eWallet Market to grow by 28.2% CAGR, Says Allied Market Research

PORTLAND, Oregon : Allied Market Research recently published a report, “Mobile Wallet Market by Type (Proximity and Remote), Technology (Near Field Communication, QR Code, Text-based/ Short message service, and Digital Only), End User (Personal and Business), and Industry Vertical (Hospitality & Transportation, Media & Entertainment, Retail, Healthcare, Energy & Utilities, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”. 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.

 

Major drivers of the market:

 

Soar in number of mobile subscribers across the globe, surge in the adoption of mobile wallet as digital payment-based business model among digital applications, and increase in government initiatives to encourage cashless economy drive the growth of the global mobile wallet market. However, concerns associated with fraudulence transactions and data security hamper the market growth. On the contrary, an increase in mobile point of sale (POS) devices and NFC-enabled handset and mobile banking & inventive mobile payment application are expected to create lucrative opportunities for the market players in the coming years.

 

COVID-19 impact: The pandemic has positively affected the global mobile wallet industry.

 

  1. The outbreak of Covid-19 has increased the demand for contactless payment and payments through the use of chip and pin machines.
  2. Several Fintech companies gathered forces to create digital solutions, and have asked for fiscal support from the government.

 

The remote segment held the largest share

 

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.

 

The telecommunication segment to manifest the fastest CAGR through 2027

 

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.

 

Asia-Pacific, followed by North America, dominated the market

 

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.

 

Major market players

 

 

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

 

Transformation in technology has made money payments way easier. eWallet industry is booming at higher pace. Keeping in mind modern tech-needs, Panacea Infotech offers eWallet mobile app development that helps our clients in changing their ideas into innovation.

 

Source: PR Newswire