Global Proximity Mobile Payment Market: Overview
Proximity mobile payment is payment carried out via wireless methods through smartphones or other mobile devices. Proximity mobile payment can be conducted in various ways and has become a standard in numerous sectors due to the convenience it provides to customers as well as proprietors in carrying out cashless transactions smoothly and quickly. Proximity mobile payment technology requires extensive installation of accompanying infrastructure, making it too expensive for a number of enterprises. However, the steady rise in the adoption of proximity mobile payment systems in developed countries could hasten the growth of the global proximity mobile payment systems market in the coming years.
According to Transparency Market Research, the global proximity mobile payment market was valued at close to US$58 bn in 2017. Exhibiting a stunning 48% CAGR between 2017 and 2022, the market is expected to rise to more than US$411 bn by 2022.
The report provides a complete cross-sectional analysis of the global proximity mobile payment market. The numerous application and end use segments of the global proximity mobile payment market are analyzed in detail in the report, while the various types of proximity mobile payment technologies in the market are also described in the report. The performance of the proximity mobile payment market in various regions is described in the report in order to provide a picture of the global market’s regional dynamics.
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Global Proximity Mobile Payment Market: Dynamics
The report analyzes the major drivers affecting the performance of the global proximity mobile payment market. The effect of major factors driving the demand for proximity mobile payment solutions is discussed in detail in the report, which also provides a clear picture of the most important restraints affecting the market. The mechanism through which these influential factors affect the global proximity mobile payment market is discussed in detail in the report. Economic and regulatory factors affecting the dynamics between the proximity mobile payment market’s drivers and restraints are also elaborated in the report.
Key drivers for the global proximity mobile payment market include the rising adoption of smartphones among various user demographics, rising preference among customers for mobile payment technology, and the increasing ease of making widespread installation of the technological infrastructure required for advanced systems such as proximity mobile payment.
Global Proximity Mobile Payment Market: Segmentation
By mode of payment, the global proximity mobile payment market is bifurcated into near field communication and barcode. Of these, near field communication, valued at US$43.6 bn in 2017, is likely to remain the dominant contributor to the global proximity mobile payment market in the coming years. Near field communication accounted for 75.3% of the global proximity mobile payment market in 2017 and is likely to become even more important to the market by 2022, when it is expected to account for 87.7% of the global market. The near field communication segment is likely to reach a value of US$360.9 bn by 2022 at a whopping 52.6% CAGR between 2017 and 2022.
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Geographically, North America is expected to remain the dominant contributor to the global proximity mobile payment market in the coming years. The North America proximity mobile payment market was valued at US$13 bn in 2017 and is expected to rise to more than US$98 bn by 2022 at a robust 49.8% CAGR therein.
Global Proximity Mobile Payment Market: Competitive Dynamics
Leading players in the global proximity mobile payment market include Samsung Electronics Co. Ltd., Visa Inc., Apple Inc., Alphabet Inc., Square Inc., ACI Worldwide Inc., PayPal Holdings Inc., Starbucks Corporation, Mastercard Incorporated, and CVS Health Group.
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