Europe and North America are Accounted for the Majority of Mobile Money Market Share

2024-11-08 02:51:00 News & Society

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The demand for mobile money is steadily gaining momentum in the global market as a response to the rapid development of the telecommunications sector and the need for anytime banking, especially in remote locations. Furthermore, the advent and penetration of 2G, 3G, and 4G networks has bolstered the opportunities for the mobile money or mobile payment market to flourish. Presently, Europe and North America accounted for the majority of the market share.

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North America and Europe are expected to contribute the highest revenue shares to the global mobile money market, helping the industry achieve an annual growth rate of more than 70% over the forecast period. The report also projects that emerging economies across BRIC nations are expected to contribute to the market significantly in the forthcoming years.

The research report delivers a definitive business overview and investigates the factors impacting the mobile money or mobile payment market. It encompasses growth forecasts, demand and supply trends affecting the industry, market drivers, and growth inhibitors of the mobile payment or mobile money market. Additionally, the report also highlights the significant market developments and the upcoming technological advancements. The report provides qualitative and quantitative analysis based on the information sourced. It also uses analytical tools such as Porter?s Five Force models and SWOT analysis to determine the future bargaining power of buyers, suppliers and consumers.

Overview of the global mobile money market

The global mobile money market registered tremendous growth over the last decade. The market capitalized on the benefits of advanced technologies, new age operating systems, and value-added applications in mobile phones which are rooted in the flourishing electronics and telecommunications sectors. The market is mainly driven by the verity that internet connectivity has been able to penetrate in regions that cannot afford brick and mortar banking branches. All these factors have created opportunities not only for leading mobile manufacturers, but also for mobile application developers, telecommunication, service providers, and other stakeholders.

Growing reliance on mobile phones and network connectivity for shopping, purchasing e-tickets to movies, bill payments, and other similar activities is expected to drive the market. Moreover, transacting through mobile money provides an affordable and easily-accessible method for making payments, which is expected to progressively impact the mobile money market during the forecast period.

However, security concerns with regards to online transactions might prove to be a growth inhibitor for the industry. Nevertheless, the report finds that cell phone service providers and financial institutions will benefit from the trend of mobile money to extend their services and expand customer base.

The report has segmented the global money market into consumer goods and retail, telecommunications, media and entertainment, banking and financial services, and hospitality in terms of mobile money applications. On the basis of various modes of transaction, the global market for mobile money is segregated into smartcards or near field communication (NFC) systems, SMS, mobile web or wireless application protocol (WAP), direct mobile billing, unstructured supplementary service data (USSD), and system tool kit (STK).

Companies mentioned in the research report

Sybase
PayPal
Google
Vesta
Cornviva
Xius
Utiba
Yellow Pepper
Luup
Obopay

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