Mobile Wallet and Payment Market Size, Share, Trends by 2031
The global mobile wallet and payment market size was valued at US$ 10.28 billion in 2023 and is expected to reach US$ 71.28 billion by 2031. The market is estimated to record a CAGR of 27.4% from 2023 to 2031. The emergence of real-time payments in developing nations is expected to be a significant mobile wallet and payment market trend in the upcoming years.
Mobile Wallet and Payment Market Analysis
Mobile wallet and payment applications have evolved dramatically over time to offer a seamless and convenient experience to users. It began with simple SMS-based payment systems and has progressed to incorporate modern technology such as NFC and biometrics for secure authentication. The implementation of UPI (i.e., Unified Payments Interface) has transformed mobile wallets and payments by allowing users to make smooth peer-to-peer transactions directly from bank accounts. With advancements in technology, ease of use, increased security measures, and continuous innovation, the future of the mobile wallet and payment market appears highly promising. As mobile commerce and digital wallets become more popular, contactless payments are becoming more widely accepted. A recent study found that over half of the 3,000 customers interviewed used their cell phones to pay in-store at Starbucks (49%), McDonald's (43%), and Walmart (41%). In place of app-based or digital wallet transactions, the majority of contactless payments will be enabled by hardware equipped with near-field communication (NFC). This includes NFC-enabled mobile phones and card readers. Retailers must acquire and install the infrastructure for NFC point-of-sale (POS) terminals, incurring additional expenses not seen in soft POS systems, which are smart devices that store both NFC and payment data. The emergence of several mobile app payment gateways, such as Razorpay mobile app, allows businesses to easily and more securely accept UPI payments, NFC payments, and payments via POS terminals.
Mobile Wallet and Payment Market Overview
A mobile wallet is a type of virtual wallet that contains credit card, debit, loyalty card information, tickets, and other digital assets. It is accessed through an app installed on mobile devices such as smartphones or tablets. A mobile wallet allows users to pay for everyday services directly from their smartphones or other mobile devices, eliminating the need to carry cash or cards. It is not only handy but also safer and faster and enables users to make contactless payments. Furthermore, wallets such as Google Pay and Apple Pay securely store credit card information and allow users to make payments both online and in stores. The rising demand for mobile wallets and payment reflects a substantial shift in financial transaction methods.
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Mobile Wallet and Payment Market: Strategic Insights
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Mobile Wallet and Payment Market Drivers and Opportunities
Growing Demand for Contactless Payment Solutions Favors Market Growth
Contactless payment adoption has risen dramatically across the globe, as it eliminates consumers' need to carry cash while making purchases. Digital payments, which include near-field communication (NFC) and QR code-based transactions, are becoming more popular. Consumers are highly preferring contactless payment solutions for speeding financial transactions. The demand for a quick, safe, and clean payment method, particularly in the post-pandemic era, has accelerated the use of contactless technology. This has transformed the checkout experience in both physical and digital stores, making faster and more convenient transactions.
Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions to Create Growth Opportunities in Market
Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demands for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens. Similarly, Al Etihad Payments (AEP)—a subsidiary of the Central Bank of the UAE (CBUAE)—launched Aani in October 2023. This instant payment platform promises to change digital payments in the UAE. Aani, a crucial initiative under the CBUAE's Financial Infrastructure Transformation (FIT) program, represents a new age of safe and rapid digital payments.
Mobile Wallet and Payment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mobile wallet and payment market analysis are type, technology, and end user.
- Based on type, the market is categorized into remote and proximity. The proximity segment dominated the global mobile wallet and payment market in 2023.
- On the basis of technology, the market is divided into NFC, QR code, text-based, and others. The QR code segment dominated the market in 2023.
- Based on end user, the Global mobile wallet and payment market is segmented into personal and business. The personal segment held a larger market share in 2023.
