According to a new report published by Allied Market Research, titled, Mobile Payment Market by Mode of Transaction, Type of Mobile Payment, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the mobile payment market was valued at $601 billion in 2016, and is projected to reach $4,574 billion by 2023, growing at a CAGR of 33.8% from 2017 to 2023. The Asia-Pacific mobile payment industry segment is anticipated to grow at the highest rate during the forecast period.
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The Asia-Pacific generated the highest revenue in the mobile payment market in 2016 due to increase in number of youth population that is active on online media in India, growth in m-commerce, and introduction of innovative solutions by the key players in the region. The mobile payment market in LAMEA is expected to grow at the CAGR of 31.4% during the forecast period.
SMS segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 33.5%. Among applications, hospitality & transportation is expected to witness highest CAGR of 34.9% during the forecast period.
The report features a competitive scenario of the mobile payment industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the mobile payment market.
Key Findings of the Mobile Payment Market:
- The SMS segment accounted for the highest share of the mobile payment industry by mode of transaction in 2016, growing at a CAGR of 33.5% from 2017 to 2023.
- The mobile money systems market by type of mobile payment generated the highest revenue share in 2016 and is projected to grow at a rate of 33.3%.
- The U.S. mobile payment market generated the highest share, valued at $58,638 million, in terms of revenue in 2016.
- The mobile payment market for hospitality & transportation application is expected to witness the highest growth rate during the forecast period.