SOURCE: Juniper Research Limited
May 04, 2010 04:57 ET
Mobile Payments Market to Quadruple by 2014, Reaching $630bn in Value, Although Still Only Accounting for Around 5% of Ecommerce Retail Sales
HAMPSHIRE, UK--(Marketwire - May 4, 2010) - A new study from Juniper Research has found that the value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach almost $630bn by 2014, up from $170bn this year, representing the gross value of all purchases or the value of money being transferred.
The mobile payments report revealed that growth across all market segments was being driven by the wide adoption of Smartphones and the increased use of apps stores. In addition SMS ticketing schemes such as those offered by OBB Austrian Railways and Skane Traffic in Sweden were also important developments. Shopping by mobile at stores such as Amazon Mobile is also tipped for significant expansion over the next five years.
In developing markets SMS driven money transfer services are the main driver, increasing at a rate of 30% per annum.
Report author Howard Wilcox explained: "Our analysis showed that whilst the digital goods segment will account for nearly half of the market in 2010, the emerging segments such as physical goods payments, NFC and money transfers will impact the market rapidly. By 2014 for example we forecast that physical goods mobile payments market will be worth $100bn."
Key messages from the report include:
- The top 3 regions for mobile payments (Far East & China, W. Europe and N. America) will represent nearly 70% of the global mobile payment gross transaction value by 2014.
- Vendors, retailers, merchants, content providers, mobile operators and banks are all actively establishing new services and schemes.
- However, in some areas such as NFC for example, greater collaboration is required to establish a widely accepted business model that translates easily into tangible services.
The study provides the "big picture" view of mobile payments, providing forecasts of the main market segments of digital and physical goods purchases, contactless NFC and national and international money transfers and remittances, providing regional forecasts of gross transaction values.
Whitepaper and further details of the study, "Mobile Payments Markets: Strategies & Forecasts 2010-2014" can be freely downloaded from www.juniperresearch.com. Alternatively please contact John Levett at firstname.lastname@example.org, telephone +44(0)1256 830002.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.