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M Commerce Market is forecast to reach $425 billion by 2025, after growing at a CAGR of 29.84% during 2020-2025. Rising penetration of smartphones and internet and adoption of smartphones for online shopping, as well as banking payments, is set to drive the M-commerce market. Increasing demand for various mobile payment systems such as Apple pay, PayPal one-touch, Visa Checkout, Amazon Pay and technological advancements in augmented reality (AR) made in the wireless handheld devices gives the benefit of great computing power and this will further enhance the overall market demand for Mobile Commerce during the forecast period.The report covers M Commerce Market size by type and Payment mode, M Commerce Market share by top 5 companies and also the market share by start-ups during the forecast period.
Type of Technoogy – Segment Analysis
NFC technology is estimated to grow at a CAGR of over 17.56% during the forecast period. Digital wallets using NFC for contactless card machines include Apple Pay, Samsung Pay and Google Pay and this is consequently set fuel the mobile commerce market. NFC phones can communicate with NFC-enabled card machines using close-proximity radio frequency identification. The mobile phones are not needed to touch the point of sale to transfer money, but they have to be within a few inches of the terminal. NFC involves a direct and instantaneous transfer of encrypted data to point-of-sale devices, as opposed to chip and PIN technology that takes longer to process. For instance, in London, buses and tube stations accept phone payments through NFC where users normally tap the travel card. Likewise in China, NFC is accepted as a means of payment on all public transport system. The residents and visitors of Nice (France) can use NFC to purchase anything. Adoption of NFC mode of payment for transactions is set to drive the M-commerce market.
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Transaction Type – Segment Analysis
Mobile retailing has been the primary market for M-Commerce is growing at CAGR of 14.8% in the forecast period due to emergence of mobile payment solutions such as Apple pay, PayPal one-touch, Visa Checkout, Amazon Pay, and others. There has been a growing trend for digital transactions that has paved the way for the use of mobile payment options which set to drive the M-commerce in retail sector. In 2018, PayPal has expanded its operations across approximately 200 countries. Similarly, Amazon Pay that offers cashbacks on transactions conducted through it. These kind of offers and incentives will rapidly create the demand for Mobile retailing sector thereby increasing the demand for M Commerce market. On the other hand growing customer demand for online shopping and high adoption of smartphones for online shopping is set to create opportunities for M-commerce business, thereby driving the market growth.
Geography – Segment Analysis
North America dominated the M Commerce market with a share of more than 35%, followed by Europe and APAC. High adoption of new emerging technologies in the U.S. compared to other regions is set to boost the market growth. The major players such as MasterCard, PayPal, Visa Inc, Google, and many other players are headquartered in North America region which set to drive the M-commerce market due to high funding and investments. In 2018, Amazon which has headquarters at U.S. had integrated its M-commerce business with their e-commerce business. Amazon is leaping ahead in mobile commerce as one of the first retailers to support Apple’s universal links, a move that could drive in-application conversions and potentially draw off sales from those not supporting the new capability. With universal links, searching on an iPhone and clicking on a retailer’s link by consumers will be taken directly to the relevant page in that retailer’s app if it is on the user’s phone. This could help in driving mobile conversions as the app user experience can be better than a retailer’s mobile site. Adoption of new strategies by major players for their businesses is set to create ample opportunities for M-commerce business.
Drivers – M-Commerce Market
· Rising trend for Augmented Reality
In the recent years, retailers have started implementing new technology innovations such as augmented reality (AR) in order to increase their sales. Augmented Reality has brought the tangible experience of shopping. Retailers have implemented using AR technology in order to influence on-site interactions with customers and to increase customer engagement in-store. For instance, Lego, Ikea, Converse have implemented AR technology in order to boost their retail presence and sales through enriching their customer interaction and buying experience and product boxes in retail locations. Lego had implemented AR-powered kiosks and product boxes. Customers can use the box of the Lego kit which they are considering for purchase and can see exactly how the appearance of the finished product in 3D. IKEA created an AR catalog app in order to help customers in visualizing how certain pieces of furniture would fit and look in their homes. Customers can download the app on their smartphone or tablet, and use the camera function to capture an image of a room in their home. The customer can then select different items from the IKEA catalog to see how the assembled furniture will look in their homes before they purchase. These type of trends set to drive the demand of mobile commerce market.
· Increasing smartphones and internet penetration
Increasing demand and high penetration of smartphones across the globe have led the users to focus more on mobile-based payments and transactions using mobile wallets that are anticipated to have a positive impact on market growth. According to GSMA, around 66% of the World Population have adopted smartphones as of 2019. The number of smartphone users have been increased from 1.57 billion to 2.7 billion during 2014-2019. The tremendous shift towards smartphones has made the users to use mobile phones or tablets for online transactions and payments. According to Internet World Stats, the number of internet users across the world has been increased from 2,802 million to 4,383 million during 2013-2019 due to increasing adoption of smartphones. Mobile technology has taken Internet penetration to a deeper level, which is boosting the M-commerce market by making it accessible from anywhere on the planet. This will help in enhancing the M-commerce thereby having a positive impact on the market growth.
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Challenges – M-Commerce Market
· Security is the major issue with M-Commerce
Even though smartphones are getting more and more secure over time, some people still hesitate to make transactions over mobile devices. Compared to standard PC internet connection, mobile phone networks are more prone to malicious activities. The existing technology to set up an M-commerce business is very expensive and it requires high startup costs. M-commerce is an expensive method compared to E-commerce due to the creation of the mobile apps and the need to use cellular data for the customers. Location management issues in rural areas is also one of the major challenge that is hampering the growth of the market.
Technology launches, acquisitions, partnerships and R&D activities are key strategies adopted by players in the M-Commerce market. In 2018, M Commerce Industry outlook has been consolidated by the top five players accounting for 52% of the share. M Commerce top 10 companies include Ericsson, Gemalto (Thales Group), MasterCard, PayPal, Visa Inc., Office Depot Inc., Alibaba Group Holding Ltd., Soft card and among others.
Ø In September 2019, Ericsson and MTN have extended their mobile money partnership by launching an open API platform in Ghana in order to provide entrepreneurs an opportunity to develop revenue-generating applications. With this agreement, MTN will grant access to third parties to its mobile money access programming interface (API) powered by Ericsson wallet platform, there by driving M-commerce market.
Ø In March 2019, MasterCard had acquired Ethocoa in order to reduce digital commerce fraud. Over the past few years, MasterCard has been growing in its mobile commerce with the launch of its mobile wallet Masterpass. Acquisition of fraud detection technology companies in order to expand its mobile wallet services is set to drive the market growth.
North America dominates the M-Commerce market owing to high investment from both the public and private sector, and the presence of major players set to propel M-commerce market.
The growing trend of NFC payment mode in countries such as China, Japan, France, and U.K. in payment applications majorly in public transport system is set to create opportunities for M-commerce market.
Increasing adoption of smartphones, rising internet penetration and adoption of smartphones for online digital transactions and retail shopping are poised to drive the demand of the M-commerce market.
Adoption of new technology Augmented Reality (AR) in retail sector by various companies such as IKEA, Converse and others poised to create opportunities for M-commerce market during the forecast period.
A. Augmented Reality & Virtual Reality Market
B. Commerce Artificial Intelligence Market
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