Mobile Wallet Market: An Overview of Growth Factors and Future Prospects 2012 - 2018: Transparency Market Research
Albany, New York (PRWEB) September 03, 2014
The global mobile wallet market gets a boost from the increasing smartphone penetration, increasing mobile data usage, and government-led initiatives. The convenient and environment-friendly nature of mobile wallet industry also propels the market. The global market for mobile wallet is segmented based on the industry participants, components, consumer type, functionality, and geography. The global Mobile Wallet Market is expected to reach USD 1,602.4 billion by 2018, growing at a CAGR of 30.7% from 2012 to 2018. EMEA (Europe, the Middle East and Africa) is expected to be the largest market for the mobile wallet industry in 2018.
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A CAGR of 31.0% is expected in the Asia Pacific region from 2012 to 2018, which makes Asia-Pacific the fastest growing region in terms of revenue during the forecast period. Asia-Pacific is the largest contributor to the global mobile wallet market after the EMEA region. Government initiates to encourage the use of mobile wallet is accelerating in emerging markets such as Kenya and Philippines due to the larger gap that can be accomplished by joint ventures between government, telecom companies, and financial institutions.
Smartphone penetration in developed economies such as North America exceeds 50%. This trend is increasing rapidly in developing economies. In developed countries such as Western Europe and North America, the penetration of smartphones and conventional banking is comparable. But, in developing economies the penetration of smartphone is significantly higher as compared to conventional banking. The largest application of mobile wallets market is the retail sector, which was valued at $144.8 billion in 2011. Other important applications of this market are public transportation, vending machines, restaurants, and grocery stores.
According to geography, the mobile wallet market is divided into North America, Asia-Pacific, Latin America, and EMEA (Europe, the Middle East, and Africa). The EMEA region in the global market of mobile wallet generated over 40% of the revenue in 2011. This can be attributed to the dense population in Africa along with the widespread public acceptance of mobile wallets in Europe. It is anticipated that EMEA region will be the largest market in the global mobile wallet industry by the end of 2018.
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PayPal is the most important key player in the mobile wallets market accounting for around 50% of the total market share. Another important key player is Google wallet, which contributes to one third of the share retained by PayPal. Other notable key players in this industry are Amazon Payments, V.me, ISIS, and LevelUp. Even though, the global mobile wallet market is growing rapidly, security concerns are one of the major market restraints. Security problems related to financial credentials of consumers and lack of awareness of the technology inhibit the growth of this market.
The global market for mobile wallet is segmented as follows:
Mobile Wallets Market, By industry participants
- Financial institutions (banks)
- Payment network
Mobile Wallets Market, By components
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Mobile Wallets Market, By consumer type
- Online shoppers
- Card users
- Cash payers
- Single function
- Multi function
- Universal function
Mobile Wallets Market, By geography
- North America
- EMEA (Europe, the Middle East and Africa)
- Asia Pacific
- Latin America
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