and quick services provided by the technology.
Restraints
As many businesses had a negative impact due to the outbreak of the COVID-19 pandemic, the functioning of these businesses was also affected on a large scale. Many industries have incurred large losses in terms of their finances, and this crisis has been one of the major factors restraining the growth of the mobile payment services platform.
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Opportunities
Rapid digitization in various nations across the globe has increased the adoption of mobile payments. This market is expected to see exponential growth in the coming years due to the increased use of these platforms for many transactions. The demand for these services will continue to grow in the coming years due to the convenience and ease of access provided by this technology. There has been increased adoption of these platforms majorly due to the hassle-free and secure payment gateway. Using mobile wallets and bank cards will provide major growth opportunities in the coming years.
Key questions answered in this Mobile Payments Market report:
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Key Offerings:
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Challenges
There are a few limitations to the growth of the market. Increased cases of cyber-attacks on the payment option will hamper the market’s growth in the coming year. Recent statistics have stated the increasing vulnerability of these payment options and the other issues with the technology that shall be some of the major challenges in the market’s growth.
Report Highlights
The mobile web payment technology shall be used on a large scale as it is flexible and secure. There’s increased popularity of this technology as it is extremely easy for consumers to use the bookmarked website.
The near-field communication segment is also expected to grow well in the coming years. This technology offers loyalty programs to its customers, and these services are provided in the form of coupons. Increased eCommerce platforms for purchasing various products shall right the market growth period.
This payment method shall be used on a larger scale in the business-to-business market. An increasing number of investments will provide better growth opportunities. During the forecast period, a higher compound annual growth rate will be seen in the business-to-consumer segment. Subscription to various services will lead to the growth of the market.
This technology shall be used on a large scale in the global banking and finance sectors. These businesses are constantly focusing on increasing the use of these services for all of their payment processes. The use of this platform has been extremely beneficial for the management of wealth. Increased use of eCommerce platforms and purchases made through retail stores shall also play an instrumental role in the market’s growth in the coming years.
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Regional Snapshots
The Asia Pacific region has dominated the market in the past, and it will continue to grow well in the forecast period. Increased adoption of the QR code payment options and digital wallets has grown in the nations like India. Demonetization in India has played an extremely important role in adopting these services. It has led to the market’s exponential growth in the past period. Increased initiatives taken by the government of this nation will play an important role in the market’s growth in the coming years.
Report Scope
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Key market players in the mobile payments market
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Recent Developments
Segments covered in the report
By Technology Outlook
By Payment Type Outlook
By Location Outlook
By End-use Outlook
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On the basis of Geography
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
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This Mobile Payments Market Research/Analysis Report Contains Answers to the following Questions.
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