Proximity Mobile Payment Market Growth, Trends, Size, Revenue, Demand and Future Competition
Proximity Mobile Payment Market Size- By Product, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Sep-2023 | Report ID: IACT23154 | Pages: 1 - 234 | Formats*: |
| Category : Information & Communications Technology | |||
Proximity Mobile Payment Market Introduction and Overview
According to SPER Market Research, the Global Proximity Mobile Payment Market is estimated to reach USD 67.47 billion by 2033 with a CAGR of 13.04%.
The report includes an in-depth analysis of the Global Proximity Mobile Payment market, including market size and trends, product mix, distribution channels, and supplier analysis. Proximity mobile payments are POS (Point-of-sale) transactions in which a mobile device is used as a payment method. Includes tapping, scanning, swiping, or checking in with a mobile device at the POS to complete the transaction; accepts digital goods buys on mobile devices, remote purchases on mobile devices that are delivered later, and a smartphone transactions.
- In recent years, prominent companies in the proximity mobile payment market have implemented a variety of strategic initiatives, such as facility expansions and alliances. Apple Pay is the most popular proximity mobile payment service in the United States, accounting for almost half of all customers. Zelle has maintained its lead in peer-to-peer payments since 2021.
Market Opportunities and Challenges
The Proximity Mobile Payment industry is an exciting opportunity for businesses and investors alike, due to changing consumer tastes and the increased usage of digital payment solutions. As the globe becomes more connected through smartphones and other smart devices, proximity mobile payments' ease and security have positioned this sector for major growth. Market prospects abound as consumers seek speedier, contactless, and hassle-free payment alternatives, particularly in the aftermath of global health and hygiene disasters. Furthermore, the incorporation of technology such as NFC (Near Field Communication), QR codes, and mobile wallets has made it easier for enterprises to enter this market and offer smooth payment experiences.
While the Proximity Mobile Payment market is ripe with opportunity, it is also faces serious challenges. One of the most major challenges is widespread worry about security, as both consumers and organizations want strong safeguards against potential data breaches and cyber threats. The lack of worldwide standards poses a standardization difficulty, potentially limiting interoperability and leading to market fragmentation. Building consumer trust continues to be a critical challenge, needing significant efforts to alleviate concerns about payment security and data privacy.
Market Competitive Landscape
As new entrants and technologies arise, the competitive landscape is always changing. Partnerships and collaborations are frequent as businesses strive to broaden their reach and provide integrated solutions. Success in this industry is determined by aspects such as security, user experience, acceptance of new technologies (e.g., NFC, QR codes), and the capacity to successfully answer consumer requirements and preferences. Some of the market key players include ACI Worldwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product, By End User |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. |
| Companies Covered | ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others. |
COVID-19 Impact on Global Proximity Mobile Payment Market
The COVID-19 pandemic has a significant impact on the Proximity Mobile Payment business. As the world faced lockdowns, social distancing measures, and increased hygiene concerns, the demand for contactless and touch-free payment systems increased dramatically. This unexpected surge in popularity was mostly driven by consumers' desire to avoid physical touch with cash, credit cards, and payment terminals in order to lessen the danger of virus transmission. Mobile wallets and apps, which provide a convenient and safe way to make payments using smartphones, have become a popular choice for people all over the world.
