The latest report by IMARC Group, titled “Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the mobile wallet market growth. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global mobile wallet market size reached US$ 168.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 658.3 Billion by 2032, exhibiting a growth rate (CAGR) of 15.9% during 2024-2032.
Mobile Wallet Market Trends:
The global market is primarily driven by the increasing adoption of smartphones and high-speed internet connectivity significantly expanded the use for secure and convenient payments. In accordance with this, rising consumer preference for contactless payment methods, particularly after the COVID-19 pandemic, is further accelerating market growth. Furthermore, the rapid expansion of e-commerce and online services creating a rise in demand for digital payment solutions, is impelling the market. Additionally, the rapid integration with loyalty programs, discounts, and offers is attracting more users to the market.
Moreover, the growing adoption of Near Field Communication (NFC) technology in retail and transportation services is further augmenting the market demand. Besides this, favorable government initiatives promoting cashless economies and digital financial inclusion are also contributing to the market's expansion. Similarly, the increasing security features offered by providers, such as biometric authentication and encryption, are enhancing market appeal.
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Mobile Wallet Market Scope and Growth Analysis:
The scope of the market is broadening as the digital payment’s ecosystem continues to shift. The market scope is witnessing substantial growth in emerging economies, where mobile wallets are becoming a key tool for financial inclusion. According to market analysis, the proliferation of mobile wallets across various sectors, including retail, transportation, and hospitality, is creating new opportunities for expansion in the market. The rise of peer-to-peer payment services is another driver that is fueling the growth of the market.
As businesses increasingly adopt mobile payment solutions to improve customer engagement and streamline transactions, the market's potential continues to grow. In addition to this, the rise of super apps that integrate multiple services, including payments, within a single platform is further driving growth. Moreover, continuous innovation in payment technologies and the emerging trend toward a cashless society are positioning the market scope for sustained expansion in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Alipay com (Alibaba Group Holding Limited)
- Amazon Web Services Inc. (Amazon.com Inc)
- American Express Company
- Apple Inc.
- Google LLC (Alphabet Inc.)
- Mastercard Incorporated
- Paypal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Squareup Pte. Ltd.
- Visa Inc.
Mobile Wallet Market Segmentation:
Our report has categorized the market based on region, type and application.
Breakup by Type:
- Proximity
- Remote
Breakup by Application:
- Retail
- Hospitality and Transportation
- Telecommunication
- Healthcare
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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