The global mobile commerce solution market is expected to witness exponential growth over the forecast period. The growth may be attributed to increasing popularity and adoption of smartphones worldwide. Increasing use of e-commerce especially in the retail sector is estimated to be the major factor driving market growth. Technological advancements resulting in a safe, secured and reliable mobile network for online transactions coupled with emerging technologies such as Wireless Application Protocol (WAP) is expected to fuel the mobile commerce solution market growth. Additionally, rising number of smartphone users owing to the flexibility offered in operating mobile commerce solutions is estimated to catapult market growth over the next few years.
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Mobile commerce (m-commerce) is defined as the buying and selling of goods and services online through wireless devices such as cellular telephone and personal digital assistants (PDAs). Mobile commerce solutions are the methods by which transactions are done online which may include payment gateways, return policies and other transactional operations. Several benefits offered by mobile commerce such as easy and fast transactions, instant online generated receipts, secure payment methods, cost-efficient and time saving are anticipated to favorably impact the mobile commerce solution market growth. Increasing number of new applications, services, and vendors as solutions to optimize mobile payments, banking, shopping, and integrated advertising/commerce are deployed, which is also anticipated to propel the mobile commerce solution demand over the coming years.
Introduction of product identification technologies such as Quick Response code generates new avenues for improved and integrated mobile commerce solutions. Surging demand for communication technologies such as Near Field Communication (NFC) provides a secure payment platform along with next generation technologies such as digital money and Bitcoin, which is expected to transform the mobile payment platform. The global mobile commerce solution market is expected to gain prominence over the next few years owing to the aforementioned market drivers.
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Enhanced security and scalability offered by the mobile commerce solution may fuel market growth significantly. In addition, surging demand for several open source platform and the SaaS technology are few other factors that are expected to impel the mobile commerce solution market demand. Rising consumer disposable income resulting in increasing penetration of cellular devices may led to growing adoption of mobile commerce for shopping, in-app purchases, and contactless payment, which is also expected to contribute significantly to market growth over the coming years.
Key participants in the global mobile commerce solutions market include Volusion, Vaimo, Skava, Netsity Systems (P) Ltd., Netbiscuits, Moovweb, Mobify, MobiFin, Merkle 5th Finger, Mad Mobile, Kony, July Systems, Ericsson, CBES, Branding Brand and Usablenet. Businesses of all kinds are increasingly adopting mobile commerce solutions and going online in order to improve commercial transactions and expand the business. Financial services, telecommunications, service/retail and information services are some of the major mobile commerce prone industries.
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