Mobile Wallet Market Size, Share And Growth Analysis

The Mobile Wallet Global Market Report 2023 by The Business Research Company, provides mobile wallet market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Mobile Wallet Global Market Report 2023, the global mobile wallet market size is expected to grow from $1,236.40 billion in 2022 to $1,605.77 billion in 2023 at a compound annual growth rate (CAGR) of 29.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global mobile wallet market size is expected to grow to $4,661.74 billion in 2027 at a CAGR of 30.5%.

The rise in smartphone penetration is driving the mobile wallet market going forward. Smartphones refer to mobile phones that can accomplish more tasks than just calling and text messaging. With the increasing number of smartphones and governments promoting digital payments and cashless payments, more people are installing mobile wallets on their phones.

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The mobile wallet market is segmented:

1) By Type: Open, Semi-Closed, Closed

2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies

3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based

4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications

Product innovation is a key trend gaining popularity in the mobile wallet market. Major companies in the market are constantly innovating and introducing new offerings to sustain their position in the market. For instance, in December 2021, Vibes, a US-based technology firm and provider of mobile wallet services, launched Mobile Wallet as a Channel, an innovative add-on to its existing mobile wallet solution. The innovation turns consumers’ mobile wallets into a persistent, dynamic, and personalized content channel to drive top-line growth and improve customer satisfaction.

The mobile wallet market report table of contents includes: