Mobile Payment Technologies Market Size, Share, Growth Forecast and Impact of War
- reportsfuture24
- Apr 11, 2022
- 3 min read
Market Highlights
The devoting by non-banking institutions in the payment system is likely to transform the mobile payment technologies market in the approaching period. The progress in technologies such as cloud, artificial intelligence, IoT, and big data are predicted to guide the mobile payment technologies market size in the impending period.
The spread of smartphone use is estimated to give impetus to the mobile payment technologies market 2020. The technology reports are produced by Market Research Future, which contains market alternatives for progress. A 17% CAGR approximately in the impending period.
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Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rising data breaches and security issues in Mobile Payment hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host card emulation technology in Mobile Payment and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the market.
The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.
Competitive Analysis
The market state is attuned to the development of the contenders in the market. The presence of positive economic factors is estimated to guide the continual and fast-paced development of the market. The need to conserve and optimize the output of resources is estimated to guide the expansion of the international market in the upcoming period. The progress of the market in the future is estimated to be triggered by the investments being funneled into the market at present. The need to innovate the product offerings of individual contributors is predicted to give leverage to boost the overall income power of the market. The simplification of the market processes is estimated to create further situations that lead to an increase in the growth momentum of the market. The employment of analytical tools is estimated to spur the enhancement of the products being distributed at a global scale in the market, to meet the specific requirements of the user demographic in a particular region.
The considerable contenders in the mobile payment technologies market are Worldpay, Paytm, Wirecard, Novatti, ACI Worldwide, Global Payments, BlueSnap, PayU, Dwolla, Stripe, Google, PayPal, Fiserv, First Data, Six Payment Services, and Paysafe among others.
Segmentation:
The segmental assessment of the mobile payment technologies market is segmented into deployment model, organization size, solutions, vertical, and region. The vertical based segmentation of the mobile payment technologies market consists of retail & e-commerce, BFSI, IT & telecommunication, and media & entertainment, among others. Based on the solutions, the mobile payment technologies market is segmented into in-store payments, point-of-sale (PoS) solutions, and remote payments. Furthermore, based on the PoS solutions, the market is bifurcated into sound-wave based payments, near-field communication (NFC) payments, and magnetic secure transmission (MST) payments. Based on the deployments, the global mobile payment technologies market is segmented into on premise, on-cloud, and hybrid. Based on the organization sizes, the mobile payment technologies market is divided into SMEs and large enterprises. On the regions, the mobile payment technologies market is segmented into Asia Pacific, North America, Europe, and the rest of the world.
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Mobile Payment Technologies Market, By Vertical (Entertainment, BFSI, Retail, Media, E-commerce), By Solution (QR Code, POS, NFC, Mobile Wallet, Mobile Banking, Internet Payment), By Deployment (Hybrid, On-Cloud) – Global Forecast till 2023
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