According to the recent report by IMARC Group, titled “Mobile Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global mobile commerce market size reached US$ 628 Billion in 2020. Mobile commerce, or m-commerce, is a type of e-commerce that includes online commercial transactions conducted through wireless handheld devices, such as tablets and smartphones. It offers in-app purchases of products, bill payments, mobile banking, virtual marketplace apps, and digital wallets, like Apple Pay, Google Pay, Venmo, and Paytm. The money exchange in m-commerce is authorized, initiated, and confirmed by point-of-sale (POS) terminals. These terminals process payments by using the internet or nearfield communications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Mobile Commerce Market Trends:
The global mobile commerce market is primarily being driven by the rapid rise in the number of mobile and internet users. This is further catalyzed by the increasing development of mobile applications for several activities, such as bill payments and fund transfer. Moreover, m-commerce merchants have been incorporating their platforms with several fraud-prevention tools, such as card verification value (CVV), address verification service (AVS), fraud scoring and authentication checks. This, coupled with the onset of coronavirus disease (COVID-19) pandemic that prompted governments of several countries to undertake initiatives to promote digital or cashless payment methods, is creating a positive outlook for the market further. Looking forward, IMARC Group expects the market value to reach US$ 3,804 Billion by 2026, growing at a CAGR of 34% during 2021-2026.
- On the basis of the transaction type, the market has been divided into m-retailing, m-ticketing, m-billing, and others. Amongst these, m-retailing is the most popular transaction type.
- Based on the payment method, the market has been segmented into near field communication (NFC), premium SMS, wireless application protocol (WAP), and others.
- Based on the user, the market has been bifurcated into smart device and feature phone users.
- On the geographical front, the market is segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Currently, North America holds the leading position in the market.
- The competitive landscape of the industry has also been examined, with some of the key players being 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.
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