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Global Mobile Wallet Market to reach USD 54.48 billion by the end of 2030

Global Mobile Wallet Market Size Study & Forecast, by Technology (Remote, Proximity), by Application (Retail & e-commerce, Hospitality & Transportation, Banking, Vending Machine, Others), and Regional Analysis, 2023-2030

Product Code: ICTEITS-55189119
Publish Date: 20-01-2024
Page: 200

Global Mobile Wallet Market is valued at approximately USD 7.42 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 28.3% during the forecast period 2023-2030. A mobile wallet, functioning as an electronic wallet, facilitates seamless payments using credit/debit cards or linked bank accounts, ensuring the security of user data. It functions as a virtual wallet, allowing users to link credit/debit cards or bank accounts for digital payments. Users leverage mobile wallets for various transactions, including mobile recharges, bill payments, booking movies/travel, and transferring money between bank accounts. The market is being propelled by the widespread adoption of smartphones, increased internet penetration, enhanced security features and the shift towards contactless payments.

In addition, the surge in e-commerce and online transactions is acting as a catalyzing factor for market growth across the globe. The booming e-commerce sector, with the shift towards online shopping and digital transactions, acts as a significant driver for the Mobile Wallet Market. According to Statista, in 2015 the global retail e-commerce sales were USD 1,548 billion and the number is anticipated to reach USD 8,148 billion by 2026. As a result, the rising e-commerce sector is anticipated to create a lucrative demand for the growth of the Mobile Wallet Market over the estimated period. Moreover, the growing emphasis on technological advancements in technologies such as Near Field Communication (NFC) and biometrics, as well as the supportive government policies and initiatives promoting digital payments and financial inclusion present various lucrative opportunities over the forecast years. However, the limited merchant acceptance and the rise of data privacy concerns by end-users are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Mobile Wallet Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing population, widespread smartphone adoption, increasing internet subscribers, and the rapid expansion of the retail and e-commerce sectors in countries such as India and China. Furthermore, government initiatives such as Digital India and Make in India are anticipated to boost smartphone and smart device penetration, leading to a high demand for mobile wallets. Whereas, Latin America is expected to grow at a significant CAGR over the forecast years. The supportive regulatory frameworks and infrastructure established by governments and financial institutions, coupled with the shift towards contactless payments and convenience and accessibility are significantly propelling the market demand across the region.

Major market players included in this report are:
Amazon Web Services, Inc.
Visa Inc.
American Express
PayPal Holdings Inc.
Apple Inc.
Google LLC
Airtel
Mastercard
Alipay
Samsung Group

Recent Developments in the Market:
Ø In September 2020, True Digital Surgery and Aesculap, Inc. announced the availability of the Aesculap Aeos Robotic Digital Microscope in the U.S. This innovation empowers surgeons to execute precise movements in specific surgical procedures, including neurosurgery, spine, and ear, nose, and throat surgeries.
Ø In June 2023, Google revealed the extension of Google Wallet services to five additional countries: Albania, Argentina, Bosnia and Herzegovina, North Macedonia, and Montenegro. The announcement, made through a forum post by a company representative, highlighted the app’s expansion to a total of 12 countries across Asia, Europe, and North America in November of the previous year.
Ø In June 2023, Alipay, a Chinese mobile payment platform, and Mastercard, a global payments network, collaborated to offer international tourists a seamless cashless payment option in China. Through this partnership, international tourists can link any Mastercard card to their Alipay digital wallet, simplifying e-payments during their stay in China.

Global Mobile Wallet Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Remote
Proximity

By Application:
Retail & e-commerce
Hospitality & transportation
Banking
Vending machine
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Mobile Wallet Market, by Region, 2020-2030 (USD Billion)
1.2.2. Mobile Wallet Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Mobile Wallet Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Mobile Wallet Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Mobile Wallet Market Dynamics
3.1. Mobile Wallet Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing adoption of smartphones
3.1.1.2. Surge in e-commerce and online transactions
3.1.2. Market Challenges
3.1.2.1. Limited merchant acceptance
3.1.2.2. Rise of data privacy concerns by end-users
3.1.3. Market Opportunities
3.1.3.1. Growing emphasis on the technological advancements
3.1.3.2. Supportive government policies and initiatives promoting digital payments and financial inclusion
Chapter 4. Global Mobile Wallet Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Mobile Wallet Market, by Technology
5.1. Market Snapshot
5.2. Global Mobile Wallet Market by Technology, Performance – Potential Analysis
5.3. Global Mobile Wallet Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Mobile Wallet Market, Sub Segment Analysis
5.4.1. Remote
5.4.2. Proximity
Chapter 6. Global Mobile Wallet Market, by Application
6.1. Market Snapshot
6.2. Global Mobile Wallet Market by Application, Performance – Potential Analysis
6.3. Global Mobile Wallet Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Mobile Wallet Market, Sub Segment Analysis
6.4.1. Retail & e-commerce
6.4.2. Hospitality & transportation
6.4.3. Banking
6.4.4. Vending machine
6.4.5. Others
Chapter 7. Global Mobile Wallet Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Mobile Wallet Market, Regional Market Snapshot
7.4. North America Mobile Wallet Market
7.4.1. U.S. Mobile Wallet Market
7.4.1.1. Technology breakdown estimates & forecasts, 2020-2030
7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Mobile Wallet Market
7.5. Europe Mobile Wallet Market Snapshot
7.5.1. U.K. Mobile Wallet Market
7.5.2. Germany Mobile Wallet Market
7.5.3. France Mobile Wallet Market
7.5.4. Spain Mobile Wallet Market
7.5.5. Italy Mobile Wallet Market
7.5.6. Rest of Europe Mobile Wallet Market
7.6. Asia-Pacific Mobile Wallet Market Snapshot
7.6.1. China Mobile Wallet Market
7.6.2. India Mobile Wallet Market
7.6.3. Japan Mobile Wallet Market
7.6.4. Australia Mobile Wallet Market
7.6.5. South Korea Mobile Wallet Market
7.6.6. Rest of Asia Pacific Mobile Wallet Market
7.7. Latin America Mobile Wallet Market Snapshot
7.7.1. Brazil Mobile Wallet Market
7.7.2. Mexico Mobile Wallet Market
7.8. Middle East & Africa Mobile Wallet Market
7.8.1. Saudi Arabia Mobile Wallet Market
7.8.2. South Africa Mobile Wallet Market
7.8.3. Rest of Middle East & Africa Mobile Wallet Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Amazon Web Services, Inc.
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Visa Inc.
8.3.3. American Express
8.3.4. PayPal Holdings Inc.
8.3.5. Apple Inc.
8.3.6. Google LLC
8.3.7. Airtel
8.3.8. Mastercard
8.3.9. Alipay
8.3.10. Samsung Group
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

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Data Collection:
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Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
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In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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