Mobile Wallet and Payment Market Share Analysis by Geography
The geographic scope of the global mobile wallet and payment market report is mainly divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific dominated the market in 2023. Mobile technology and digital financial services are transforming the social and economic environment of Asia Pacific. As more individuals have access to the Internet and smartphones, transactions via digital payment methods are on the rise. For instance, according to a survey conducted by PayPal, 35% of regional respondents use mobile wallets, while 13% utilize contactless payments such as digital banking and online transactions on their mobile phones. The major nations in Asia Pacific that are becoming cashless economies are China, Japan, India, and Malaysia. These countries are emerging as world leaders in the e-wallet industry due to increasing government initiatives for cashless transactions, as well as the growing popularity of business models that allow digital payment methods.
Mobile Wallet and Payment Market Report Scope
Mobile Wallet and Payment Market News and Recent Developments
The global mobile wallet and payment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes critical corporate publications, association data, and databases. A few of the developments in the global mobile wallet and payment market are listed below:
- Apple Inc announced changes to iOS, Safari, and the App Store impacting developers’ apps in the European Union (EU) to comply with the Digital Markets Act (DMA). The changes include more than 600 new APIs, expanded app analytics, functionality for alternative browser engines, and options for processing app payments and distributing iOS apps. (Source: Apple Inc, Press Release, January 2024)
- Mastercard Inc launched a new mobile virtual card app that enables virtual commercial cards to be seamlessly added to digital wallets. The innovative app is designed to offer financial institutions more choices in how they deliver the secure and sustainable contactless payment solutions that companies increasingly expect. (Source: Mastercard Inc, Press Release, April 2024)
Mobile Wallet and Payment Market Report Coverage and Deliverables
The "Mobile Wallet and Payment Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Mobile wallet and payment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Mobile wallet and payment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Mobile wallet and payment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the mobile wallet and payment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Asia Pacific dominated the global mobile wallet and payment market in 2023.
The surging demand for contactless payment solutions is a major factor driving the mobile wallet and payment market.
The emergence of real-time payments in developing nations is likely to trend in the market during the forecast period.
The market is expected to record a CAGR of 27.4% during the forecast period.
The value of the mobile wallet and payment market is estimated to reach US$ 71.28 billion by 2031.
Apple Inc, Google, Inc, AT&T Inc, Paypal Holdings Inc, and Samsung Electronics Co Ltd are among the leading players in the mobile wallet and payment market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Mobile Wallet and Payment Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Mobile Wallet Providers
4.3.2 Fintech Startups and High-Tech Firms
4.3.3 Banks
4.3.4 Value-Added Service Providers
4.3.5 Regulatory Bodies
4.3.6 List of Vendors in the Value Chain
5. Mobile Wallet and Payment Market – Key Market Dynamics
5.1 Mobile Wallet and Payment Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Demand for Contactless Payment Solutions
5.2.2 Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions
5.2.3 Expansion of E-Commerce Industry
5.3 Market Restraints
5.3.1 Increasing Number of Phishing Attacks
5.4 Market Opportunities
5.4.1 Demand for Multi-Currency Mobile Wallets
5.5 Future Trends
5.5.1 Emergence of Real-Time Payments in Developing Nations
5.6 Impact of Drivers and Restraints:
6. Mobile Wallet and Payment Market – Global Market Analysis
6.1 Mobile Wallet and Payment Market Revenue (US$ Million), 2021–2031
6.2 Mobile Wallet and Payment Market Forecast Analysis
7. Mobile Wallet and Payment Market Analysis – by Type
7.1 Proximity
7.1.1 Overview
7.1.2 Proximity: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Remote
7.2.1 Overview
7.2.2 Remote: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
8. Mobile Wallet and Payment Market Analysis – by Technology
8.1 NFC
8.1.1 Overview
8.1.2 NFC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
8.2 QR-based
8.2.1 Overview
8.2.2 QR-based: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Text-based
8.3.1 Overview
8.3.2 Text-based: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Digital-only
8.4.1 Overview
8.4.2 Digital-only: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
9. Mobile Wallet and Payment Market Analysis – by End User
9.1 Personal
9.1.1 Overview
9.1.2 Personal: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Business
9.2.1 Overview
9.2.2 Business: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10. Mobile Wallet and Payment Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Mobile Wallet and Payment Market Overview
10.2.2 North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3 North America: Mobile Wallet and Payment Market Breakdown, by Type
10.2.3.1 North America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Type
10.2.4 North America: Mobile Wallet and Payment Market Breakdown, by Technology
10.2.4.1 North America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Technology
