Skip to main content

Mobile Payments Market to Reach $2 Trillion by 2017

Mobile payments, performed via a device such as a smartphone, is clearly a fast growing sector of the global communications and retail-related marketplace.

In the next two years many more consumers worldwide will be engaging in making mobile payments, according to the latest comprehensive market study by Portio Research.

At the end of 2012, there were 480 million mobile payment users worldwide -- this number is expected to cross the 1 billion users mark by the end of 2015.

Moreover, the figure is expected to continue increasing -- eventually reaching nearly 1.5 billion users by the end of 2017.

Mobile payment volumes -- that's the total value of goods and services and utility bill payments made through mobile devices annually -- reached $81.3 billion worldwide in 2011.

The growth rate enjoyed an increase of 148 percent over the course of 2012 -- to reach an estimated $202 billion.

Worldwide, the market is set to grow to reach $410 billion this year, in 2013, and then volumes are expected to grow at an impressive CAGR of 59 percent until 2017 -- breaching the $1 trillion mark by end of 2015, and the $2 trillion mark by the end of 2017.

Just imagine, that’s 1.5 billion consumers making $2 Trillion in mobile payments within 5 years time.

Near Field Communications (NFC) is also growing as more service providers adopt the technology.

167 million NFC-enabled handsets will ship in 2013. In 2017, there will be 1.67 billion NFC-enabled handsets in use around the world.

By 2017, almost 20 percent of worldwide mobile payments will be transacted using NFC technology. NFC payments will surpass $391 billion in volume in 2017.

There were 516 million people banking by mobile device at the end of 2012. That number will pass 1 billion in 2014, and go on to pass 1.5 billion in 2016.

International mobile remittance is another growing segment of the mobile commerce space. Worth almost $25 billion in 2012, the value of this market will surpass $50 billion in 2016, and $70 billion in 2017.

Popular posts from this blog

Hybrid Work: How to Enhance Employee Productivity

When you hire qualified talent for a key role and trust them to perform, you'll likely achieve the best outcome. Skilled and experienced people will deliver results, regardless of the challenges. That's a key lesson learned from the pandemic experience as most knowledge workers were asked to work from their homes. However, some resist returning to an open-plan office. It's unacceptable. Meanwhile, forward-thinking leaders decided a "return to normal" is undesirable, and in hindsight, everyone should aspire to be more accomodating than before. Therefore, location flexibility is okay. Hybrid Workforce Market Development How will people adapt to these changes? They'll apply the modern IT tools at their disposal. They'll learn new skills and thrive. Nearly 80 percent of employees are now successfully using online collaboration tools for work in 2021 -- that's up from just over half of workers in 2019, according to the latest market study by Gartner. This g

Mobility-as-a-Service Creates Disruptive Travel Options

Building on significant advances in big data, analytics, and the Internet of Things (IoT), more innovative transit service offerings aim to increase public transport ridership and reduce emissions or congestion within metropolitan areas. By providing these services through smartphone apps, the transit services also significantly increase user convenience, providing information on different human mobility offerings -- including public transport, ridesharing, and autonomous vehicles. Mobility-as-a-Service Market Development According to the latest market study by Juniper Research, Mobility-as-a-Service (MaaS) subscribers will generate $53 billion in revenue for MaaS platform providers by 2027 -- that's rising from $5.3 billion in 2021. Let's start with a basic definition. MaaS is the provision of multi-modal end-to-end travel services through single platforms, by which users can determine an optimal route and price. The study identified a monthly subscription model as key to incr

Upside for New 5G Network Transport Infrastructure

The global mobile communication sector is in the midst of a significant network infrastructure upgrade to support the introduction of new high-bandwidth and low-latency broadband service offerings.  Telecom service provider data centers have an important role in fifth-generation (5G) network deployments. Providers undergoing their transition to Stand-Alone (SA) 5G must understand the technical demands of telco data centers and the key enablers of those offerings. According to the latest worldwide market study by ABI Research, the major prerequisites of 5G and the emerging transport solutions would help operators position themselves to successfully capitalize on the new revenue opportunities from delivering differentiated 5G connectivity services. 5G Transport Network Market Development "The rise of the telco data center has a high degree of confluence with the requirements of SA 5G architectures. SA 5G and its increasing reliance on telco data centers can be attributed to the incr