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 share, size, trends, 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:
Proliferation of Smartphones:
The widespread availability and affordability of smartphones worldwide have democratized access to mobile commerce. As more people own smartphones, the potential consumer base for mobile commerce expands exponentially. This trend is particularly pronounced in emerging markets where smartphone adoption is rapidly increasing. Moreover, the constant innovation in smartphone technology, such as larger screens, faster processors, and improved connectivity, enhances the overall mobile shopping experience, making it more convenient and engaging for users. Businesses capitalize on this trend by optimizing their websites and applications for mobile devices, ensuring seamless navigation and transactions, thereby driving higher conversion rates and revenue growth in the mobile commerce sector.
Advancement of Mobile Payment Technologies:
The continuous evolution of mobile payment technologies, including Near Field Communication (NFC), biometric authentication, and QR code scanning, plays a pivotal role in driving the growth of mobile commerce. These technologies offer convenient, secure, and contactless payment options, addressing key concerns of consumers regarding the safety and ease of mobile transactions. NFC enables tap-to-pay functionality, allowing users to make payments by simply tapping their smartphones on compatible terminals. Biometric authentication methods, such as fingerprint or facial recognition, add an extra layer of security, reducing the risk of fraudulent transactions. QR code scanning facilitates quick and easy payments, especially in environments where traditional card readers are not available. Overall, the advancement of these mobile payment technologies fosters trust and confidence among consumers, accelerating the adoption of mobile commerce globally.
Rising Trend of Digital Wallets and Mobile Banking Services:
The rising popularity of digital wallets and mobile banking services is reshaping the landscape of mobile commerce by offering users convenient and secure ways to store payment information and conduct transactions on their smartphones. Digital wallets, such as Apple Pay, Google Pay, and PayPal, allow users to store their credit or debit card details, loyalty cards, and coupons in one secure platform, streamlining the checkout process and reducing friction in mobile transactions. Similarly, mobile banking apps provided by traditional banks and fintech companies enable users to manage their finances, transfer money, and make payments directly from their smartphones, eliminating the need for physical bank visits or ATM withdrawals. As consumers increasingly embrace these digital payment solutions for their convenience and flexibility, the adoption of mobile commerce is expected to continue its upward trajectory, driving further innovation and competition in the market.
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Mobile Commerce Market Report Segmentation:
Breakup By Transaction Type:
- M-Retailing
- M-Ticketing
- M-Billing
- Others
M-retailing represented the largest segment due to the increasing prevalence of online retail platforms optimized for mobile devices and the growing consumer preference for convenient shopping experiences on smartphones or tablets.
Breakup By Payment Mode:
- Near Field Communication (NFC)
- Premium SMS
- Wireless Application Protocol (WAP)
- Others
Near field communication (NFC) represented the largest segment owing to its widespread adoption in contactless payment systems, which offer users a convenient and secure way to make transactions using their mobile devices.
Breakup By Type of User:
- Smart Device Users
- Feature Phone Users
Smart device users represented the largest segment as a result of the global proliferation of smartphones and tablets, which have become essential tools for communication, information access, and increasingly, for conducting transactions and shopping online.
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)
Asia Pacific was the largest market due to factors such as the region's large population, rapid economic growth, increasing internet penetration, and widespread adoption of smartphones, all of which have fueled the expansion of mobile commerce in this region.
Global Mobile Commerce Market Trends:
The global mobile commerce devices market is driven by several key factors shaping its trajectory, such as the proliferation of smartphones worldwide acts as a foundational driver, with increasing accessibility and affordability of these devices empowering more users to engage in mobile commerce. In line with this, the advancement of mobile payment technologies, including near field communication (NFC), biometric authentication, and quick response code (QR) code scanning, fuels convenience and security, thereby boosting consumer confidence in mobile transactions. Furthermore, the rising trend of digital wallets and mobile banking services provides users with seamless and integrated payment experiences, further driving the adoption of mobile commerce.
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
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