LONDON, May 23, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the mobile wallet market forecasts the market to grow at a compound annual growth rate (CAGR) of more than 29% from $1,236.4 billion in 2022 to $1,605.7 billion in 2023. Further, the market is expected to reach $4,661.7 billion in 2027, growing at a CAGR of more than 30%. In terms of regional dominance, Asia-Pacific held the largest share of the mobile wallet market in 2022.
One of the primary drivers behind this growth is the widespread adoption of smartphones, which serve a broader range of functions beyond traditional calling and texting. As governments worldwide promote digital and cashless payments, individuals are increasingly installing mobile wallet applications on their smartphones.
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Several prominent players, including Amazon Web Services Inc., VISA Inc., American Express Banking Corporation, PayPal Holdings Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co. Ltd.,
A key trend observed in the mobile wallet market is product innovation, with major companies consistently introducing new offerings to maintain their market position. A technology firm based in the United States and a provider of mobile wallet services launched Mobile Wallet as a Channel in December 2021. This innovative add-on leverages consumers' mobile wallets as persistent, dynamic, and personalized content channels, facilitating top-line growth and enhancing customer satisfaction.
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The global mobile wallet market is segmented as -
1) By Type: Open, Semi-Closed, Closed
2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies
3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based
4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications
The mobile wallet market report emphasizes the importance of product innovation and how companies should continuously develop and introduce new offerings to stay competitive. The report offers a comprehensive understanding of the top segments and regions that companies should focus on. In addition, the report provides information on customer behavior helping companies devise better product development and marketing strategies.
Mobile Wallet Global Market Report 2023 by The Business Research Company provides insights on the mobile wallet market size, mobile wallet market segments, mobile wallet market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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