In 2023, it is estimated that the global mobile wallet market will be worth US$ 9.5 billion. It is anticipated that this market will be valued at US$ 11.9 billion by the end of 2024. The global mobile wallet market is anticipated to grow at a rate of 27.80% CAGR during the forecast period, reaching a valuation of US$ 138.5 billion by 2034.
The main driving force of the global mobile wallet market is the rising need for contactless, secure, and seamless payment options. The steady expansion of the market is fueled by factors such as the rapid pace of digital transformation, the increasing use of smartphones, and a change in customer preferences toward easy, technologically advanced financial transactions.
“The global mobile wallet market is experiencing substantial growth due to the integration of various contactless payments, which offers customers a safe and easy payment experience. This growth is driving a global trend towards touch-free transactions,” says Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm.
Key Takeaways from the Market Analysis
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The market for mobile wallets expanded at a 25% CAGR throughout the historical period.
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Throughout the projected period, the mobile wallet market in the United States is expected to develop at a 25.60% CAGR.
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Japan’s market for mobile wallets is expected to garner at a 27.30% CAGR between 2024 and 2034.
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The mobile wallet market will rise at a 29% CAGR in Germany over the course of the projected period.
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From 2024 to 2034, the mobile wallet market in China is anticipated to expand at a 28.30% CAGR.
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Over the course of the projected period, the mobile wallet market in Australia is likely to propel at a rate of 31.20% CAGR.
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With an anticipated 60% market share in 2024, proximity technology is predicted to acquire a sizable share.
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The retail and e-commerce sector is expected to reach a 30% market share by 2024.
Competitive Landscape
Companies within the global mobile wallet market are using augmented reality (AR) as a novel tactic to increase user engagement. Some companies include augmented reality (AR) capabilities into their mobile wallet applications, enabling customers to see and experience things before they buy them. This integrated strategy increases client happiness and loyalty while also improving the purchasing experience. Mobile wallets and augmented reality work together to provide a dynamic platform that encourages greater user participation and boosts the overall profitability and performance of these companies
Financial inclusion is a key differentiator for Startups in the mobile wallet industry. They provide low-cost solutions and streamlined on boarding procedures to marginalized communities. By filling up the gaps in traditional banking, this inclusive approach aims to give those who have little access to traditional banking services a useful financial tool.
Key Developments
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In 2023, leading American advanced manufacturing and technology company Broadcom entered into a new multiyear, multi-billion dollar deal with Apple. Broadcom will create innovative wireless connection components and 5G radio frequency components, such as FBAR filters, through this partnership. The design and construction of the FBAR filters will take place at many significant American technological and industrial hubs, including the main site in Fort Collins, Colorado of Broadcom.
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In 2023, the first-ever global technology and product hub for Visa in Central and Eastern Europe is set to open in Poland. Over the next three years, The Hub will house up to 1,500 additional recruits in technology and product as Visa makes global investments to support its round-the-clock innovation development approach and propels the sustained rapid growth of the industry in digital payments and commerce.
