Companies and Markets has released a new report predicting that the global market for mobile payments will reach $264.8 billion by the year 2015, with the Asia-Pacific region leading the way.
The widespread adoption of mobile payments in majority of the markets, especially in Asia-Pacific, and the participation of global institutions in NFC payment trials has led to the growth of the market and will continue to bolster growth in the coming years, says C&M.
According to the report, four billion mobile phone users exist across the globe with approximately 1.6 billion bank accounts, a fact which has C&M claiming huge growth potential for m-payments.
Aside from Asia-Pacific, the fastest growing m-payments markets are Latin America, the Middle East and Africa, according to the report.
By type, the SMS Mobile Payment segment dominates the worldwide mobile payment market, while NFC represents the fastest growing technology type for mobile payment.
The report provides separate comprehensive analytics for North America, Europe, Asia-Pacific and ‘Rest of World.’ Annual estimates and forecasts are provided for each region for the period 2006 through 2015.
The report also profiles 98 companies, including many key and niche players such as Danal Co., Ltd., Ericsson, Firethorn Holdings LLC, Harex Infotech, Inc., International Business Machines Corporation, mBlox, Inc., mFoundry, Inc., Mobipay Systems, Inc., Nokia Corporation, NTT DOCOMO, Inc., Obopay, Inc., Verrus Mobile Technologies, Inc., and ViVOtech.