Mobile Payment Technologies Market Size 2021 Growing Rapidly with Modern Trends, Development Status, Industry Share, Revenue, Emerging Demands and Forecast to 2023
Apr 25, 2021 (AmericaNewsHour) —
Kenneth Research has recently added a market research study on Mobile Payment Technologies Market 2023 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Mobile Payment Technologies Market over the period 2019-2026. As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017.
Market Synopsis
Global Mobile Payment Technologies market was valued at USD 37 billion in 2017 and is estimated to reach market value of USD 87-88 billion by 2023 growing with 16-17% CAGR during forecast period 2018-2023. Development in digital technology, increasing adoption rate of smartphones and internet on mobile, investment by non-banking institutions in the payment system, and dynamic consumer market are some of the prime factors which are driving the market of mobile payment technology globally. However, lack of cross-border payment standards is expected to hinder the market growth in coming years. Whereas, development in 5G network, introducing artificial intelligence technology in digital payments are expected to build fruitful opportunity for the growth of the market. On the other hand, increasing cyber-attacks is one of the major challenges faced by the market.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Development in technologies such as IoT, cloud, artificial intelligence, and big data, supported by growth in e-commerce sector, has revolutionized payment options or methods globally. Increasing adoption of smartphones, tablets, and other smart handheld devices, changing payment options which include the growing use of debit cards, credit cards, and other digital payment wallets, and government support in the development of high-speed networks such as 3G, 4G, and 5G are some of the major factors driving the digital payments market globally.
The rising consumer awareness regarding technologies and products & services has increased the competition between vendors of digital payment solutions in the market. These factors have created a significant demand for point-of-sale, in-store payments, and remote payments among restaurants, hotels, resorts, retail chains, groceries/supermarkets, cafes, and other hospitality sectors. By integrating point-of-sale terminals with their payment gateways, businesses are improvising their customer engagement, customer satisfaction ratio, and customer experience.
Segmentation
The global Mobile Payment Technologies market is segmented into solutions, deployment mode, organization size, vertical, and region.By solutions, the market is sub-segmented into point-of sale (PoS) solutions, in-store payments, and remote payments. By PoS solutions, the market is further bifurcated into near-field communication (NFC) payments, sound-wave based payments, and Magnetic secure transmission (MST) payments. In-store payments solutions are further sub-segmented into mobile wallets, and Quick response (QR) code payments. And, remote payments are classified into Internet payments, SMS payments, Direct carrier billing, and Mobile banking.
By deployment, the market is segmented into on-premise, on-cloud and hybrid.By organization size, the market is sub-segmented into SMEs and large enterprises.By vertical, the market is classified into BFSI, IT & Telecommunication, Retail & E-commerce, Media & Entertainment among others.By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.
Regional analysis
Market Research Future (MRFR) has covered following countries in regional analysis of mobile payment technologies market – U.S, Canada and Mexico in North America. Germany, U.K, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America Market in the Rest of the world.
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North America is leading the market of mobile payment technologies globally attributed to one of the largest markets for smartphone consumption after China, and presence of key players such as PayPal, Google, BlueSnap, and Global Payments among others. Further, developed economy, developed infrastructure, increasing market growth of digital and mobile commerce and developed baking industry are some other prime factors which are supporting the dominated market of mobile payments in North America.
Asia-Pacific is the second highest revenue generated market of mobile payment technologies and is projected to witness fastest growth rate during the forecast period. Developing digital technology, increasing rate of smartphone adoption, increasing adoption of online or mobile payment modes, and developing payment infrastructure are some of the prime factors which are expected to drive the market further.
Key players
The global Mobile Payment Technologies market is characterized by the presence of many global, regional, and local vendors. Market Research Future has identified following key players in the market – Google, PayPal, Fiserv, First Data, Worldpay, Paytm, Wirecard, Novatti, ACI worldwide, global payments, BlueSnap, PayU, Dwolla, Stripe, Six Payment services, and Paysafe among others
The market is expected to witness strong competition among the existing players. The mobile payment solution providers compete based on cost, product quality, reliability, and aftermarket services. It is crucial for the vendors to provide cost-efficient and high-quality services to survive and succeed in an intensely competitive market. Key market players are investing extensively in the development of advanced mobile payment solutions which would support them to stay competitive in the market.
Intended Audience
Mobile Payment Solution and service providers
Government
Financial Institutes
PoS device manufacturers
Software developers
Credit/Debit/Smart card vendors
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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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