New York, NY -- (SBWire) -- 12/17/2016 --The global Mobile wallet market is expected to grow from $232.9 billion in 2014, and reach $3155.1 billion in 2020, growing with a CAGR of 52.0%. The growth in smartphone and mobile internet users, and convenience and accessibility are some of the factors, driving the growth of the global mobile wallet market. The growing preference for reward and loyalty programs is expected to give a major boost to the growth of the global mobile wallet market in future.
Mobile wallets provide increased accessibility and convenience over physical wallets, as users no longer need to carry their physical cards, including other confidential information such as passports and boarding passes. The increased use of mobile commerce is a trend witnessed in the global mobile wallet industry. The buying and selling of services and goods through wireless handheld devices, such as personal digital assistants (PDAs) and cellular telephone is known as mobile commerce or m-commerce. The mobile wallet market is witnessing strong growth globally, with the increasing adoption of mobile payment services.
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The information and data in the publication "Global Mobile Wallet Market Size, Share, Development, Growth and Demand Forecast to 2020" represent the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the mobile wallet market by application, age group and mode of payment. The market numbers for countries are obtained through top-down approach. P&S Market Research analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is aided by informed and detailed, online and offline research.
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The SMS segment dominated the mode of payment category of the global market by holding a significant amount of market share. In 2014, Asia-Pacific was the largest mobile wallet market. The market in Middle East & Africa is growing at a rapid pace, due to the increasing domestic and international money transfers. The market in South Africa is boosted by foreign visitors, which is driving the growth of the market in the region.
The major companies operating in the global market of mobile wallet include AMERICAN EXPRESS COMPANY, PayPal Holdings Inc., Google Inc., Visa Inc., Square Inc., LevelUp Inc., Apple Inc., MasterCard Incorporated, BlackBerry Limited, and Samsung Electronics Co. Ltd.
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Money Transfers Application Segment Is Expected to Realize the Fastest Growth (51% CAGR) During 2015 - 2020 in the Global Mobile Wallet Market
The global mobile wallet market is expected to grow from $232.9 billion in 2014, and reach $3155.1 billion in 2020, growing with a CAGR of 52.0%.