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M-commerce Payment Market Size Analysis 2022: Insights, Leading Players, Technological Advancement and Growth Opportunities by 2030

The global M-commerce payment market value was US$ 7,345.21 billion in 2020 and is forecast to reach US$ 33,153.12 billion by 2030 with a growing compound annual growth rate (CAGR) of 16.3% during the forecast period from 2021-2030.

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The term mobile commerce (m-commerce) refers to electronic sales and commerce conducted through mobile phones. It allows consumers to conveniently pay for goods & services via mobile devices and involves the buying and selling of goods and services via mobile. Mobile dominance and dependence have increased significantly. M-commerce payment applications allow consumers to conduct payments anywhere and anytime, further transforming the consumer shopping experience.

Factors Influencing Market Growth

A primary factor driving the market is the increasing adoption of M-commerce payments for online shopping and banking payments because of the reduced transaction time and convenience.

Increasing smartphone penetration, fast internet connectivity, increased consumer preference for M-commerce, and massive adoption of this payment channel by merchants are accelerating the growth of the global M-commerce payments market.

Data breaches and payment gateways that are expensive and geo-located slow down the growth of the market.

In developing economies, M-commerce payment companies have significant opportunities to expand their offerings due to factors such as the rise of the middle-class population, rapid urbanization, rising literacy levels, and the emergence of a tech-savvy young generation. A potential growth opportunity for the market will also arise from initiatives and developments related to digital payments.

A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for M-commerce Payment Market.

Impact Analysis of COVID-19

Globally, the COVID-19 pandemic significantly affected the global M-commerce payment industry, as consumers increasingly use digital and online payment methods. Due to consumers becoming familiar with the payment technology in the market, the M-commerce payments market has experienced massive growth. As a result, banks and fintech companies are offering their customers m-commerce payment options across the globe to speed up their transaction process and enhance digitalization in the market. Thus, the global health crisis has become one of the major growth factors for the global M-commerce payment market.

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Regional Insights

Asia Pacific is forecast to grow at the highest CAGR during the forecast period. Electronic payments are becoming increasingly popular in Asia-Pacific. The mobile payment market is experiencing growth in countries like India, Japan, China, and Australia.

The demonetization act in India has increased awareness of other modes of payment other than cash (which is a major medium of transaction across Asia-Pacific).

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

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Leading Competitors

The leading prominent companies profiled in the global M-commerce payment market are:

ACI Worldwide, Inc.

Alphabet Inc. (Google)

Apple Inc.

FIS

Fiserv, Inc.

Ingenico

Mastercard

PayPal Holdings, Inc.

Square, Inc.

Visa, Inc.

Other Prominent Players

Scope of the Report

The global M-commerce payment market segmentation focuses on Payment Method, Transaction Type, End-User, and Region.

Segmentation based on Payment Method

Mobile Web Payments

Near-field Communication

SMS/Direct Carrier Billing

Others

Segmentation based on Transaction Type

M-retailing

M-ticketing

M-billing

Others

Segmentation based on End-User

Banking Financial Services and Insurance (BFSI)

IT and Telecommunication

Retail

Healthcare

Government

Media and Entertainment

Transportation and Logistics

Other End-user Industries

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Segmentation based on Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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Updated : 2022-01-21 00:53 GMT+08:00

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