Market to almost triple in value by 2015 reaching $670bn, according to new Juniper report
Market to almost triple in value by 2015 reaching $670bn, according to new Juniper report
A new study published this week by Juniper Research has determined the total value of mobile payments for digital and physical goods, money transfers and Near Field Communications (NFC) technology-based transactions will reach $670 billion (£379bn) by 2015, up from $240bn (£150bn) this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new independent mobile communications analyst's Mobile Payment Strategies report revealed that all segments will grow two or three times over during the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their mobile and smartphone devices for everyday transactions.
Some 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50bn (£31bn) worldwide by 2014. Meanwhile, the report also found the need for financial access in developing countries is such that active mobile money users will double by 2013 and drive transaction values accordingly.
Digital goods lead the way
David Snow, Juniper Research senior analyst, explained: "Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments.”
Digital goods payments will account for nearly 40% of the market in 2015. While other key report findings included the fact that the Far East and China, Western Europe and North America will remain the top three regions for mobile payments, representing 75% of the global mobile payment gross transaction value by 2015.
A new Mobile Money white paper and further details of the study, ‘Mobile Payment Strategies: Opportunities & Markets 2011-2015’ is available for download from Juniper's website.