10.2.5 North America: Mobile Wallet and Payment Market Breakdown, by End User
10.2.5.1 North America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by End User
10.2.6 North America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.2.6.1 North America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.2.6.2 United States: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.2.1 United States: Mobile Wallet and Payment Market Breakdown, by Type
10.2.6.2.2 United States: Mobile Wallet and Payment Market Breakdown, by Technology
10.2.6.2.3 United States: Mobile Wallet and Payment Market Breakdown, by End User
10.2.6.3 Canada: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.3.1 Canada: Mobile Wallet and Payment Market Breakdown, by Type
10.2.6.3.2 Canada: Mobile Wallet and Payment Market Breakdown, by Technology
10.2.6.3.3 Canada: Mobile Wallet and Payment Market Breakdown, by End User
10.2.6.4 Mexico: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.4.1 Mexico: Mobile Wallet and Payment Market Breakdown, by Type
10.2.6.4.2 Mexico: Mobile Wallet and Payment Market Breakdown, by Technology
10.2.6.4.3 Mexico: Mobile Wallet and Payment Market Breakdown, by End User
10.3 Europe
10.3.1 Europe Mobile Wallet and Payment Market Overview
10.3.2 Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3 Europe: Mobile Wallet and Payment Market Breakdown, by Type
10.3.3.1 Europe: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Type
10.3.4 Europe: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.4.1 Europe: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Technology
10.3.5 Europe: Mobile Wallet and Payment Market Breakdown, by End User
10.3.5.1 Europe: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by End User
10.3.6 Europe: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.3.6.1 Europe: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.3.6.2 United Kingdom: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.2.1 United Kingdom: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.2.2 United Kingdom: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.2.3 United Kingdom: Mobile Wallet and Payment Market Breakdown, by End User
10.3.6.3 Germany: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.3.1 Germany: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.3.2 Germany: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.3.3 Germany: Mobile Wallet and Payment Market Breakdown, by End User
10.3.6.4 France: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.4.1 France: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.4.2 France: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.4.3 France: Mobile Wallet and Payment Market Breakdown, by End User
10.3.6.5 Italy: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.5.1 Italy: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.5.2 Italy: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.5.3 Italy: Mobile Wallet and Payment Market Breakdown, by End User
10.3.6.6 Russia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.6.1 Russia: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.6.2 Russia: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.6.3 Russia: Mobile Wallet and Payment Market Breakdown, by End User
10.3.6.7 Rest of Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.7.1 Rest of Europe: Mobile Wallet and Payment Market Breakdown, by Type
10.3.6.7.2 Rest of Europe: Mobile Wallet and Payment Market Breakdown, by Technology
10.3.6.7.3 Rest of Europe: Mobile Wallet and Payment Market Breakdown, by End User
10.4 Asia Pacific
10.4.1 Asia Pacific Mobile Wallet and Payment Market Overview
10.4.2 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.3 Asia Pacific: Mobile Wallet and Payment Market Breakdown, by Type
10.4.3.1 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Type
10.4.4 Asia Pacific: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.4.1 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Technology
10.4.5 Asia Pacific: Mobile Wallet and Payment Market Breakdown, by End User
10.4.5.1 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by End User
10.4.6 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.4.6.1 Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.4.6.2 China: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.2.1 China: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.2.2 China: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.2.3 China: Mobile Wallet and Payment Market Breakdown, by End User
10.4.6.3 India: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.3.1 India: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.3.2 India: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.3.3 India: Mobile Wallet and Payment Market Breakdown, by End User
10.4.6.4 Japan: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.4.1 Japan: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.4.2 Japan: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.4.3 Japan: Mobile Wallet and Payment Market Breakdown, by End User
10.4.6.5 South Korea: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.5.1 South Korea: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.5.2 South Korea: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.5.3 South Korea: Mobile Wallet and Payment Market Breakdown, by End User
10.4.6.6 Australia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.6.1 Australia: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.6.2 Australia: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.6.3 Australia: Mobile Wallet and Payment Market Breakdown, by End User
10.4.6.7 Rest of APAC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.7.1 Rest of APAC: Mobile Wallet and Payment Market Breakdown, by Type
10.4.6.7.2 Rest of APAC: Mobile Wallet and Payment Market Breakdown, by Technology
