Mobile Payment Market to Hit USD 8.94 Trillion till 2027; Increasing Adoption of Technology Such as AI to Stimulate Growth: Fortune Business Insights™

Pune, July 16, 2020 (GLOBE NEWSWIRE) — The global mobile payment market size is expected to hit USD 8.94 trillion by 2027 while exhibiting an impressive CAGR of 29.0% between 2020 and 2027. This is ascribable to factors such as increasing population that are facilitating the high adoption of mobile phones along with technological advancement in the mobile wallet solutions across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Mobile Payment Market Size, Share & Covid-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 1.18 trillion in 2019 and is anticipated to witness growth during the forecast period.
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/mobile-payment-market-100336What does the Report Include?The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.DRIVING FACTORS:Increasing Adoption of Technology to Spur DemandThe financial industry is witnessing a massive surge in technological advancement with the introduction of modern applications of artificial intelligence (AI). Major concerns surrounding the adoption of mobile wallet technology are security and safety concerns that inhibit the growth. However, with the introduction of AI, the manufacturers are trying to develop innovative products that have the ability to detect fraud and ensure a secure environment for monetary transactions. Additionally, increasing adoption of near field communication (NFC) and point of sales (POS) by the commercial enterprises is driving the demand for global mobile payment market during the forecast period.The widespread effect of the novel coronavirus, COVID-19, is driving the push for digital transactions across the globe. Though cash is still considered to be an integral part of the people, digital transactions are rising owing to the fear of handling cash among several people. For instance, according to the Reserve Bank of India (RBI), digital transactions under Unified Payments Interface (UPI) rose to over 799.5 million in March 2019. Furthermore, these transactions were 4.5 times the volume registered in March 2018.REGIONAL INSIGHTSAmong all the regions, the market in Asia-Pacific is expected to register the highest global market revenue during the forecast period. This is attributable to factors such as large population in the region that is driving the demand for mobile devices. Countries such as India, Japan, and China are driving the demand for high adoption of mobile devices and technology in the region. Additionally, in countries such as India, the government is promoting digitalization that will bode well for the market growth in the region. North America, on the other hand, is expected to witness significant growth for the market in the forthcoming years. The market was worth USD 297.88 billion in 2019 and is likely to rise owing to a well-developed mobile payment services in countries such as the USA.COMPETITIVE LANDSCAPE:PayPal Announces In-store Mobile Payments OfferingsIn November 2019, PayPal, a prominent mobile payment solutions provider, announced its plan to offer an in-store mobile payment facility by the year 2020. According to the company, the in-store payment facility is expected to be flexible and convenient and will help them to consolidate their position in the competitive market. Adoption of strategies such as product expansion offering, the introduction of new products, merger and acquisition, and collaboration by the companies is anticipated to bode well for the global market growth during the projected horizon.Alipay.com Co Ltd. (China)Amazon.com, Inc. (US)American Express Co. (US)Boku Inc. (US)Google Inc. (US)MasterCard International Inc. (US)Obopay (US)Fidelity National Information Services, Inc.(FIS Global) (US)PayPal, Inc. (US)Visa, Inc. (US)
Quick Buy:IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisGlobal Mobile Payment Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Size Estimates and ForecastsBy Payment TypeProximity PaymentRemote PaymentBy Industry (Value)Media & EntertainmentRetailBFSIAutomotiveMedical & HealthcareTransportationConsumer ElectronicsOthers (Education, IT & Telecom, etc.)By Geography (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued…!!!
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