Global Mobile Payment (Mobile Money) Market to Reach $515.6 Billion by 2027
Amid the COVID-19 crisis, the global market for Mobile Payment (Mobile Money) estimated at US$55.9 Billion in the year 2020, is projected to reach a revised size of US$515.6 Billion by 2027, growing at a CAGR of 37.3% over the analysis period 2020-2027. NFC/Smartcard, one of the segments analyzed in the report, is projected to record a 31.4% CAGR and reach US$53 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the SMS segment is readjusted to a revised 34.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $16.9 Billion, While China is Forecast to Grow at 35.9% CAGR
The Mobile Payment (Mobile Money) market in the U.S. is estimated at US$16.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$85 Billion by the year 2027 trailing a CAGR of 35.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 33.4% and 31.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 26.1% CAGR.
Mobile Apps Segment to Record 39.4% CAGR
In the global Mobile Apps segment, USA, Canada, Japan, China and Europe will drive the 39.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$28.2 Billion in the year 2020 will reach a projected size of US$288.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$61.6 Billion by the year 2027.We bring years of research experience to this 17th edition of our report. The 200-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Bharti Airtel Ltd.
- Comviva Technologies Limited
- Gemalto NV
- Google LLC
- MasterCard International, Inc.
- Orange SA
- PayPal, Inc.
- Vodafone Group PLC