In 2023, it is estimated that the global mobile wallet market will be worth US$ 9.5 billion. It is anticipated that this market would be valued at US$ 11.9 billion by the end of 2024. The global mobile wallet market is anticipated to grow at a rate of 27.80% CAGR during the forecast period, reaching a valuation of US$ 138.5 billion by 2034.
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The main driving forces of the global mobile wallet market is the rising need for contactless, secure, and seamless payment options. The steady expansion of the market is fueled by factors such as the rapid pace of digital transformation, the increasing use of smartphones, and a change in customer preferences toward easy, technologically advanced financial transactions.
“The global mobile wallet market is experiencing substantial growth due to the integration of various contactless payments, which offers customers a safe and easy payment experience. This growth is driving a global trend towards touch free transactions,” says Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm.
Key Takeaways from the Market Analysis
- The market for mobile wallet expanded at a 25% CAGR throughout the historical period.
- Throughout the projected period, the mobile wallet market in the United States is expected to develop at a 25.60% CAGR.
- Japan market for mobile wallet is expected to garner at a 27.30% CAGR between 2024 and 2034.
- Mobile wallet market will rise at a 29% CAGR in Germany over the course of the projected period.
- From 2024 to 2034, the mobile wallet market in China is anticipated to expand at a 28.30% CAGR.
- Over the course of the projected period, the mobile wallet market in Australia is likely to propel at a rate of 31.20% CAGR.
- With an anticipated 60% market share in 2024, proximity technology is predicted to acquire a sizable share.
- The retail and e commerce sector is expected to reach a 30% market share by 2024.
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Competitive Landscape
Companies within the global mobile wallet market are using augmented reality (AR) as a novel tactic to increase user engagement. Some companies include augmented reality (AR) capabilities into their mobile wallet applications, enabling customers to see and experience things before they buy them. This integrated strategy increases client happiness and loyalty while also improving the purchasing experience. Mobile wallets and augmented reality work together to provide a dynamic platform that encourages greater user participation and boosts the overall profitability and performance of these companies.
Financial inclusion is a key differentiator for startups in the mobile wallet industry. They provide low cost solutions and streamlined onboarding procedures to marginalized communities. By filling up the gaps in traditional banking, this inclusive approach aims to give those who have little access to traditional banking services a useful financial tool.
Key Developments
· In 2023, leading American advanced manufacturing and technology company Broadcom entered into a new multiyear, multi billion dollar deal with Apple. Broadcom will create innovative wireless connection components and 5G radio frequency components, such as FBAR filters, through this partnership. The design and construction of the FBAR filters will take place at a number of significant American technological and industrial hubs, including the main site in Fort Collins, Colorado of Broadcom.
· In 2023, the first ever global technology and product hub for Visa in Central and Eastern Europe is set to open in Poland. Over the next three years, The Hub will house up to 1,500 additional recruits in technology and product as Visa makes global investments to support its round the clock innovation development approach and propels the sustained rapid growth of the industry in digital payments and commerce.
Segmentation Analysis of the Mobile Wallet Market
By Technology:
- Remote
- Proximity
By Application:
- Retail & E commerce
- Banking
- Hospitality & Transportation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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