Mobile Wallet Market Is Expected To Reach 1,420.8 Million Users By 2020: Grand View Research, Inc.

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Grand View Research.com has announced the addition of "Global Mobile Wallet Market Analysis And Segment Forecasts To 2020" Market Research report to their Database. View full report with TOC - http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market

Grand View Research

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.

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.

View full report with TOC at http://www.grandviewresearch.com/industry-analysis/mobile-wallet-market

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.

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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 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 upcoming reports by Grand View Research http://www.grandviewresearch.com/ongoing-reports

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, 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 healthcare. For more information, visit http://www.grandviewresearch.com/

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales(at)grandviewresearch(dot)com

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