Consumer Confidence a Boon to the Global Mobile Wallet Market: TechNavio Report
March 14, 2014
TechNavio, the independent London-based global research firm, today announced the publication of its research report on the Global Mobile Wallet Market. The report indicates that even though NFC mobile wallet technology is relatively new, consumer confidence is providing a backbone for market growth for the period of 2014-2018.
Key vendors in the market are Visa Inc., MasterCard, American Express Inc., PayPal Inc., Google, ISIS, and Square Inc. These vendors have pushed to improve security mechanisms for mobile wallets in response to security threats and privacy concerns that have inhibited widespread adoption of mobile wallets. Some security measures that have been adopted are validation through personal documents such as driver's licenses, passports and social security numbers. Mobile wallet facilities can also be integrated with authentication programs to enhance security and increase users' confidence in the model.
Consumer demand for convenient, easy modes of payment, which don't require the intervention of traditional banking channels is also driving the market. Increased penetration of smartphones and demand for high-end mobile devices, especially in the APAC region, as well as growing acceptance of NFC technology among both consumers and businesses is also driving the market.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of Global Mobile Wallets Market our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
Decision makers and influencers in sales & marketing, strategy, product and R&D teams rely on research from TechNavio. We have a large and growing base of happy customers worldwide. Our customers include technology suppliers, end users, consulting companies, investment firms and research institutes.
Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.
Rituparna Roy/Arijit Rakshit
Marketing Manager/Analyst & PR
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