The vast spread of mobile devices is estimated to provide increased traction to the mobile money market 2020. The information and communication technology industry reports are put forth by Market Research Future, which focuses on market options for growth. The creation of income worth USD 99 billion while growing with a 31% CAGR in the forecast period.
The efficiency required for money exchange is acknowledged as one of the prominent factors that may spur the mobile money market. The availability of simplified digital financial solutions is estimated to enhance the mobile money market share notably in the approaching period.
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The segmental assessment of the mobile money market is carried out on the basis of transaction mode, financial service, region, nature of payment, and vertical. On the basis of the nature of payment, the market for mobile money is segmented into P2B, P2P, B2P, and B2B. On the basis of industry vertical, the money market is segmented into media & entertainment, BFSI, travel & hospitality, retail, web services, and healthcare among others. Based on the transaction mode, the market for mobile money comprises of smart card/NFC, mobile applications, mobile banking, SMS, and others. On the basis of financial service, the market for mobile money comprises of mobile savings, mobile insurance, mobile money, and mobile credit. On the basis of regions, the mobile money market consists of the Americas, Europe, Asia-Pacific, and other global regions.
Detailed Regional Analysis
The regional insight into the mobile money market includes regions such as Europe, Asia-Pacific, the Americas, and the other global regions. The Asia Pacific region is estimated to control the highest market portion between the regions studied due to the incidence of principal market companies in the region who are furthering its lead in the mobile money market. The growing ownership of smartphones and developing approval of e-commerce are the motivating factors for the mobile money market in the APAC region. The nations of China and India are chief contributors to the development of the mobile money market in the region. Furthermore, new government regulations are expected to be the main reason for the development of the mobile money market. The North American region is also playing a major role in the mobile money market owing to the elevated intake of smartphones and the need for convenience in payment gateways especially. Moreover, technical advances are also driving Mobile Money Industry in the North American region. The European region is also among the regions controlling the future of the mobile money market. The fresh technology advances and elevated level of financial presence among the people in the European region are motivating the development of the mobile money market in the European region.
The production of better raw material sources is predicted to improve sales and overall consumer satisfaction in the market. The foreknowledge of market shareholders is anticipated to improve upon the growth indicators for the market. The market is expected to draw in the current developments in the market. The augmentation in production prospective is estimated to generate an upgraded product range in the global market. The admission to the distinguished target markets is projected to enable the market competitors to advance the impulse essential for victory in the estimated period. The contenders in the market are also assisting the development of the global market but investing in the enhancement of products. The government policies are expected to create an atmosphere of fruitful progress in the forecast period. The appropriate understanding of consumer needs is expected to allow the market players to harness market demands effectively.
The distinguished contenders in the mobile money market are Alipay (China), Google pay (US), WeChat Pay (China), PayPal (US), Vodafone Group PLC (US), Samsung Pay (South Korea), Amazon Pay (US), Chase Pay (US), Apple Pay (US), MasterCard (US) among others are the leading players in Mobile Money market.
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