M-Commerce Revolutionizes Retailing and Payments: Near-Field Communication (NFC) and Digital Wallets Propel Market to Unprecedented Growth
Saturday, November 11, 2023
DUBLIN, Nov. 3, 2023 /PRNewswire/ -- The "Mobile Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
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The global mobile commerce (m-commerce) market, with a size of US$ 1109.1 billion in 2022, is poised for extraordinary growth, with a projected market value of US$ 5,867.1 billion by 2028. This phenomenal expansion is expected to be driven by an impressive Compound Annual Growth Rate (CAGR) of 31% during the forecast period of 2023-2028.
The Mobile Commerce Revolution
Mobile commerce, or m-commerce, is a subset of e-commerce that harnesses the power of wireless handheld devices to conduct commercial transactions online. It encompasses mobile banking, in-app purchases, virtual marketplace apps (e.g., Amazon mobile app), and digital wallets like Google Pay, Apple Pay, and Samsung Pay. M-commerce leverages wireless devices such as cellphones, smartphones, smartwatches, and tablets to facilitate the exchange of money, often through point-of-sale (POS) terminals using near-field communications or the internet.
The surge in the adoption of wireless handheld devices, offering enhanced security, convenience, and internet access, has empowered tech-savvy consumers to make mobile-based payments through digital wallets and online payment gateways. These methods enable contactless payments, eliminating the need for card swiping and manual entry, reducing human error, and streamlining the checkout experience.
Enhanced security features in mobile and wearable devices, including biometric authentication like fingerprint and facial recognition, have made mobile payments more secure. Collaborations between service providers and mobile operators are expanding advanced payment solutions. Additionally, governments worldwide are promoting digital payment methods, further fueling market growth. The rise of bring-your-own-device (BYOD) and increased broadband connectivity are also contributing factors.
Key Market Segmentation
The market is segmented based on transaction type, payment mode, and type of user:
By Transaction Type:
-- M-Retailing
-- M-Ticketing
-- M-Billing
-- Others
By Payment Mode:
-- Near Field Communication (NFC)
-- Premium SMS
-- Wireless Application Protocol (WAP)
-- Others
By Type of User:
-- Smart Device Users
-- Feature Phone Users
By Region:
-- North America
-- Asia Pacific
-- Europe
-- Latin America
-- Middle East and Africa
Competitive Landscape
Key players in the global mobile commerce market include Amazon.com Inc., Apple Inc., ASOS.com Limited, eBay Inc., Ericsson Inc., Gemalto (Thales Goup), Google LLC, International Business Machines (IBM) Corporation, Mastercard Inc., mopay Inc., Netflix, Inc., PayPal Holdings, Inc., SAP ERP, and Visa Inc.
Key Questions Answered in This Report
1. How large was the global mobile commerce market in 2022?
2. What is the projected growth rate of the global mobile commerce market
for 2023-2028?
3. What are the primary drivers of the global mobile commerce market?
4. What impact has COVID-19 had on the global mobile commerce market?
5. What is the breakdown of the global mobile commerce market by transaction
type?
6. What is the breakdown of the global mobile commerce market by payment
mode?
7. What is the breakdown of the global mobile commerce market by type of
user?
8. Which regions are key players in the global mobile commerce market?
For more information about this report visit https://www.researchandmarkets.com/r/saezhi
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