Allied Market Research analysts recently prepared a Report named "Mobile Wallet Market (Applications, Mode of Payment, Stakeholders and Geography) - Global Share, Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2012 - 2020". This report by AMR gives explains to you about RTLS’s future market trend, growth, forecast and makes a proper analysis of it.
Today, generation increasing using smart phone, they are ofcourse becoming Tech Savvy. Pockets are already made cash-less with credit and debit cards. So what's different about mobile wallet? Mobile Wallet is an online money transfer platform which limits the use of cards and cash next to none as you can involve in money transaction online through it. With it you can transfer money anywhere or pay your bills sitting at one place. With Consumer’s more adoption of tablets and smart phones, it is geared up for higher growth in the market.
As per Allied Market Research Analysts, Mobile Wallet market is expected to reach $5,250 billion by 2020 with a CAGR of 127.5%. Analysts projected that Mobile commerce will lead this segment till 2020. Mobile ticketing and Mobile money transfer will follow it.
Analyst claimed that Mobile payment is gradually increasing due to higher inclination of people towards smart phones. Even though, mobile payment has the potential to change the payment and shopping experience, many consumer still prefer debit and credit cards. Analyst explained this due to Security and technological infancy among consumers. They furthers estimated that high cost of investment and deployment issues are proving to be detrimental for market growth.
Experts studied that many telecommunication companies are collaborating to innovate and give a better product to consumers. This will act as a great boost for Mobile Wallet market.
This Market is segmented on basis of Application, Mode of Payment and Stakeholders. Application market includes Mobile Ticketing, Money Transfer, Mobile Commerce and others. On the other hand NFC and remote payment is two segments that make up Mode of Payment. In case of Stakeholders, market is divided as mobile payment service providers, OSS/BSS solution provider’s mobile network operators, handset manufacturers and others. OSS/BSS solution provider is estimated to have the highest growth.
In terms of Geographical location, Asia Pacific is poised to have highest growth between 2013 and 2020. As per analysts, less stringent laws in Africa has triggered growth in the area. On other hand, lack of enthusiasm from merchants in Asia Pacific region has slowed the growth which will create larger scope for future growth, as per experts.
Some key players in this market are AT&T, Sprint, Samsung, and Google, American Express, Apple Inc and First Data.