Increase in number of mobile subscribers across the globe, rise in the adoption of mobile wallet as digital payment-based business model among digital applications, and upsurge in government initiatives to drive cashless economy fuel the growth of the global mobile wallet market. On the other hand, concerns associated with fraudulence transactions and data security restrain the growth to certain extent.
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Nevertheless, an increase in usage of mobile point of sale (POS) devices and NFC-enabled handsets and growing inclination toward mobile banking & inventive mobile payment application are anticipated to pave the way for numerous opportunities in the industry.
According to the report, the global mobile wallet market was pegged at $1,043.1 billion in 2019, and is projected to reach $7,580.1 billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
By type, the remote segment held the largest share in 2019, accounting for nearly three-fifths of the global mobile wallet market, owing to the high popularity of smartphones and rise in trend of purchasing digital and physical goods via mobile wallet account.
However, the proximity segment is expected to register the highest CAGR of 29.8% during the forecast period, due to increase in number of smartphone users along with the emergence of NFC equipped devices for transport ticketing purposes.
By application, the telecommunication segment is expected to register the highest CAGR of 35.0% during the study period. However, the retail segment held the largest share in 2019, accounting for more than one-third of the global mobile wallet market, due to the emergence of e-commerce in the developing countries.
The market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 30.5% during the forecast period, owing to the drastic shift to digitalization and internet capabilities in the region. On the other hand, the global mobile wallet market across North America held more than one-fourth of the market in 2019.
The key market players analyzed in the global mobile wallet market report include American Express Banking Corp., Alipay.com, VISA Inc., Apple Inc., AT&T Inc., Google Inc., Mastercard Incorporated, PayPal Holdings, Inc., Amazon Web Services Inc., and Samsung Electronics Co., Ltd.
These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.
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