10.4.6.7.3 Rest of APAC: Mobile Wallet and Payment Market Breakdown, by End User
10.5 Middle East and Africa
10.5.1 Middle East and Africa Mobile Wallet and Payment Market Overview
10.5.2 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3 Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Type
10.5.3.1 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Type
10.5.4 Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Technology
10.5.4.1 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Technology
10.5.5 Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by End User
10.5.5.1 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by End User
10.5.6 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.5.6.1 Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.5.6.2 Saudi Arabia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.2.1 Saudi Arabia: Mobile Wallet and Payment Market Breakdown, by Type
10.5.6.2.2 Saudi Arabia: Mobile Wallet and Payment Market Breakdown, by Technology
10.5.6.2.3 Saudi Arabia: Mobile Wallet and Payment Market Breakdown, by End User
10.5.6.3 United Arab Emirates: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.3.1 United Arab Emirates: Mobile Wallet and Payment Market Breakdown, by Type
10.5.6.3.2 United Arab Emirates: Mobile Wallet and Payment Market Breakdown, by Technology
10.5.6.3.3 United Arab Emirates: Mobile Wallet and Payment Market Breakdown, by End User
10.5.6.4 South Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.4.1 South Africa: Mobile Wallet and Payment Market Breakdown, by Type
10.5.6.4.2 South Africa: Mobile Wallet and Payment Market Breakdown, by Technology
10.5.6.4.3 South Africa: Mobile Wallet and Payment Market Breakdown, by End User
10.5.6.5 Rest of Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.5.1 Rest of Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Type
10.5.6.5.2 Rest of Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Technology
10.5.6.5.3 Rest of Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by End User
10.6 South and Central America
10.6.1 South and Central America Mobile Wallet and Payment Market Overview
10.6.2 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3 South and Central America: Mobile Wallet and Payment Market Breakdown, by Type
10.6.3.1 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Type
10.6.4 South and Central America: Mobile Wallet and Payment Market Breakdown, by Technology
10.6.4.1 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Technology
10.6.5 South and Central America: Mobile Wallet and Payment Market Breakdown, by End User
10.6.5.1 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by End User
10.6.6 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.6.6.1 South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast Analysis – by Country
10.6.6.2 Brazil: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.2.1 Brazil: Mobile Wallet and Payment Market Breakdown, by Type
10.6.6.2.2 Brazil: Mobile Wallet and Payment Market Breakdown, by Technology
10.6.6.2.3 Brazil: Mobile Wallet and Payment Market Breakdown, by End User
10.6.6.3 Argentina: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.3.1 Argentina: Mobile Wallet and Payment Market Breakdown, by Type
10.6.6.3.2 Argentina: Mobile Wallet and Payment Market Breakdown, by Technology
10.6.6.3.3 Argentina: Mobile Wallet and Payment Market Breakdown, by End User
10.6.6.4 Rest of South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.4.1 Rest of South and Central America: Mobile Wallet and Payment Market Breakdown, by Type
10.6.6.4.2 Rest of South and Central America: Mobile Wallet and Payment Market Breakdown, by Technology
10.6.6.4.3 Rest of South and Central America: Mobile Wallet and Payment Market Breakdown, by End User
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning Analysis
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
12.5 Partnerships and Collaboration
13. Company Profiles
13.1 Apple Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Alphabet Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 AT&T Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 PayPal Holdings Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Mastercard Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Samsung Electronics Co Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 American Express Co
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Visa Inc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 ACI Worldwide Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Thales SA
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Early Warning Services, LLC
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 PayU
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Alipay
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 One MobiKwik Systems Limited
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
13.15 FIS Global
13.15.1 Key Facts
13.15.2 Business Description
13.15.3 Products and Services
13.15.4 Financial Overview
13.15.5 SWOT Analysis
13.15.6 Key Developments
13.16 Bharti Airtel Ltd
13.16.1 Key Facts
13.16.2 Business Description
13.16.3 Products and Services
13.16.4 Financial Overview
13.16.5 SWOT Analysis
13.16.6 Key Developments
13.17 PhonePe Pvt Ltd
13.17.1 Key Facts
13.17.2 Business Description
13.17.3 Products and Services
13.17.4 Financial Overview
13.17.5 SWOT Analysis
13.17.6 Key Developments
13.18 Software Group
13.18.1 Key Facts
13.18.2 Business Description
13.18.3 Products and Services
13.18.4 Financial Overview
13.18.5 SWOT Analysis
13.18.6 Key Developments
13.19 Telefonaktiebolaget LM Ericsson
13.19.1 Key Facts
13.19.2 Business Description
13.19.3 Products and Services
13.19.4 Financial Overview
