IMARC Group, a leading market research company, has recently releases report titled “Mobile Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The study provides a detailed analysis of the industry, including the global mobile commerce market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the mobile commerce market?
The global mobile commerce market size reached US$ 1,452.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12,665.8 Billion by 2032, exhibiting a growth rate (CAGR) of 26.4% during 2024-2032.
Factors Affecting the Growth of the Mobile Commerce Industry:
- Widespread Adoption of Smartphones and Mobile Internet:
The most significant driver of m-commerce is the exponential increase in the use of smartphones and improved mobile internet connectivity globally. Smartphones have become ubiquitous, providing easy and convenient access to the internet anytime, anywhere. This widespread adoption has fundamentally changed consumer shopping habits, enabling people to browse, compare, and purchase products or services on the go. Improved mobile internet speeds, including the rollout of 5G networks, further enhance the user experience, making online shopping faster and more reliable. The convenience of having a virtual store in one’s pocket encourages more consumers to engage in m-commerce, thereby fueling market growth.
- Advancements in Mobile Payment Technologies:
The evolution and integration of mobile payment technologies are pivotal in the growth of the m-commerce market. Secure and convenient payment solutions like Near Field Communication (NFC), mobile wallets (like Apple Pay, Google Wallet), and QR code payments have made transactions simpler and more secure. These technologies have increased consumer confidence in making mobile purchases, addressing concerns around payment security. The ease of completing transactions with just a few taps or swipes on a smartphone enhances the overall shopping experience, leading to greater adoption of m-commerce.
- Personalization and Enhanced User Experience:
Another critical factor driving the m-commerce market is the emphasis on personalization and enhanced user experiences. Retailers and service providers are leveraging data analytics, artificial intelligence (AI), and machine learning (ML) to personalize shopping experiences, offering product recommendations based on individual preferences, browsing history, and purchase behavior. Mobile apps and websites are being optimized for better user engagement, with intuitive interfaces, seamless navigation, and fast loading times. This focus on creating a tailored and efficient shopping experience resonates with consumers, leading to increased customer satisfaction and repeat business.
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Mobile Commerce Market Report Segmentation:
Breakup By Transaction Type:
- M-Retailing
- M-Ticketing
- M-Billing
- Others
M-retailing dominates the mobile commerce market by transaction type due to the convenience and growing consumer preference for shopping through mobile devices, supported by the widespread availability of diverse retail apps and mobile-optimized websites.
Breakup By Payment Mode:
- Near Field Communication (NFC)
- Premium SMS
- Wireless Application Protocol (WAP)
- Others
Near Field Communication (NFC) leads the market by payment mode, favored for its security and speed in facilitating contactless payments, a feature increasingly integrated into smartphones and point-of-sale systems.
Breakup By Type of User:
- Smart Device Users
- Feature Phone Users
Smart device users constitute the largest market by type of user in mobile commerce, as smartphones and tablets have become the primary means for accessing the internet and conducting online transactions for a vast majority of consumers.
Breakup By Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
The Asia Pacific region is the largest market for mobile commerce, driven by the high adoption of smartphones, increasing internet penetration, and the presence of major e-commerce platforms in densely populated countries like China and India.
Global Mobile Commerce Market Trends:
The increasing use of smartphones and tablets for online shopping represents one of the key factors driving the growth of the mobile commerce market across the globe. This is propelled by the widespread adoption of mobile devices and enhanced internet connectivity which is accompanied by a growing consumer preference for the convenience and immediacy of mobile transactions, thus boosting the market growth.
The market is also driven by the rising integration of advanced payment technologies, such as Near Field Communication (NFC) and mobile wallets, offering secure, quick, and contactless payment options. The market is also witnessing a surge in personalized shopping experiences through mobile apps, using AI and machine learning to provide tailored recommendations and customer-centric services. Social commerce is gaining momentum, with social media platforms becoming significant channels for direct sales and customer engagement. In addition to this, the expansion of mobile commerce in emerging economies is notable, driven by increasing mobile penetration and a burgeoning digital consumer base.
Browse the full report with TOC and List of Figures: https://www.imarcgroup.com/mobile-commerce-market
Leading Companies Operating in the Global Mobile Commerce Industry:
- 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, an
- Visa Inc
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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