New York, NY, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “M-Commerce Market By Payment Modes (Premium SMS, Wireless application protocol (WAP), Near Field Communication (NFC), and Direct Carrier Billing), By User Type (Feature Phone Users and Smart Device Users), and By Transactions (M Retailing, M Booking, M Billing, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global M-Commerce Market was estimated at USD 472 billion in 2019 and is expected to reach USD USD 3,901 billion by 2026. The global M-Commerce Market is expected to grow at a compound annual growth rate (CAGR) of USD 34.9% from 2019 to 2026.
The Global M-Commerce Market Is Powered By Economic Development, Technological Advancement, Rising Demand From End-User Industries.
Mobile commerce, more popularly known as m-commerce is a subset of e-commerce. It refers to the completion of commercial transactions online with the help of handheld devices like a mobile or tablet. The term mobile commerce was incepted in 1997 at the global mobile commerce forum and the exact wording while defining mobile commerce was “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology. Technological developments like swift processing power, faster internet, advanced smartphone devices, and efficient supply chain management have propelled the growth of the m-commerce market. One of the important reasons for mobile commerce becoming more and more convenient is due to digital wallets that enable easy and secure transactions.
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• Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes List of table & figures
• Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
• Facts and Factors research methodology
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Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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In this age of information, a decision made by an individual is based on the information he or she possesses and the majority of the buyers of e-commerce does this mining of information through handheld devices as a result of which more and more companies have dedicated their resources to optimize their website for mobile usage and increase their sales through mobile apps. When it comes to e-retail it has been observed that more than 50% of the shopper’s access through mobile phones, slightly less than 405 from PCs and very low numbers from the tablet. According to Statista, US consumers use their mobile devices while shopping in retail stores. They do it for various reasons. 61% of consumers compare prices while in-store, and 63% of them use mobile app coupons for in-store purchases. Additionally, 56% of customers use their mobile devices to review store inventories. There are numerous benefits of m-commerce as compared to e-commerce though the goal of both is the same. m-commerce enables customers to make transactions on the move. Location tracking capabilities of m-commerce apps provide content based on location and interests. It helps local businesses to target the customers through promotional offers and nudge customers towards their products.
Top Market Players
Some of the leading and top companies in M-Commerce are 3D Systems Corporation, Ericsson, Gemalto, Google, IBM, MasterCard, Mopay, Oxygen8, PayPal, SAP, and Visa among various others.
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M-Commerce Market: Growth Factors & Key Segment Analysis
The demand for M-Commerce is expected to be driven by an increase in the demand for smartphones. Smartphones are increasingly becoming a ubiquitous part of everyday life. The numbers of users are close to 3 billion and it is expected that this number will further move upwards. The majority of demand is concentrated in China, India, and the US. Each smartphone holder is a potential m-commerce consumer thus in the forecast period there is humongous demand for m-commerce. Another important driving factor for the m-commerce market is the investments by the corporates in the m-commerce platform due to the benefits it offers. M-commerce increases customer retention rate through various loyalty programs. It is convenient for consumers to make an informed decision. It allows to compare prices, see product reviews, and based on it make a purchasing decision.
Investments by retailers to improve user experience like giving the experience of virtual stores by using the emerging technology of VR/AR has become a successful strategy to lock in customers and increase customer loyalty. However, major challenges of the m-commerce market are lack of robust cybersecurity and data theft through the complex attack. The user experience of customers is dependent on many stakeholders, thus it becomes challenging to bring synchronization and synergy in many stakeholders in the supply chain. Despite these challenges, the commercialization of 5G and internet penetration will showcase numerous opportunities.
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Global M-Commerce Market: Payment Modes Analysis
- Premium SMS
- Wireless application protocol (WAP)
- Near Field Communication (NFC)
- Direct Carrier Billing
Global M-Commerce Market: User Type Analysis
- Feature Phone Users
- Smart Device Users
Global M-Commerce Market: Transactions Analysis
- M Retailing
- M Booking
- M Billing
- Others
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the m-commerce sector. Key strategic developments in the m-commerce market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the m-commerce market are appropriately highlighted in the report.
The demand for m-commerce is expected to be driven by an increase in the demand for smartphones. Smartphones are increasingly becoming a ubiquitous part of everyday life. Another important driving factor for m-commerce market is the investments by the corporates in m-commerce platform due to the benefits it offers.
The m-commerce market research report delivers an acute valuation and taxonomy of the m-commerce industry by practically splitting the market on the basis of different types, applications, industry verticals, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
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M-Commerce Market: Regional Analysis
In terms of geography, the m-commerce market is expected to drive by the regions which have a maximum. Access to smartphones thus North America and Asia Pacific region is expected to register significant growth. The European region is also expected to register significant growth due to investment in the m-commerce sector. Africa and Latin America region is anticipated to register growth owing to rising middle-class population.
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Key Insights from Primary Research
- Our primary respondents stated that an increase in smartphone users has driven by the m-commerce consumer, which has been driving the global m-commerce market.
- An increase in the investment by retail companies in enhancing the customer retention rate and increasing consumer convenience to make informed decisions has been vital for market development.
- Based on payment modes, the direct carrier billing segment dominated the global m-commerce market in 2019, accounting for a market share of 40% in 2019.
- In terms of transactions, the m-retailing segment held a major share of 45% in the m-commerce market in 2019 and is expected to foresee the highest CAGR over the projected period.
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