A recent report published by Infinium Global Research on the m-commerce payment market provides an in-depth analysis of segments and sub-segments in the global as well as regional m-commerce payment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional m-commerce payment market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global m-commerce payment market. According to the report, the global m-commerce payment market is projected to grow at a CAGR of 47.69% over the forecast period of 2021-2027.
The m-commerce payment market growing from nearly USD 5.19 billion in 2021 to about USD 53.89 billion in 2027. The world of m-commerce and mobile payments is continuously growing with rapidly increasing customer demands. The importance of m-commerce is further strengthened by the fact that more than 35% of the visitors to popular e-commerce sites prefer using an app rather than the web version. Along with m-commerce, the mobile payment sector is also one of the most dynamic and fastest-growing sectors of the global economy and supports different types of technologies and business models targeting various global markets. An increasing number of people are ready to adopt mobile payment options using various smartphones and wearable devices. The mobile commerce boom amongst global consumers has resulted in several types of mobile payment options. Some of the most common types of mobile payment solutions include Mobile Wallets, Direct Mobile Billing, Mobile Phones as a Credit Card Terminal, and Mobile Web-based Payment.
The increasing adoption of m-commerce payments for online shopping and banking payments due to reduced transaction time & convenience acts as a significant reason to drive the market growth. Furthermore, due to the increasing use of smartphones coupled with fast internet connectivity services, to rise in preference among consumers for m-commerce payments, and the massive adoption of this payment channel among merchants are accelerating the market m-commerce payment market growth. Due to the risk of personal information being leaked and expensive costs & geo-locational preference of payment gateways hinder the market growth. Furthermore, rapidly growing developments & initiatives toward digitalized payments are anticipated to provide a lucrative growth opportunity for the market. Developing nations are offering opportunities for m-commerce payment companies to expand their offerings, owing to changing people's lifestyles, purchasing power, and other expenses.
Among the
regions, Asia Pacific accounted for the largest share in the global m-commerce
payment market. The number of mobile phone users in this region is increasing
rapidly. Governments in developing nations such as China and India are creating
awareness related to online payment amongst the people pushing them to more
cashless transactions. However, the North American region is anticipated to
grow at the highest rate in the global m-commerce payment market over the
forecast period. Due to the high adoption rate of new technology, strong
e-commerce sector, and greater purchasing power of the citizens of developed
countries such as the U.S. and Canada are some of the factors driving the
growth of the m-commerce payment market in this region.
The report on the global m-commerce payment market covers segments such as payment method, and transaction type. On the basis of payment method, the sub-markets include mobile web payments, near-field communication, SMS/direct carrier billing, and others. On the basis of transaction type, the sub-markets include m-retailing, m-ticketing, m-billing, and others.
The report provides profiles of the companies in the market such as Alphabet Inc., ACI Worldwide, Inc, FIS, Fiserv, Inc., Ingenico, Mastercard, PayPal Holdings, Inc., Square, Inc, Visa, Inc., and Apple Inc.
The report
provides deep insights into the demand forecasts, market trends, and micro and
macro indicators. In addition, this report provides insights into the factors
that are driving and restraining the growth in this market. Moreover, The
IGR-Growth Matrix analysis given in the report brings an insight into the
investment areas that existing or new market players can consider. The report
provides insights into the market using analytical tools such as Porter's five
forces analysis and DRO analysis of m-commerce payment market. Moreover, the
study highlights current market trends and provides forecasts from 2021-2027. We
also have highlighted future trends in the market that will affect the demand
during the forecast period. Moreover, the competitive analysis given in each
regional market brings an insight into the market share of the leading players.