13.19.5 SWOT Analysis
13.19.6 Key Developments
13.20 Paytm E-Commerce Pvt Ltd
13.20.1 Key Facts
13.20.2 Business Description
13.20.3 Products and Services
13.20.4 Financial Overview
13.20.5 SWOT Analysis
13.20.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Abbreviations
List of Tables
Table 1. Mobile Wallet and Payment Market Segmentation
Table 2. List of Vendors
Table 3. Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 6. Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 7. North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 8. North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 9. North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 10. North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 11. United States: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 12. United States: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 13. United States: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 14. Canada: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 15. Canada: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 16. Canada: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 17. Mexico: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 18. Mexico: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 19. Mexico: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 20. Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 21. Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 22. Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 23. Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 24. United Kingdom: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 25. United Kingdom: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 26. United Kingdom: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 27. Germany: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 28. Germany: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 29. Germany: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 30. France: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 31. France: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 32. France: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 33. Italy: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 34. Italy: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 35. Italy: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 36. Russia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 37. Russia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 38. Russia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 39. Rest of Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 40. Rest of Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 41. Rest of Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 42. Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 43. Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 44. Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 45. Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 46. China: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 47. China: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 48. China: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 49. India: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 50. India: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 51. India: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 52. Japan: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 53. Japan: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 54. Japan: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 55. South Korea: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 56. South Korea: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 57. South Korea: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 58. Australia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 59. Australia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 60. Australia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 61. Rest of APAC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 62. Rest of APAC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 63. Rest of APAC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 64. Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 65. Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 66. Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 67. Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 68. Saudi Arabia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 69. Saudi Arabia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 70. Saudi Arabia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 71. United Arab Emirates: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 72. United Arab Emirates: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 73. United Arab Emirates: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 74. South Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 75. South Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 76. South Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 77. Rest of Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 78. Rest of Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 79. Rest of Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 80. South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 81. South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 82. South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 83. South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 84. Brazil: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 85. Brazil: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 86. Brazil: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 87. Argentina: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 88. Argentina: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 89. Argentina: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 90. Rest of South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Type
