mobile-wallet-market-to-hit-$5153-billion-by-2030:-grand-view-research,-inc.

Mobile Wallet Market to Hit $51.53 Billion by 2030: Grand View Research, Inc.

 

The global mobile wallet market size is expected to reach USD 51.53 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.4% from 2022 to 2030. A mobile wallet is a technology that can carry cash in digital format. Increasing mobile phone users and the rising number of internet subscribers across the world are the major factors fueling the market growth. In addition, government initiatives to modernize the transportation sector are improving market growth.

Key Industry Insights & Findings from the report:

  • In terms of technology, the proximity segment accounted for the largest revenue share of over 60.0% in 2021 and is expected to retain its dominance over the forecast period. Growing penetration of NFC and QR code-enabled smartphones across the world is boosting the segment growth.
  • The remote segment is anticipated to expand at the highest CAGR of 27.7% over the forecast period. The growth of this segment can be attributed to the increasing number of smartphone and internet users across the globe. In addition, surging demand for fast and secure payment solutions is improving the market growth.
  • In terms of application, the retail and e-commerce segment accounted for the largest revenue share of over 30.0% in 2021 and is expected to retain its dominance over the forecast period. Rapid growth in the global retail and e-commerce sector is creating more demand for mobile wallets.
  • The banking segment is expected to register the highest CAGR of 28.7% during the forecast period as numerous banks across the world are trying to set up mobile payments.
  • The hospitality and transportation segment is expected to witness significant growth over the forecast period. Due to ongoing concerns about sanitation and a desire to reduce contact between guests and staff members, mobile wallets are anticipated to create a notable impact on the hospitality or restaurant industry.

Read full market research report for more Insights, “Mobile Wallet Market Size, Share & Trends Analysis Report By Technology (Remote, Proximity), By Application (Retail & E-commerce, Banking, Hospitality & Transportation), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

Mobile Wallet Market Growth & Trends

Furthermore, due to ongoing concerns about sanitation and a desire to reduce contact between guests and staff members, mobile wallets are anticipated to create a notable impact on the hospitality or restaurant industry. Furthermore, COVID-19 has increased the penetration of online payments. The pandemic has increased the requirement for germ-free and contactless payments, and mobile wallets prevent direct contact with any external system such as the POS of the retailer.

Asia Pacific held the largest revenue share of over 30.0% in 2021 and is expected to retain its position over the forecast period. In rapidly developing regions such as Asia Pacific, digital online spending has changed and evolved on its own, with e-commerce expanding and online sales becoming as common as physical retail in many areas of the region. In April 2022, Boku, a global provider of mobile payment solutions, announced that its Mobile First (M1ST) platform has unveiled PayPay mobile wallet payments for Netflix in Japan. With this release, PayPay’s over 45 million consumers can now pay for streaming subscriptions within Netflix.

Mobile Wallet Market Segmentation

Grand View Research has segmented the global mobile wallet market based on technology, application, and region

Mobile Wallet Market – Technology Outlook (Revenue, USD Million, 2017 – 2030)

  • Remote
  • Proximity

Mobile Wallet Market – Application Outlook (Revenue, USD Million, 2017 – 2030)

  • Retail & E-commerce
  • Hospitality & Transportation
  • Banking
  • Vending Machine
  • Others

Mobile Wallet Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America
    • o U.S.
    • Canada
  • Europe
    • o U.K.
    • Germany
    • o Rest of Europe
  •  Asia Pacific
    • China
    • India
    • Japan
    • o Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • o Rest of Latin America
  • Middle East & Africa

List of Key Players in Mobile Wallet Market

  • Amazon Web Services Inc.
  • Visa Inc.
  • American Express
  • PayPal Holdings Inc.
  • Apple Inc.
  • Google Inc.
  • Airtel India
  • Mastercard
  • Alipay
  • Samsung
  • AT&T

Check out more related studies published by Grand View Research:

  • Retail E-Commerce Market – The global retail e-commerce market size is expected to reach USD 8.6 trillion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 9.4% over the forecast period. The availability of the product online at low price as compared to physical stores owing to direct sale from the manufacturer without the intervention of any third-party seller is anticipated to fuel the growth. Moreover, discounts and bundling offer to propel product sales and attract huge consumers group towards online shopping has increase the popularity of retail e-commerce. The other factor expected to drive the online purchase is cash-on-delivery facility provided by the online retailers.
  • Digital Rights Management in Media & Entertainment Market – The global digital rights management in media & entertainment market is expected to reach USD 6.12 billion by 2028, expanding at a CAGR of 16.5% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. Rapid growth in digital media and internet connectivity globally have created immense opportunities for content publishers and content distribution partners to grow their creative media content. However, with the boost in digital technologies, digital piracy and illegal distribution of content have significantly increased, negatively affecting the monetization opportunities for content distributors and content owners. These challenges are compelling content owners to seek and exercise control over the unauthorized access and distribution of content.
  • Pay TV Market – The global pay TV market size is anticipated to reach USD 265.44 billion by 2028, exhibiting a CAGR of 1.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising competition from OTT media providers is promoting pay TV operators to disrupt existing business models and strategize more efficient profit generation methodologies. Additionally, emerging players, such as MOBITV, offer customized, cost-effective, and flexible options to their customers according to their demands, thus ensuring customer satisfaction. This is expected to promote new and existing players to diversify their existing service offerings and ensure healthy competition in the market.

Browse through Grand View Research’s Digital Media Industry Research Reports.

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