Mobile Payment Technologies Market Research Report- Forecast till 2023
The spread of smartphone use is estimated to give impetus to the mobile payment technologies market 2020. The technology reports are produced by Market Research Future, which contains market alternatives for progress. A 17% CAGR approximately in the impending period.
The devoting by non-banking institutions in the payment system is likely to transform the mobile payment technologies market in the approaching period. The progress in technologies such as cloud, artificial intelligence, IoT, and big data are predicted to guide the mobile payment technologies market size in the impending period.
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The segmental assessment of the mobile payment technologies market is segmented into deployment model, organization size, solutions, vertical, and region. The vertical based segmentation of the mobile payment technologies market consists of retail & e-commerce, BFSI, IT & telecommunication, and media & entertainment, among others. Based on the solutions, the mobile payment technologies market is segmented into in-store payments, point-of-sale (PoS) solutions, and remote payments. Furthermore, based on the PoS solutions, the market is bifurcated into sound-wave based payments, near-field communication (NFC) payments, and magnetic secure transmission (MST) payments. Based on the deployments, the global mobile payment technologies market is segmented into on premise, on-cloud, and hybrid. Based on the organization sizes, the mobile payment technologies market is divided into SMEs and large enterprises. On the regions, the mobile payment technologies market is segmented into Asia Pacific, North America, Europe, and the rest of the world.
Detailed Regional Analysis
The regional evaluation of the mobile payment technologies market is segmented into Asia Pacific, North America, Europe, and the rest of the world. The regional market of the North American region is essential in the spread of mobile payment technologies. The international spread of the mobile payment technologies market is accredited to one of the principal markets for smartphone intake after China, and the prevalence of critical players. Additionally, the developed economy, established infrastructure, growing market evolution of digital and mobile commerce, and established baking industry are some other principal factors that are backing up the dominated market of mobile payments in North America. The Asia-Pacific is the subsequent maximum revenue-generating market of mobile payment technologies and is estimated to observe the fastest evolution rate during the forecast period. The evolving digital technology, collective rate of smartphone implementation, collective adoption of online or mobile payment modes, and emerging payment infrastructure are some of the prime factors which are estimated to drive the market additionally.
The market state is attuned to the development of the contenders in the market. The presence of positive economic factors is estimated to guide the continual and fast-paced development of the market. The need to conserve and optimize the output of resources is estimated to guide the expansion of the international market in the upcoming period. The progress of the market in the future is estimated to be triggered by the investments being funneled into the market at present. The need to innovate the product offerings of individual contributors is predicted to give leverage to boost the overall income power of the market. The simplification of the market processes is estimated to create further situations that lead to an increase in the growth momentum of the market. The employment of analytical tools is estimated to spur the enhancement of the products being distributed at a global scale in the market, to meet the specific requirements of the user demographic in a particular region.
The considerable contenders in the mobile payment technologies market are Worldpay, Paytm, Wirecard, Novatti, ACI Worldwide, Global Payments, BlueSnap, PayU, Dwolla, Stripe, Google, PayPal, Fiserv, First Data, Six Payment Services, and Paysafe among others.
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Mobile Payment Technologies Market, By Vertical (Entertainment, BFSI, Retail, Media, E-commerce), By Solution (QR Code, POS, NFC, Mobile Wallet, Mobile Banking, Internet Payment), By Deployment (Hybrid, On-Cloud) – Global Forecast till 2023