EMEA is anticipated to be the largest market for the mobile wallet industry
Global mobile wallet market forecast to reach $1,602.4bn by 2018, growing at a compound annual growth rate (CAGR) of 30.7% between 2012 to 2018, according to a report by Transparency Market Research.
According to the report, ‘Mobile Wallet Market Global Industry Analysis, Size, Share, Growth and Forecast, 2012-2018’, EMEA (Europe, the Middle East and Africa) is anticipated to be the largest market for the mobile wallet industry in 2018.
Growth in Smartphone penetration combined with the introduction of the budget smartphones, NFC (Near Field Communication) technology and Point of Sale (POS) terminals is expected to drive the mobile wallet market growth during the forecast period.
According to the report, lack of awareness regarding the functioning of mobile wallets, concerns regarding the security and privacy could stand as barrier before the growth.
Retail formed the largest application of mobile wallets that valued at $144.8bn in 2011 and is expected to rise with ease of payment using smartphones, steps taken to have POS devices in convenience stores and use of vending machines.
The Asia Pacific region is expected to experience fastest growth in terms of revenue during the period, in which the market is expected to rise at a CAGR of 31%.