Dallas, Texas (PRWEB) November 18, 2013
Mobile banking, or m-banking, is considered a revolution in the Banking and Payments industry. The incremental increase in the penetration of mobile phones was instrumental to the growth of the Global Mobile Banking market in the last decade. Before the influx of smartphones, people used simple Java-enabled and WAP-based phones. Moreover, carrier charges were quite expensive ten years ago, thereby limiting their usage. However, growing competition in the Telecom industry and the increasing usage of smartphones and value-added services has contributed to the growth of the Global M-banking market - http://www.reportsnreports.com/reports/270654-global-m-banking-market-2012-2016.html and, consequently, the Retail sector via m-commerce.
The market size in terms of subscribers stands at 480 million as of 2012. Owing to the high penetration of mobile phones, the market is set to witness a robust growth rate of 22.47percent CAGR. The number of subscribers is expected to reach 1.08 billion by 2016.
This report lays special focus on the Global M-banking market with an aim to explore the current and future growth potential of mobile money in terms of mobile payments and remittances, mobile banking, and mobile commerce during the period 2012-2016. It discusses in detail about its ecosystem, value chain, key drivers, restraints and the opportunities available in this segment, and also about the deployment technologies and regulatory trends.
Paucity of time and the user-friendly interface of smartphones has fuelled the growth of the market. This enhances customer convenience, thereby encouraging the use of m-banking. Each bank offers its own set of benefits with m-banking. Mobile phones have become an integral part of peoples’ lives. Most of their behavioral aspects and needs can be mapped with the help of their mobile-related activities. This helps banks, the Telecom sector, and the Retail sector to design and develop new products.
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However, the market is grappling with some serious challenges. One of the major problems in the market is infrastructure and cost barriers. Although this platform reduces costs associated with branch roll out and employment, it requires considerable investment in the building of a technological platform, software, and applications. In addition, the model needs regular monitoring and maintenance.
Other Reports by Infiniti Research (http://www.reportsnreports.com/publisher/infiniti-research-limited/) on Banking Market:
Global Banking and Payment Smart Cards Market 2012-2016 (http://www.reportsnreports.com/reports/268106-global-banking-and-payment-smart-cards-market-2012-2016.html): Analysts forecast the Global Banking and Payment Smart Cards market to grow at a CAGR of 12.97 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need for a tamper-resistant payment system. The Global Banking and Payment Smart Cards market has also been witnessing an increasing adoption of near-field communication payments. However, the high initial cost of development and deployment of smart cards could pose a challenge to the growth of this market.
Global Islamic Banking Market 2012-2016 (http://www.reportsnreports.com/reports/268453-global-islamic-banking-market-2012-2016.html): Analysts forecast the Global Islamic Banking market to grow at a CAGR of 21.43 percent over the period 2012-2016. One of the key factors contributing to this market growth is the tremendous growth in the Global Halal Food industry. The Global Islamic Banking market has also been witnessing the development of sophisticated regulatory framework. However, the intense competition from conventional banks could pose a challenge to the growth of this market.
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