Mobile Wallet Market By Application (Grocery Stores, Public Transportation, Restaurants, Retail, Vending Machines) Is Expected To Reach USD 2,950.2 Billion By 2020

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Market Size - $425.8 billion in 2013, Market Growth - CAGR of 32.0%, Market Trends - Increasing internet and smartphone usage - Latest report by Grand View Research. View Full report with TOC - http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market

Grand View Research

Technological advancements and growing demand for cashless payments are expected to drive the global market over the next six years

The global mobile wallet market is expected to reach USD 2,950.2 billion by 2020, according to a new study by Grand View Research, Inc. Increasing smartphone penetration, exponential growth of mobile internet applications and advancement of 3G and 4G networks are expected to serve as key market drivers over the forecast period. Technological advancement and the advent of NFC (Near-Field Communication) are also expected to positively impact market growth over the forecast period.

The market is characterized by consumer demand for easy and convenient payment modes that consume minimum time as against traditional banking channels. Furthermore, surging demand for high-end mobile devices and integration of technologies such as RFID, Bluetooth and NFC across POS (Point of Sale) terminals is expected to significantly contribute to industry growth. Additionally, secure and easy payment processes and enhanced user experience offered by mobile wallet solutions are expected to fuel global demand.

The report “Mobile Wallet Market Analysis By Application (Grocery Stores, Public Transportation, Restaurants, Retail, Vending Machines) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market

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Further key findings from the study suggest:

  • The global mobile wallet market was estimated to comprise 230 million users in 2013, which is expected to reach 1,420.8 million users by 2020, growing at a CAGR of 30.0% from 2014 to 2020.
  • Retail was the largest application area in 2013 and accounted for over 40% of the overall market. This can be primarily attributed to initiatives to equip retail stores with easy mobile device payment options along with integration of POS terminals and various loyalty schemes, which result in better customer engagement. In public transportation, mobile wallet facilitates the purchase of tickets for air, rail, bus, and other forms of transport in an efficient manner.
  • Asia Pacific accounted for over 30% of the global market volume in 2013. Furthermore, the region is expected to witness the fastest growth over the next six years, which can be primarily attributed to the surge in number of smartphone and internet users.
  • Key industry participants include American Express Inc., BlackBerry, Apple Inc., First Data, Google, ISIS, MasterCard, PayPal Inc., Samsung and Visa Inc. Developing easy-to-use and secure mobile wallet solutions, delivering enhanced user experience is expected to be a critical success factor for gaining market share.

Browse All Reports of This Category by Grand View Research at http://www.grandviewresearch.com/industry/communication-services

For the purpose of this study, Grand View Research has segmented the global mobile wallet market on the basis of application and region:

  •      Mobile Wallet Application Outlook (Volume, Million Users & Revenue, USD Billion; 2012 – 2020)

            • Grocery Stores
            • Public Transportation
            • Restaurants
            • Retail
            • Vending Machines

  •      Mobile Wallet Regional Outlook (Volume, Million Users & Revenue, USD Billion; 2012 – 2020)

            • North America
            • EMEA
            • Asia Pacific
            • Latin America

Browse All Ongoing Reports by Grand View Research at http://www.grandviewresearch.com/ongoing-reports

About Grand View Research

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/

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Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Email: sales(at)grandviewresearch(dot)com

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