Skip to main content

Mobile Commerce Upside will Reach $3.2 Trillion

The value of mobile commerce transactions conducted via mobile handsets and tablets will exceed $3.2 trillion by 2017, that's up from $1.5 trillion this year -- according to the latest market study by Juniper Research.

The increasing popularity of mobile devices for bill payment is reflected in the fact that the mobile banking sector accounts for the lion’s share of transaction values over the next five years.

However, to put global mCommerce into context, total financial transactions in the U.S. market alone exceeded $4,400 trillion in 2012.


Key Industry Sectors Embrace Mobile

The study findings observed that a number of key industries -- retail, airline, financial institutions -- were emphasizing the importance of the mobile channel as an engagement, delivery and payment mechanism.

Juniper cited the activities of Visa and MasterCard with regards to NFC certification and the airline industry’s wider eTicketing initiative as key developments in this regard.

Furthermore, they observed that the introduction of mobile wallet services was providing first time financial access in many emerging markets where the proportion of un-banked adults exceeded 50 percent.

In the same markets, partnerships between OTT storefronts and network operators – enabling payment via carrier billing – were enabling greater access to the digital economy.

The Hurdles to Adoption

However, Juniper noted that a number of hurdles still needed to be overcome if mCommerce were to achieve its potential in the coming years.

"A significant minority of retailers have yet to optimize their sites for mobile. Unless retailers ensure a seamless, user-friendly mobile shopping experience, they will fall behind competitors who are already using mobile channels to enhance customer relationships," said Dr Windsor Holden, research director at Juniper Research.

Juniper's study findings also pointed out that lengthy POS (Point Of Sale) infrastructure replacement lifecycles were hampering NFC deployments in both the retail and transport sectors, with players understandably reluctant to upgrade infrastructure without a demonstrable return on investment.

Popular posts from this blog

Industrial and Manufacturing Technology Growth

In an evolving era of rapid advancement, market demand for innovative technology in the industrial and manufacturing sectors is skyrocketing. Leaders are recognizing the immense potential of digital transformation and are driving initiatives to integrate technologies into their business operations.  These initiatives aim to enhance efficiency, reduce costs, and ultimately drive growth and competitiveness in an increasingly digital business upward trajectory. The industrial and manufacturing sectors have been the backbone of the Global Networked Economy, contributing $16 trillion in value in 2021. Industrial and Manufacturing Tech Market Development   This growth represents a 20 percent increase from 2020, highlighting the resilience and adaptability of these sectors in the face of unprecedented challenges, according to the latest worldwide market study by ABI Research . The five largest manufacturing verticals -- automotive, computer and electronic, primary metal, food, and machinery -

Rise of AI-Enabled Smart Traffic Management

The demand for smart traffic management systems has grown due to rising urban populations and increasing vehicle ownership. With more people and cars concentrated in cities, problems like traffic congestion, air pollution, and greenhouse gas emissions are pressing issues. Since the early 2000s, government leaders have been exploring ways to leverage advances in IoT connectivity, sensors, artificial intelligence (AI), and data analytics to address these transportation challenges. The concept of a Smart City emerged in the 2010s, with smart mobility and intelligent traffic management as key components.  Smart Traffic Management Market Development Concerns about continued climate change, as well as cost savings from improved traffic flow, have further motivated local government investment in these advanced systems. According to the latest worldwide market study by Juniper Research, they found that by 2028, smart traffic management investment will be up by 75 percent from a 2023 figure of

How GenAI is Transforming the Role of CIO

The introduction of Artificial intelligence (AI), and the emergence of Generative AI  (GenAI), are now resulting in two key focus areas for Chief Information Officers (CIOs) and their IT leadership team. "GenAI is not just a technology or just a business trend. It is a profound shift in how humans and machines interact," said Mary Mesaglio, VP Analyst at Gartner . "We are moving from what machines can do for us to what machines can be for us." AI platforms are evolving rapidly from being our tools to becoming our teammates. Gartner predicts that by 2025, GenAI will be a workforce partner for 90 percent of companies worldwide. CIO Leadership Market Development CIOs have a major role in how they shape AI and how AI shapes us. According to recent Gartner surveys of CEOs, enterprise CIOs are their number one choice to unlock the value of GenAI tools. In fact, CIOs and IT executives will prioritize two areas to unleash the possibility of AI over the next 12-24 months – t