Mobile Payment Market Set to Reach More Than $4.5 Billion By 2023, Allied Market Research Forecasts

The mobile payment market was valued at $601 billion in 2016, and is projected to reach $4,574 billion by 2023, according to a new report published by Allied Market Research.

The report, “Mobile Payment Market by Mode of Transaction, Type of Mobile Payment, and Application: North America Opportunity Analysis and Industry Forecast, 2017-2023” forecasts a combined annual growth rate (CAGR) of 33.8 percent from 2017 to 2023. The U.S. mobile payment market generated the highest share of revenue in 2016, valued at $58.638 million Allied Market Research noted.

“The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8 percent during the forecast period," says Kalyani Sonawane, Research Analyst, ICT and Media at AMR. "Increase is penetration of smartphones, growth in m-commerce industry, and rise in adoption of mobile payment in emerging economies drive the growth of the mobile payment market,”

The SMS segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 33.5 percent. Among applications, hospitality & transportation is expected to witness highest CAGR of 34.9 percent during the forecast period.

The mobile money systems market by type of mobile payment generated the highest revenue share in 2016 and is projected to grow at a rate of 33.3 percent. Analysts project that the mobile payment market for hospitality and transportation application will witness the highest growth rate during the forecast period.

In another key finding from the report, the Asia-Pacific region generated the highest revenue in the mobile payment market in 2016.  The analysts attribute much of the region’s projected growth to three key factors: an increase in the youth population that is active on online media in India, growth in m-commerce, and introduction of innovative solutions by the key players in the region.

Additionally, the mobile payment market in the Latin America Middle East and Africa (LAMEA) region is expected to grow at the CAGR of 31.4 percent during the forecast period.

(For more information visit https://www.alliedmarketresearch.com).