According to IMARC Group latest report titled “Mobile Wallet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on digital wallet market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global mobile wallet market reached a value of US$ 120 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 336.2 Billion by 2027, exhibiting a CAGR of 18.6% during 2022-2027.
Mobile wallet is a specially designed virtual wallet service, which is extensively utilized for storing consumer credit, loyalty, debit, reward card, and coupon information, and make online transactions through smartphones. It offers various benefits, such as accessibility, convenience, ensured security, incentives, and promotions. At present, mobile wallet is commercially available in varying types, such as open, semi-open, semi-closed, and closed.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The rising collaboration of key players with banks, vendors, and payments service providers for establishing a payment infrastructure to improve the consumer experience is one of the key factors primarily driving the market growth. In addition to this, the increasing demand for e-commerce platforms, along with the rising consumer preference for digital payment solutions over traditional payment methods is providing an impetus to the market growth. Apart from this, the growing adoption of smartphones and the availability of affordable internet-enabled devices and smartphones across the globe are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Alipay com (Alibaba Group Holding Limited)
- Amazon Web Services Inc. (Amazon.com Inc)
- American Express Company
- Apple Inc.
- Google LLC (Alphabet Inc.)
- Mastercard Incorporated
- Paypal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Squareup Pte. Ltd.
- Visa Inc
Mobile Wallet Market Segmentation:
Our report has categorized the market based on region, type and application.
Breakup by Type:
Breakup by Application:
- Hospitality and Transportation
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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