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Report Overview
The global mobile wallet market reached approximately USD 185.30 billion in 2023. The market is estimated to grow at a CAGR of 18.3% in the forecast period of 2024-2032, reaching a value of around USD 840.89 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to GSMA Intelligence, smartphone adoption in the U.S. was 84% in 2022 and is anticipated to grow to 89% by 2030.
- As per NIC, from 2016 to 2023, India saw exponential growth in transaction volumes, escalating from 2.65 million to 83,751.14 million.
- According to ABS, In Australia, in June 2024, clothing, footwear, and personal accessory retailing rose by 0.7% (USD 12.92 million) to USD 1947.17 million from USD 1934.25 million in May 2024.
Mobile Wallet Market Analysis
Based on type, the market is bifurcated into proximity and remote payment. On the basis of technology, the market is divided into near field communication (NFC), digital only, optical/QR code, and text based/short message service. The mobile wallet market segmentation, based on application, includes personal and business.
On the basis of industry vertical, the market is classified into retail and e-commerce, hospitality and transportation, media and entertainment, healthcare, energy and utilities, and telecommunication, among others. The major regional markets of mobile wallet are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Mobile Wallet Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 185.30 billion.
The market is projected to grow at a CAGR of 18.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 840.89 billion by 2032.
The major market drivers are the proliferation of smartphones, the growth of the e-commerce sector, and surge in digital transactions.
The key trends of the market include increased integration of QR codes in mobile wallets, incorporation of e-commerce, food delivery, ridesharing, ticket booking, and bill payment services in mobile wallet apps, growing demand for cryptocurrency mobile wallets, and rise of near-field communication (NFC) technology at merchant points.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various applications are personal and business.
The key players in the market are Paypal Holdings Inc., Alphabet Inc., American Express Company, Alipay Singapore E-Commerce Private Limited, J.P. Morgan Chase & Co., Vodafone Group Plc, Samsung Electronics Co., Ltd., Apple, Inc., Amazon.com, Inc., and One97 Communications Limited, among others.
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