Global Proximity Mobile Payment Market: Snapshot
The proximity mobile payment market is very much a market of modernity, having come to the fore following widespread acceptance of mobile payment technology and digital economic architecture. Proximity mobile payment consists of payment carried out through mobile phones or other wireless devices. Barcodes and NFC are two of the leading contenders in the global proximity mobile payment market at present. Proximity mobile payment systems requires a large volume of supporting technological architecture, but their immense utility in making payment easier, more secure, and more convenient for customers is likely to drive demand from the global proximity mobile payment market in the coming years.
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According to Transparency Market Research, the global proximity mobile payment market was valued at US$57.9 bn in 2017, but is likely to exhibit stunning progress in the coming years to end up at a valuation of US$411.4 bn by 2024. The proximity mobile payment market is expected to exhibit a robust 48% CAGR between 2017 and 2024.
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Near Field Communication Likely to Dominate Proximity Mobile Payment Market
Of the two types of proximity mobile payment systems currently in major use, near field communication is likely to remain the dominant leader over the 2017-2024 forecast period. Barcodes are used extensively across the world, but the greater convenience of NFC tags have made them likely to be adopted on a wide scale in the retail sector. Near field communication accounted for more than 75% of the global proximity mobile payment market in 2017 and is likely to extend its dominance by increasing its market share to 87.7% by 2024. The segment was valued at US$43.6 bn in 2017 and is likely to exhibit a superb CAGR of 52.6% between 2017 and 2024 to emerge with a valuation of US$360.9 bn in 2024.
North America Likely to Remain leading Geographical Segment due to Widespread Acceptance
North America is the leading contributor to the global proximity mobile payment market and is likely to retain this position in the coming years thanks to the widespread adoption of proximity mobile payment systems in the developed region. The high adoption of smartphones and especially NFC-enabled smartphones in advanced countries such as the U.S. and Canada is likely to remain a key driver for the proximity mobile payment market in North America in the coming years. The North America proximity mobile payment market is likely to rise from US$13 bn to more than US$98 bn over the 2017-2024 forecast period, exhibiting a strong 49.8% CAGR therein.
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The Europe proximity mobile payment market is likely to follow North America closely, with the region likely to account for a valuation of US$73.9 bn by the end of 2024. Like in North America, the proximity mobile payment market has also been helped in Europe by the steady technological development of the overall shopping experience and widespread support for technological advancements such as proximity mobile payment. The Europe proximity mobile payment market is expected to exhibit a robust 46.9% CAGR from 2017 to 2024.
The Middle East and Africa (MEA) market could also turn out to play a key role in the proximity mobile payment market in the near future due to the rapid economic development of several countries in the region and the steady acceptance of technological innovations in the economic chain.
Global Proximity Mobile Payment Market: Competitive Dynamics
Leading players in the global proximity mobile payment market include Samsung Electronics Co. Ltd., Visa Inc., Apple Inc., Alphabet Inc., Square Inc., ACI Worldwide Inc., PayPal Holdings Inc., Starbucks Corporation, Mastercard Incorporated, and CVS Health Group.
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