The global m-commerce market size is expected to reach USD 1,901.18 billion by 2030 according to a new study by Polaris Market Research. The report “M-commerce Market Share, Size, Trends, Industry Analysis Report, By Payment Modes (Near-field Communication (NFC), Premium SMS, Wireless Application Protocol (WAP), Direct Carrier Billing, Others); By Transactions; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors such as increasing demand for mobile payment methods such as Apple Pay, PayPal One-Tap, Visa Checkout, and Amazon Pay, and rapid digitization will boost industry demand for mobile commerce throughout the projection period. The rising digitization has assisted in the advent of new payment methods, including digital wallets and instant real-time payment systems. These new payment systems have a significant adoption rate in developing economies such as India and China. Google Pay, Amazon Pay, and Apple Pay are some of the most popular digital wallets. In India, the UPI (unified payment interface), an online payment interface has witnessed a massive adoption across the country.
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Various e-commerce service providers consider UPI payment, including Amazon and IndiaMART. In fact, in India, Amazon Pay has a dedicated UPI option for payment. UPI is an immediate real-time payment system designed by India's National Payments Corporation to allow inter-bank transactions to be completed using a smartphone. As per the National Payments Corporation of India, in November 2020, UPI transactions grew to 2.2 billion in volume, which was 1.21 billion in November 2019. The growing adoption of UPI across India is a major factor due to which e-commerce companies are quickly adopting digital platforms, which in turn, is positively impacting the m-commerce industry.
Additionally, China is another major growing economy, which has a very high adoption rate of digital payment. In China, the industry penetration of mobile banking was 24.2% in December 2018, as per the data released by Chinese authorities. The introduction of new payment methods by popular Chinese applications, including WeChat and Alipay, are major contributors to the country's rising adoption of mobile banking. Further, most of the transactions on Alibaba are done through its in-house Alipay payment system. These factors are boosting the m-commerce industry's growth.
Based on the transaction, the m ticketing/booking segment accounted for the leading share in the industry in 2021. According to "Mobile Commerce Strategies," one of the primary elements fueling the expansion of mobile commerce will be the rapidly expanding use of mobile devices for tickets for all types of travel and entertainment, as well as athletic events. The transportation industry is leading the way, with rail and metro companies and airlines offering SMS, bar code, and app-based services.
Market players such as Mastercard Inc., Boku Inc., Gemalto, IBM Corp., SAP AG, Oxygen8 Solutions, Inc., Google Inc., Ericsson, and Visa Inc., among various others, are some key players operating in the global market.
Polaris Market Research has segmented the M-Commerce market report based on transactions, payment modes, end-use, and region:
M-Commerce, Transactions Outlook (Revenue - USD Billion, 2018 - 2030)
M-Commerce, Payment Modes Outlook (Revenue - USD Billion, 2018 - 2030)
M-Commerce, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
M-Commerce, Regional Outlook (Revenue - USD Billion, 2018 - 2030)