The global m-commerce market was valued at over $291 billion in 2015 and is expected to surpass $980 billion by 2020, says Technavio.
Technavio has announced its latest market research report on global m-commerce market to its media and entertainment services portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global m-commerce market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Alibaba, Amazon, Apple, eBay, Google, and PayPal.
In terms of geographical analysis, APAC will be the largest region in the global market, reaching revenues of about $404 billion by 2020. The rapid growth of NFC services and increased adoption of smartphones will be the primary market driver in this region.
“The smart wearables have embedded sensors that send a notification to the users depending on the apps that are installed in the devices. The wearable tech app providers use the data from the devices to analyze and understand the users’ preference and provide suggestions for products and services according to the readings. For instance, Apple Watch is to integrate their devices with m-commerce apps for major vendors like eBay, Target, and Fandango during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for research on media and entertainment services.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing adoption of mobile wallets
Mobile wallet refers to payments made through mobile devices, credit or debit cards, or any other cashless payment method. It enables payment at NFC POS terminals via smartphones that store the end-users card details. The transactions through mobile wallets need high-speed internet and interoperability between service providers and issuers which resulted in the growth and popularity of NFC-enabled mobile wallets. These terminals are convenient and reduce time in payment processing. The growing awareness of mobile wallet will propel the growth of the m-commerce market.
Increased awareness about NFC services
NFC services enable efficient contactless payment between two devices. In this process, the user moves the smartphone across the POS terminal to make a purchase. NFC allows merchants to offer cost benefits like reduced cash processing and more effective consumer engagement. For instance, the mobile wallet application in NFC-enabled handsets enhances the shopping experience for the consumers. These systems provide real-time, location-based coupons and promotional offers as per the consumer’s previous purchases and preferences.
Increased installations of mobile apps
The increasing use of smartphones and tablets is encouraging vendors to invest in the development of mobile based apps. The mobile advertiser’s analyses customer’s buying behavior patterns by tracking studying the data and trend in the pattern of downloading apps by a consumer. Mobile apps help the online vendors offer products and services according to the customer’s interests and needs. The vendors are also placing mobile ads on apps related to games, music, and m-commerce to attract more consumers.
Some of the other prominent vendors identified in this report are ASOS.com, Barnes & Noble, Best Buy, Costco, GameStop, Groupon, J. C. Penney, Kohl’s, Liberty Interactive, LL Bean, Lowe’s, Macy’s, Newegg, MasterCard, Sears Holdings, Softcard, Staples, Target, The Home Depot, Visa, and Walmart.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global M-Commerce Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Mobile Security Market 2016-2020
- Global E-Commerce Market 2016-2020
- Global Smart Card IC Market 2016-2020
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