Mobile Payments Market 2023-2027: A Descriptive Analysis of the Five Forces Model, Market Dynamics and Segmentation

NEW YORK, January 12, 2023 /PRNewswire/ — According to Technavio, the global market for mobile payments Size is estimated to grow $75,412.89 million from 2022 to 2027. The market is estimated to grow at a CAGR of 20.49% during the forecast period. In addition, the growth momentum will accelerate. APAC will account for 43% of the global market growth during the forecast period.

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Global Mobile Payments Market – Five Forces
The global mobile payments market is fragmented and the five forces analysis covers:

• bargaining power of buyers

• The threat of new entrants

• threat of rivalry

• bargaining power of suppliers

• Danger from substitutes

• On the Interpretation of Porter’s Five Forces Model – Buy report!

Global Mobile Payments Market – Customer Landscape

The report covers the adoption life cycle of the market, from the innovator phase to the laggard phase. It focuses on adoption rates in different regions based on penetration. Additionally, the report also includes key buying criteria and price sensitivity drivers to help companies evaluate and develop their growth strategies.

Global Mobile Payments Market – Segmentation Assessment

Segment overview
Technavio has segmented the market by type (money transfers, goods purchases, bill payments, etc.) and location (remote payment and proximity payment).

• the remote payment segment will contribute significantly to the growth of the global market during the forecast period. The advent of mobile payment gateways has simplified the process of paying bills. Several retail stores have POS terminals for transactions. In addition, the mobile payment options based on NFC (Near Field Communication) are very secure. Such advantages will propel the growth of this segment over the forecast period.

Geography overview
Based on geography, the global mobile payments market is in APAC, Europe, North America, South Americaand middle East and Africa. The report offers actionable insights and estimates each region’s contribution to the growth of the global Mobile Payments Market.

The story goes on

• APAC Estimated to account for 43% of the global market growth during the forecast period. Rapid urbanization and increasing penetration of internet services are driving the growth of the regional market. The market is also being propelled by the increasing acceptance of various mobile payment methods such as wallets and payment gateways. Governments of various countries in the region are taking initiatives to promote mobile payments. For example the government of India Measures taken to promote mobile payments. Due to these factors, the regional market is set to grow significantly over the forecast period.

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Global mobile payments market – market dynamics

key factor in market growth

• the increasing number of online transactions drives market growth.

• Online payments are simple, fast and convenient compared to traditional methods.

• Devices such as smartphones enable consumers to conduct online transactions anytime, anywhere.

• Digital wallets are growing in popularity due to features like easy registration and login, robust payment processing capabilities for merchants and consumers, and easy-to-use dashboards.

• In addition, many retailers are implementing platforms that facilitate mobile payments, such as B. NFC POS terminals.

Leading trends affecting the market

• the growing emergence of mobile apps for shopping transactions is an important trend in the market.

• Online shopping transactions on mobile apps have increased compared to those on websites due to the rising market share of smart devices. As a result, providers are moving from websites to app-only services.

• Mobile payments in countries such as India have grown significantly in recent years as many consumers and businesses have adopted mobile payments during the COVID-19 pandemic.

• Such factors will increase the usage of online transactions, which will support the market growth over the forecast period.

Major challenges are hampering market growth

• Privacy and Security Concerns challenge market growth.

• Privacy issues can result in the disclosure of sensitive information such as addresses, credit card information, passwords, and other identifying information.

• In addition, many companies collect big data through cookies and other methods to provide targeted advertising.

• These factors could pose risk for the consumers which will hamper the potential growth of the market over the forecast period.

Drivers, trends and challenges impact the market dynamics which can have an impact
Company. Find some insights from a sample report!

What Key Dates is Covered in This Mobile Payments Market Report?

• CAGR of the market during the forecast period

• Detailed information on factors that will propel Mobile Payments Market growth between 2023 and 2027

• Precisely estimate the size of the mobile payments market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Mobile Payments Market Growth in APAC, Europe, North America, South Americaand middle East and Africa

• A thorough analysis of the competitive landscape of the market and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of the Mobile Payments market vendors

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Table of contents

1. Summary

2 market landscape

3 market size

4 Historical market size

5 Five Forces Analysis

6 Market Segmentation by Location

7 Market Segmentation by Type

8 customer landscape

9 Geographical Landscape

10 drivers, challenges and trends

11 provider landscape

12 Vendor Analysis

13 Appendix

about us

Technavio is a leading global technology research and consulting firm. Her research and analysis focuses on trends in emerging markets and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies and spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s extensive reporting, extensive research and actionable market insights to identify opportunities in existing and potential markets and to assess their competitive position in changing market scenarios.

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