M-Commerce Revolutionizes Retailing and Payments: Near-Field Communication (NFC) and Digital Wallets Propel Market to Unprecedented Growth

News provided by

Nov 03, 2023, 17:30 ET

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.

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

How large was the global mobile commerce market in 2022?
What is the projected growth rate of the global mobile commerce market for 2023-2028?
What are the primary drivers of the global mobile commerce market?
What impact has COVID-19 had on the global mobile commerce market?
What is the breakdown of the global mobile commerce market by transaction type?
What is the breakdown of the global mobile commerce market by payment mode?
What is the breakdown of the global mobile commerce market by type of user?
Which regions are key players in the global mobile commerce market?

For more information about this report visit https://www.researchandmarkets.com/r/saezhi

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets