Market Highlights
The percolation of mobile technology is anticipated to create a promising scope for the mobile payment technologies market. The progress in digital payments is estimated to create a favorable scenario for the mobile payment technologies market. The smartphone usage rate is projected to create a promising growth outlook for the mobile payment industry growth in the upcoming period. The progressive technologies such as artificial intelligence, cloud, IoT, and big data are anticipated to boost the market in the coming period. Mobile Payment Technologies Market is projected to grow at a rate of 45.05% CAGR. According to the reports, in the year 2017, the market was valued at USD 37 Billion. According to MRFR Reports, the market value will further reach around USD 9032 Billion by the year 2030
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Segmentation:
The segmental insight in the mobile payment technologies market includes segments such as vertical, solutions, organization size, deployment mode, and region. On the basis of solutions, the mobile payment technologies market is segmented into in-store payments, point-of sale (PoS) solutions, and remote payments. Based on the deployment, the mobile payment technologies market is segmented into on-premise, hybrid, and on-cloud. On the basis of organization sizes, the mobile payment technologies market is segmented into SMEs and large enterprises. On the basis of vertical, the mobile payment technologies market is segmented into IT telecommunication, retail e-commerce, BFSI, media entertainment, among others. Based on the regions, the mobile payment technologies market is segmented into Europe, Asia-Pacific, North America, and the rest of the regions.
Detailed Regional Analysis
The regional assessment of the mobile payment technologies market includes regions such as Europe, Asia-Pacific, North America, and the rest of the regions. The North American region is guiding the mobile payment technologies market as it is one of the principal markets for smartphone usage after China, and the incidence of key companies such as BlueSnap, PayPal, Google, and Global Payments, among others. The Asia Pacific region is the next primary revenue-generating market of mobile payment technologies and is estimated to observe the fastest development rate throughout the forecast period. The emerging rate of digital technology, the growing rate of smartphone implementation, the growing adoption of online or mobile payment methods, and emerging payment set-up are some of the major factors which are driving the market further in the region.
Competitive Analysis
The market is anticipated to be driven by developments in technology in the upcoming period. The existing state of the economy is projected to spur the market demand in the future. The products and services in the market are fine-tuned to meet the consumer requirements favorably in the forecast period. The impediments to market success are swiftly and effectively being addressed so as to reduce the eventuality of a slump in the market. The availability of funding through strong backers in the market is predicted to enhance the market’s global standing further. The innovations in the market are being induced by effective research of consumer’s likings. The expansion of resources being used in the market is expected to be revolutionized with a sufficient allotment of resources. Government support for the market is anticipated to create new opportunities for growth. The market size is also projected to develop at an incremental pace in the forecast period.
The well-known players in the mobile payment technologies market are PayPal, Fiserv, First Data, PayU, Novatti, Paytm, Wirecard, Google, global payments, BlueSnap, Worldpay, Dwolla, Stripe, ACI Worldwide, Six Payment Services, and Paysafe among others.
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Industry Updates:
Feb 2020 Fiserv Inc. recently stated that it is checking ground-breaking PIN on mobile technology with the support of Samsung Electronics Co., Visa Inc., and PayCore Inc., which permits merchants to receive payments on a consumer-grade mobile device.
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