Easy access to a range of goods even from remote locations, providing consumers with convenient payment services has to lead to increased mobile phone wallet adoption.
This trend is expected to increase further during the forecast period.
The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
TRENDS INFLUENCING THE MOBILE WALLET MARKET SIZE
Growing awareness of mobile wallets and their applications, rising smartphone penetration and high affordability, are expected to drive the growth of mobile wallet market size.
The rise of various e-commerce platforms is driving the growth of the Mobile Wallet market size.
The ways consumers pay for their goods have changed with the advent of e-commerce and Internet penetration across the globe.
Consumers are more inclined to purchase products easily from their home.
This need for simplicity and the ability to purchase from anywhere is encouraging the use of mobile wallets.
Growing smartphone penetration is predicted to be one of the major drivers for the growth of the mobile wallet market size.
As smartphone adoption increases, the trend towards the use of financial services on mobile devices is also gaining momentum due to convenience and cost-effectiveness.
This encourages financial institutions and technology players to cater to mobile applications to provide payment services.
The current generation of people is more tech-savvy and accustomed to digital platforms offered by various technology players.
This changing customer preferences are encouraging tech players to launch their mobile wallet product offerings.
The growing preference of mobile wallet over a traditional banking system or physical cash is fuelling the growth of the mobile wallet market size.
Due to the recent COVID-19 outbreak has forced customers to stay home, thereby increasing their online shopping activities.
This factor will increase the mobile wallet market size during the forecast period.
MOBILE WALLET MARKET SHARE ANALYSIS
The restaurant application segment is expected to witness the highest CAGR during the forecast period.
The technology has allowed the consumer to check in, pre-order, order online, and make reservations using a mobile app.
Furthermore, restaurants have started updating the terminals to accept the different forms of payment.
All these factors are expected to increase the mobile wallet market size.
Asia-Pacific accounted for the largest mobile wallet market share, owing to its high mobile penetration platform for e-commerce transactions.
TOP COMPANIES IN THE MOBILE WALLET MARKET
Technology players like Uber, Ola, Flipkart, MakeMyTrip and Amazon concentrate on investing in mobile wallets to give their customers seamless banking experience.
Companies exploit its technical history to provide their customers with creative product offerings.
The favourable government regulation is further encouraging technology vendors to launch their mobile wallets.
Some of the major players in that Mobile Wallet market are:
- Amazon Web Services, Inc.
- American Express Banking Corp.
- Apple Inc.
- AT&T Inc.
- Google Inc.
- Mastercard Incorporated
- PayPal Holdings, Inc.
- Samsung Electronics Co., Ltd
- VISA Inc
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