In 2018, technology companies accounted for 60% of mobile wallet market revenue. Considering the massive untapped industry potential many technology firms, especially customer service providers like Uber, Amazon, Ola, and MakeMyTrip are actively developing their own mobile wallet offerings to offer a seamless and integrated shopping experience to customers, fostering market share further.
Meanwhile, device manufacturer segment is expected to register an overall CAGR of more than 21% during the forecast timeframe. Smart devices such as tablets and smartphones are quickly becoming primary means for procuring services and goods, encouraging device manufacturers in launching their own wallets to open up more growth opportunities.
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The unprecedented commercial success brought about by smartphone and wireless devices throughout the world is slated to drive mobile wallet market in the forthcoming years. The development of innovative technology trends along with deployment of several promotional offers will further push the product adoption across the globe.
The semi-closed market holds over 65% stake in the mobile wallet market in 2018. The growth is credited to the influx of tech companies in the mobile banking landscape. The shifting customer preference toward digital technologies is driving the tech companies to invest in mobile wallet technology. The open mobile wallet industry is expected to grow at a CAGR of over 15% over the forecast time period. The increasing investment by the banking establishments to launch their own mobile wallets to better compete with the fintech players is promoting the use of open mobile wallets.
The tech companies accounted for over 60% of the revenue in the mobile wallet market in 2018. The technology companies, such as Amazon, MakeMyTrip, Uber, and Ola, are developing their own mobile wallet offerings to provide an integrated buying experience to their customers. The device manufacturer market is anticipated to grow at a CAGR of over 21% over the projected timespan. The smart devices are becoming primary tools for procuring goods and services.
Meanwhile, the European Commission has been working diligently to develop an integrated & efficient payment services market across the European Union. The EU has adopted a new payment services directive in January 2018 to make internet payment services safer & easier to use and also to promote innovative internet & mobile payment services that would prove extremely beneficial for the Europe mobile wallet industry. Owing to these conducive factors, the Europe mobile wallet market share is slated to grow at an impressive CAGR of more than 17% over 2019-2025.
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These regional trends quite clearly indicate that the global mobile wallet industry is anticipated to attract numerous investors in the upcoming years. In fact, a research report from Global Market Insights, Inc., projects that the overall mobile wallet market will be surpassing the renumeration mark of $270 billion by 2025.
Major Key Points from Table of Content:
Chapter 5. Global Mobile Wallet Market, By Type
5.1. Key trends, by type
5.2.1. Market estimates and forecast, 2014-2025
5.3.1. Market estimates and forecast, 2014-2025
5.4.1. Market estimates and forecast, 2014-2025
Chapter 6. Global Mobile Wallet Market, By Ownership
6.1. Key trends, by ownership
6.2.1. Market estimates and forecast, 2014-2025
6.3.1. Market estimates and forecast, 2014-2025
6.4.1. Market estimates and forecast, 2014-2025
6.5. Tech companies
6.5.1. Market estimates and forecast, 2014-2025
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