The Mobile Payments Opportunity
Mobile is one of the hottest technologies on the market and brands who choose to ignore the opportunity risk losing valuable revenue.
Demonstrating the importance of mobile in brands future plans, Future Market Insights recently released a report, dubbed “Global Mobile Payment Transaction Market Analysis and Opportunity Assessment, 2014-2020,” which details an astounding growth in the mobile payment market in the next five years.
According to the report, the mobile payment transaction market was valued at $392 billion in 2014 and is expected to grow to $2.8 trillion in 2020, totaling a compound annual growth rate (CAGR) of 39.2 percent throughout the forecasted period. The report also found that the number of users that leverage mobile payments around the world is expected to rise from 375 million in 2014 to 1.3 billion in 2020.
What’s more, the report also details that the Asia Pacific region, which was responsible for a 38 percent market share in 2014, is expected to be the number one market in terms of mobile payment transactions in 2020 even though it is expected to see a slight decline in market share (36.5 percent in 2020).