Key Target Audience:
- Consumers
- Small and Large Business
- Financial Institutions and Payment Processors
- Technology Providers
- Educational Institutions
Our in-depth analysis of the Proximity Mobile Payment Market includes the following segments:
| By Product: |
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| By End User: |
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Key Topics Covered in the Report:
- Global Proximity Mobile Payment Market Size (FY’2023-FY’2033)
- Overview of Global Proximity Mobile Payment Market
- Segmentation of Global Proximity Mobile Payment Market By Product (Barcodes, Near Field Communication)
- Segmentation of Global Proximity Mobile Payment Market By End User (Hospitality and Tourism, IT and Telecommunications, Aviation, Retail, Media and Entertainment, BFSI, Healthcare)
- Statistical Snap of Global Proximity Mobile Payment Market
- Expansion Analysis of Global Proximity Mobile Payment Market
- Problems and Obstacles in Global Proximity Mobile Payment Market
- Competitive Landscape in the Global Proximity Mobile Payment Market
- Impact of COVID-19 and Demonetization on Global Proximity Mobile Payment Market
- Details on Current Investment in Global Proximity Mobile Payment Market
- Competitive Analysis of Global Proximity Mobile Payment Market
- Prominent Players in the Global Proximity Mobile Payment Market
- SWOT Analysis of Global Proximity Mobile Payment Market
- Global Proximity Mobile Payment Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Proximity Mobile Payment Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Proximity Mobile Payment Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Promixity Mobile Payment Market
7. Global Proximity Mobile Payment Market, By Product (USD Million)
7.1. Global Proximity Mobile Payment Market Value Share and Forecast, By Product, 2023-20337.2. Barcodes7.3. Near Field Communication
8. Global Proximity Mobile Payment Market, By End User (USD Million)
8.1. Global Proximity Mobile Payment Market Value Share and Forecast, By End User, 2023-20338.2. Hospitality and Tourism8.3. IT and Telecommunications8.4. Aviation8.5. Retail8.6. Media and Entertainment8.7. BFSI8.8. Healthcare
9. Global Proximity Mobile Payment Market Forecast, 2019-2033 (USD Million)
9.1. Global Proximity Mobile Payment Market Size and Market Share
10. Global Proximity Mobile Payment Market, By Product, 2019-2033 (USD Million)
10.1. Global Proximity Mobile Payment Market Size and Market Share By Product (2019-2026)10.2. Global Proximity Mobile Payment Market Size and Market Share By Product (2027-2033)
11. Global Proximity Mobile Payment Market, By End User, 2019-2033 (USD Million)
11.1. Global Proximity Mobile Payment Market Size and Market Share By End User (2019-2026)11.2. Global Proximity Mobile Payment Market Size and Market Share By End User (2027-2033)
12. Global Proximity Mobile Payment Market, By Region, 2019-2033 (USD Million)
12.1. Global Proximity Mobile Payment Market Size and Market Share By Region (2019-2026)12.2. Global Proximity Mobile Payment Market Size and Market Share By Region (2027-2033)12.3. Asia-Pacific12.3.1. Australia12.3.2. China12.3.3. India12.3.4. Japan12.3.5. South Korea12.3.6. Rest of Asia-Pacific12.4. Europe12.4.1. France12.4.2. Germany12.4.3. Italy12.4.4. Spain12.4.5. United Kingdom12.4.6. Rest of Europe12.5. Middle East and Africa12.5.1. Kingdom of Saudi Arabia12.5.2. United Arab Emirates12.5.3. Rest of Middle East & Africa12.6. North America12.6.1. Canada12.6.2. Mexico12.6.3. United States12.7. Latin America12.7.1. Argentina12.7.2. Brazil12.7.3. Rest of Latin America
13. Company Profile
13.1. ACI Worldwide Inc.13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments13.2. Alphabet, Inc.13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments13.3. Apple Inc.13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments13.4. Mastercard Incorporated13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments13.5. Square Inc.13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent development13.6. Visa Inc.13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent development13.7. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The key players in the market include Companies Covered ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
Proximity mobile payments are POS (Point-of-sale) transactions in which a mobile device is used as a payment method.
Proximity Mobile Payment Market is projected to reach USD 67.47 billion by 2033, growing at a CAGR of 13.04% during the forecast period.
Proximity Mobile Payment Market grew in market size from 2023. The Market is expected to reach USD 67.47 billion by 2033, at a CAGR of 13.04% during the forecast period.
Proximity Mobile Payment Market CAGR of 13.04% during the forecast period.
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Proximity Mobile Payment Market size is USD 67.47 billion from 2023 to 2033.
Proximity Mobile Payment Market Segment is Covered By Product, By End User
The North America region is anticipated to have the highest market share in Proximity Mobile Payment Market.
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