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Pages: 109
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Nov 2013 | 7925 Views
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Lita Person
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The market has evolved as a result of advancements in the mobile phone technology and is expected to grow exponentially in near future, favored by continuous research and developments in the smartphone technology and lowering security concerns. The widespread smartphone adoption in developed markets and its increasing penetration levels in developing markets are influencing the growth of the mobile wallet market positively. Furthermore, growing adoption of NFC (near field communication) technology by retailers and consumers is expected to propel the growth of the mobile wallet market.
A mobile wallet allows consumers to make transactions even during travel, from any location and anytime. It not only provides transaction facilities at affordable prices but also facilitates consumers to manage their accounts easily. While all these aspects are boosting the growth of the mobile wallet industry, consumers’ concerns related to security and technology infancy as well as investment and deployment issues are expected to impede the growth of the mobile wallet market. Although these restraints are prevalent, companies from the telecommunication industry are collaborating with each other to better serve the needs of their customers with new and improved product/service innovation.
Segmentation Overview
The global mobile wallet market has been segmented in this report as per applications, mode of payment, stakeholders and geography. The global mobile wallet applications market includes mobile commerce, mobile ticketing, mobile coupons, mobile transfer, and micropayments. On the basis of mode of payment, the global mobile wallet market is categorized into remote payment and NFC payment. The NFC market is further sub-segmented into NFC handsets, NFC chips and tags, NFC readers, NFC Micro SD, and NFC SIM/UICC card. The global mobile wallet market stakeholders encompass mobile network operators (MNOs), handset manufacturers, OSS/BSS solution providers, software developers, content applications and aggregators, and other stakeholders. The global mobile wallet market in terms of geography covers North America, Europe, Asia-Pacific and rest of world (ROW).
Mobile wallet market based on the mode of payment is currently led by remote payment method. This is largely due to significant reach of the remote payment methods and relative infancy of NFC technology. The number of consumers using their tablets and smartphones as their regular Internet gadget are increasing tremendously. Besides this, a mobile wallet supporting remote payment transactions allows unbanked/under-banked consumers to make use of mobile commerce through their mobile computing devices.
TOP FACTORS IMPACTING WORLD MOBILE WALLET MARKET
The world mobile wallet market is influenced by numerous factors including realization of the significance of payment-enabled mobile phones, connected and real-time marketing, value-added services and other benefits and convenience, security concerns, and compatibility & cost. These factors collectively create opportunities for the market growth, whereas some of them hamper the market growth. However, each factor would have its definite impact on the market during the forecast period.
Realization of the Significance of Payment-Enabled Mobile Phones
Around 1.3 billion active debit and credit accounts exist in the world today, while there are nearly 5.3 billion active mobile phone accounts. There is a large possibility of payment-enabled mobile phones, outnumbering conventional card-based payment accounts in the near future. This is what merchants and payment account issuers have now started realizing.
Connected and Real-Time Marketing
Mobile wallet offers an entirely new dimension to retail sales to improve their business presence. While mobile devices provide consumers with an easy way to make payments, they act as a new channel for merchants and financial institutions to connect with their customers. Information can be easily sent and received via mobile devices; they also run specialty applications, and are location-aware. The mobile connection facilitates merchants and financial institutions to communicate information such as promotional offers with their customers in such a way that the information is targeted, useful, and more relevant to their interests. Businesses can also come up with new branded applications that are freely downloadable. As unique shopping preferences and needs of a person are tracked, this aspect can make customer communications highly personalized. Such a connected and real-time marketing offers a new opportunity and competitive challenge to marketers.
Accessibility
Wide adoption of smartphones indicates the accessibility level for mobile wallet. Smartphone users are able to make the most of the mobile wallet functionalities, and it is expected that more such users will come up in the next few years owing to plenty of benefits that mobile wallet provides.
The mobile wallet market has witnessed an enormous evolution, and is growing faster. The strategy that is witnessing tremendous adoption is product/service innovation, followed by collaborations and acquisitions. Product or service innovation is expected to continue being the most leading strategy through the analysis period. The current product/service innovation is being adopted to provide better and enriched customer experience, retaining the existing customers and attracting the new ones.
Key Players
Mobile wallet offers an entirely new dimension to retail sales to improve their business presence. While mobile devices provide consumers with an easy way to make payments, they act as a new channel for merchants and financial institutions to connect with their customers. Information can be easily sent and received via mobile devices; they also run specialty applications, and are location-aware. The mobile connection facilitates merchants and financial institutions to communicate information such as promotional offers with their customers in such a way that the information is targeted, useful, and more relevant to their interests. Businesses can also come up with new branded applications that are freely downloadable. As unique shopping preferences and needs of a person are tracked, this aspect can make customer communications highly personalized. Such a connected and real-time marketing offers a new opportunity and competitive challenge to marketers.
This market research report is an effort to provide the clear picture of the state of the market and sub markets over the next seven years. The report provides micro level analysis of the factors affecting the market, key market trends and industry drives and challenges for the better understanding of the market structure. The presentation of the market dynamics, competitive scenario and developments will enable marketers to aptly design their growth strategies and have competitive edge. Moreover, assessment of the top investment pockets and winning strategies will help in channelizing their investments in the right directions to garner better proceeds.
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