The mobile commerce market may ring the bell of rapid growth across the forecast period of 2019-2028 due to the rise in the demand for mobile commerce platforms. The COVID-19 outbreak may change the way of commerce industry to a great extent. Many retailers are shifting to e-retail as the customers prefer online shopping instead of offline shopping to avoid the threat of COVID-19. Mobile devices add up as the most popular devices for online shopping.
Over 2.5 billion individuals across the world use smartphones and the user base expect to expand to 3.8 billion by 2024. This factor highlights the potential of the mobile commerce market to expand gradually across the forecast period. Even if there is a staggering relaxation of lockdown rules in some parts of the country, the user behavior trends show that mobile commerce is gaining considerable momentum and may continue its streak.
This upcoming report on the mobile commerce market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the mobile commerce market. The segmental study enables an individual to thoroughly understand the mobile commerce market.
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Mobile Commerce Market: Competitive Analysis and Key Developments
The mobile commerce market is fragmented with a plethora of competitors trying to gain an upper edge among others with improved shopping experience by constant app-upgrades and technical enhancements. Many investors are pumping a good amount of investments in the mobile commerce market seeing the profit-making capacity.
- Button, a leading mobile commerce platform partnered with AppsFlyer to offer visibility of brands into quality app traffic optimized by Button in their AppsFlyer dashboards.
- Recently, Tapcart, a mobile commerce company received funding of $50M Series A Funding by SignalFire. This development sheds light on the growing interest of investors in the mobile commerce market.
- Facebook recently launched Facebook Shops, a free platform for small shops and businesses to bring their business online and connect with prospective customers. It has also connected Instagram to the platform for improving the customer base of various businesses.
- Samsung launched a new EAL 6+ certified chip and software for securing mobile devices and protecting confidential data such as information related to stock trading, mobile banking, and cryptocurrency transactions.
Mobile Commerce Market: Key Trends
The mobile commerce market is seeing a tectonic shift in its usage with the advent of a number of trends. The trend of connecting social media with commerce has benefitted the mobile commerce market to a great extent. The global COVID-19 pandemic has increased the use of mobile payments greatly. This will continue across the forecast period. The addition of augmented reality technology to mobile commerce is projected to revolutionize the mobile commerce experience. Other enhancements such as voice search and control, chat bots, image recognition, etc can influence the mobile commerce market positively. The inculcation of cryptocurrency-enabled payment option for mobile commerce is also garnering steam across the mobile commerce market.
Mobile Commerce Market: Regional Analysis
North America is expecting a dominant streak in terms of growth throughout the forecast period due to the rising adoption of M-commerce across the United States. The U.S. has the most number of coronavirus cases. This has prompted the citizens to stay at home for a brief period. Thus, this factor can propel the growth rate of the mobile commerce market. The growing internet penetration in countries like India and China may make Asia Pacific one of the fastest-growing regions during the forecast period.
M-commerce, or mobile commerce, refers to the purchase and/or sale of goods and services via mobile platforms such as smartphones and tablets. The increasing adoption of mobile commerce across the globe, especially in the West, has turned out to be immensely helpful towards strengthening the market. Developed countries such as those in North America have been significantly proactive in making m-commerce a vital part of day-to-day commercial transactions.
Broadly segmenting the mobile commerce market on the basis of transactions, three key categories may be formed: mobile payments, which include contactless near-field communication (NFC), digital and physical goods, and mobile money person to person (P2P) transfer; mobile ticketing and mobile coupons; and mobile banking.
The mobile commerce market is largely driven by ongoing trends and the research report observes and predicts these, presenting a detailed evaluation of the same. Besides these, the report also highlights the various challenges that the mobile commerce market has encountered so far and will face over the course of the report’s forecast period.
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Companies mentioned in the research report
Judging from the rapid adoption of m-commerce across the globe, it is only natural that the rivalry within the industry should be strong. The presence of a plethora of prominent vendors supports the growth of the mobile commerce market and the contribution of domestic players cannot be ignored as well. Some of the key vendors operating in this space are Best Buy, MasterCard Inc., Google Inc., Netflix Inc., Visa Inc., Groupon, eBay Inc., Bank of America Corp., BlackBerry Ltd., GameStop, PayPal Inc., Apple Inc., Costco Wholesale Corp., Microsoft Corp., Target Corp., Alibaba Group Holding Ltd., and Amazon.com Inc.
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