Mobile Payments Market Size to grow by USD 143852.4 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Mobile Payments Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio's market research, the global mobile payments market is classified as a segment of the broader global specialized consumer services market. This market encompasses the revenue generated by consumer service providers, which includes residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's analysis of the global specialized consumer services market is based on the revenue generated by various specialized providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. - The Mobile Payments Market is experiencing significant growth, fueled by the Rising number of online transactions. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Rising number of online transactions
  • Rising deployment in emerging economies
  • Privacy and security concerns
  • Lack of awareness
• Growth Projections

The market size is estimated to grow by USD 143852.4 million, at a CAGR of 28.22% during the forecast period. The shift towards mobile commerce has gained significant traction, with an increasing number of online transactions taking place via mobile apps rather than websites. This trend is primarily driven by the widespread adoption of smart devices and the convenience they offer. In developing countries like India, mobile payments have experienced exponential growth as consumers and businesses have embraced digital transactions during the pandemic. However, for e-commerce providers in such markets, transitioning to app-only services could be a risky move, as challenges with Internet connectivity persist in many regions, limiting customers' ability to make online purchases. For instance, in countries like Indonesia and Thailand, ensuring seamless connectivity and reliable mobile networks is crucial for the success of app-based business models.

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• Regional Insights

The APAC mobile payments market is poised for significant expansion during the forecast period, driven by the region's high growth potential. Factors such as rapid urbanization and increasing Internet penetration are fueling market growth. The adoption of various mobile payment methods, including semi-closed wallets like Airtel Money and PayU, is propelling market expansion. These wallets, which are linked to bank accounts and facilitate transactions via payment gateways, are gaining popularity in APAC at an unprecedented rate. The region's rapid adoption of payment gateway technology is a key driver of market growth, surpassing that of other regions.

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