Global Remote Mobile Payment Market: Snapshot
The demand in the global remote mobile payment market is projected to escalate an exponential CAGR of 44.9% during the forecast period of 2017 to 2024, gaining traction from a number of factors such as ubiquity of smartphones, technological advancements that have enabled instantaneous authentication of personals, and growing fields of Big Data and the internet of things. The advent of near field communication (NFC) technology is likely to have an impressive future in e-commerce as well as retail shops. Though the remote mobile payment market is still in nascent stage and data security remains the most glaring restraint, the future seems highly prosperous, with the opportunities exceeding a global worth of 7,526,127.9 mn by 2024, rapidly mounting from its evaluated worth of US1,176,712.6 mn in 2017.
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M-Commerce Remains Most Profitable Mode of Payment Segment
Based on mode of payment, the global remote mobile payment market has been segmented into peer-to-peer and m-commerce. In 2017, m-commerce accounted for 89.9% of the overall demand, which was worth US$1,058,366.1 mn. By the end of 2024, this segment is expected to remain the leader, serving 94.0% of the total demand in the global remote mobile payment market, which will be of valuation US$7,070,810.1 mn. Revenue in this segment is growing at US$1,202,488.8 mn over the course of the forecast period, and this absolute growth is larger than any other segment.
On the basis of end-use industry, the market for remote mobile payment has been bifurcated into retail, hospitality and tourism, IT and telecommunication, banking, financial services, and insurance (BFSI), media and entertainment, airline, and healthcare. Nearly all of these sectors have high hopes from the remote mobile payment market. For instance, the media and entertainment industry has been marred by piracy for a long time, and are now adopting remote mobile payment methods to make up on a lot of lost revenue. Device-wise, the remote mobile payment market has been categorized into smart devices and feature phones.
APEJ Emerging as Highly Lucrative Regional Market for Remote Mobile Payment
Among all geographical regions, the North America remote mobile payment market is most lucrative, owing to high adoptability rate of new technology among the citizens of the developed countries of the U.S. and Canada, ubiquity of smartphones, and existing penetration of e-commerce. Evaluated to be worth US$264.646.3 mn in 2017, the North America remote mobile payment market is estimated to reach a valuation of 1,900,332.8 mn by 2024, incrementing the demand at an above-average CAGR of 48.3% during the forecast period of 2017 to 2024. Although Europe currently is the second most profitable region, promising an absolute dollar opportunity of US$1,052,187.8 mn by the end of 2024, the region of Asia Pacific except Japan (APEJ) is projected to overtake and reach a worth of US$1,511,056.3 mn by 2024. This surge of demand in the APEJ remote mobile payment market is a reflection of vast population of two of the fastest growing economies in China and India. Smartphones are reaching to general audiences at a rapid rate and even the government in these two countries are pushing for cashless processes in order to keep track of the transactions. By the end of 2024, Japan remote mobile payment market is projected to reach US$ 587,635.8 mn, expanding at a CAGR of 39.2% over the forecast period.
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Some of the key players currently holding position of strength in the global remote mobile payment market are: Samsung Electronics Co Ltd., Apple Inc., ACI Worldwide, Inc., Alphabet Inc., DH Corporation, Visa Inc., Square, Inc., Mastercard Incorporated., PayPal Holdings, Inc., Fidelity National Information Services, Inc., and Fiserv, Inc. Most of these companies are working on the robustness of the process and aggressive market in order to differentiate themselves from the competitors.
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