Table 91. Rest of South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by Technology
Table 92. Rest of South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million) – by End User
List of Figures
Figure 1. Mobile Wallet and Payment Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem Analysis
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Mobile Wallet and Payment Market Revenue (US$ Million), 2021–2031
Figure 6. Mobile Wallet and Payment Market Share (%) – by Type (2023 and 2031)
Figure 7. Proximity: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Remote: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Mobile Wallet and Payment Market Share (%) – by Technology (2023 and 2031)
Figure 10. NFC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. QR-based: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Text-based: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Digital-only: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Mobile Wallet and Payment Market Share (%) – by End User (2023 and 2031)
Figure 15. Personal: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Business: Mobile Wallet and Payment Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Mobile Wallet and Payment Market Breakdown by Region, 2023 and 2031 (%)
Figure 18. North America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. North America: Mobile Wallet and Payment Market Breakdown, by Type (2023 and 2031)
Figure 20. North America: Mobile Wallet and Payment Market Breakdown, by Technology (2023 and 2031)
Figure 21. North America: Mobile Wallet and Payment Market Breakdown, by End User (2023 and 2031)
Figure 22. North America: Mobile Wallet and Payment Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 23. United States: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. Canada: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 25. Mexico: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 26. Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Europe: Mobile Wallet and Payment Market Breakdown, by Type (2023 and 2031)
Figure 28. Europe: Mobile Wallet and Payment Market Breakdown, by Technology (2023 and 2031)
Figure 29. Europe: Mobile Wallet and Payment Market Breakdown, by End User (2023 and 2031)
Figure 30. Europe: Mobile Wallet and Payment Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 31. United Kingdom: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. Germany: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. France: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. Italy: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 35. Russia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. Rest of Europe: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. Asia Pacific: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Asia Pacific: Mobile Wallet and Payment Market Breakdown, by Type (2023 and 2031)
Figure 39. Asia Pacific: Mobile Wallet and Payment Market Breakdown, by Technology (2023 and 2031)
Figure 40. Asia Pacific: Mobile Wallet and Payment Market Breakdown, by End User (2023 and 2031)
Figure 41. Asia Pacific: Mobile Wallet and Payment Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 42. China: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. India: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 44. Japan: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 45. South Korea: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 46. Australia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Rest of APAC: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Type (2023 and 2031)
Figure 50. Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Technology (2023 and 2031)
Figure 51. Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by End User (2023 and 2031)
Figure 52. Middle East and Africa: Mobile Wallet and Payment Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 53. Saudi Arabia: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 54. United Arab Emirates: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 55. South Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 56. Rest of Middle East and Africa: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 57. South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 58. South and Central America: Mobile Wallet and Payment Market Breakdown, by Type (2023 and 2031)
Figure 59. South and Central America: Mobile Wallet and Payment Market Breakdown, by Technology (2023 and 2031)
Figure 60. South and Central America: Mobile Wallet and Payment Market Breakdown, by End User (2023 and 2031)
Figure 61. South and Central America: Mobile Wallet and Payment Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 62. Brazil: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 63. Argentina: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 64. Rest of South and Central America: Mobile Wallet and Payment Market – Revenue and Forecast to 2031(US$ Million)
Figure 65. Heat Map Analysis
Figure 66. Company Positioning & Concentration
The List of Companies - Mobile Wallet and Payment Market
- Apple Inc
- Alphabet Inc
- AT&T Inc
- PayPal Holdings Inc
- Mastercard Inc
- Samsung Electronics Co Ltd
- American Express Co
- Visa Inc
- ACI Worldwide Inc
- Thales SA
- Early Warning Services, LLC
- PayU
- Alipay
- One MobiKwik Systems Limited
- FIS Global
- Bharti Airtel Ltd
- PhonePe Pvt Ltd
- Software Group
- Telefonaktiebolaget LM Ericsson
- Paytm E-Commerce Pvt Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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