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Transparency Market Research: Global Mobile Wallet Market to Reach $1,602.4 Billion in 2018 [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) A recently published study by Transparency Market Research - 'Mobile Wallet Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018' - offers an in-depth analysis of the this market. In its release, the company said this research report projects that the global market of mobile wallet will reach a value of $1,602.4 billion by 2018, with a CAGR of 30.7 percent during the forecast period of 2012 to 2018. The global mobile wallet market gets a boost from the increasing smartphone penetration, increasing mobile data usage, and government- led initiatives. The convenient and environment-friendly nature of mobile wallet industry also propels the market. The global market for mobile wallet is segmented based on the industry participants, components, consumer type, functionality, and geography. According to geography, the mobile wallet market is divided into North America, Asia-Pacific, Latin America, and EMEA (Europe, the Middle East, and Africa). The EMEA region in the global market of mobile wallet generated over 40 percent of the revenue in 2011. This can be attributed to the dense population in Africa along with the widespread public acceptance of mobile wallets in Europe. It is anticipated that EMEA region will be the largest market in the global mobile wallet industry by the end of 2018. A CAGR of 31.0 percent is expected in the Asia Pacific region from 2012 to 2018, which makes Asia-Pacific the fastest growing region in terms of revenue during the forecast period. Asia-Pacific is the largest contributor to the global mobile wallet market after the EMEA region. Government initiates to encourage the use of mobile wallet is accelerating in emerging markets such as Kenya and Philippines due to the larger gap that can be accomplished by joint ventures between government, telecom companies, and financial institutions. Smartphone penetration in developed economies such as North America exceeds 50 percent. This trend is increasing rapidly in developing economies. In developed countries such as Western Europe and North America, the penetration of smartphones and conventional banking is comparable. But, in developing economies the penetration of smartphone is significantly higher as compared to conventional banking. The largest application of mobile wallets market is the retail sector, which was valued at $144.8 billion in 2011. Other important applications of this market are public transportation, vending machines, restaurants, and grocery stores. PayPal is the most important key player in the mobile wallets market accounting for around 50 percent of the total market share. Another important key player is Google wallet, which contributes to one third of the share retained by PayPal. Other notable key players in this industry are Amazon Payments, V.me, ISIS, and LevelUp. Even though, the global mobile wallet market is growing rapidly, security concerns are one of the major market restraints. Security problems related to financial credentials of consumers and lack of awareness of the technology inhibit the growth of this market. More information: www.transparencymarketresearch.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |