Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Mobile Wallet Market Size, Share & Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
This in-depth analysis on the burgeoning global mobile wallet market details a growth trajectory that foresees the industry reaching a whopping USD 51.53 billion by 2030 through a remarkable CAGR of 28.3% over the forecast period from 2023 to 2030. The emergence of mobile wallets as a pivotal financial tool has been underscored by the expanding user base of mobile phones and a significant rise in the number of internet subscribers worldwide, driving this steep market advancement.
Mobile Wallet Technology Evolutions
The report delineates the landscape of mobile wallet technologies with a focus on the two primary segments – remote and proximity. Owing to the accelerating adoption of Near-Field Communication (NFC) and QR code-enabled smartphones, the proximity segment claimed the largest revenue share in 2022, being set to continue its course of dominance over the forthcoming years. Meanwhile, the remote technology segment is predicted to chart the fastest growth, burgeoning at a CAGR of 28.6% reflecting the surging demand for swift and secure payment solutions alongside the rising global smartphone and internet penetration.
Sector-Specific Insights
Delving into application-based segmentation, the study sheds light on key sectors integrating mobile wallet solutions including retail & e-commerce, banking, and hospitality & transportation. The retail and e-commerce application surfaced as the leader in 2022, having accounted for a considerable revenue share, and is poised to maintain pole position through the forecast period, thanks to the sector's rapid global growth. The banking sector, also pivotal to this financial shift, is anticipated to experience the highest CAGR, as banks worldwide are increasingly pivoting towards mobile payment setups. Notably, the hospitality and transportation segments are set to show significant expansion as well, bolstered by heightened demand for contactless services amplified by sanitary considerations.
Regional Market Performances
The report identifies Asia-Pacific as the reigning champion in regional revenue share, a trend expected to sustain till 2030. This domination is attributed to changing consumer spending habits and the massive e-commerce revolution, particularly in emerging markets within the region. Tangible market events like the collaboration between Boku's M1ST platform and Netflix in Japan to introduce PayPay mobile wallet payments underscore the dynamic growth underway.