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Mobile Commerce Market Size

Report ID: GMI6869
Published Date: Oct 2023
Report Format: PDF

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Mobile Commerce Market Size

Mobile Commerce Market size was valued at USD 611.6 billion in 2023 and is anticipated to register a CAGR of over 25.5% between 2024 and 2032. The proliferation of high-speed mobile internet including 4G and 5G networks has revolutionized mobile commerce. Faster & more reliable internet connections enable seamless access to online platforms, ensuring swift loading times and smooth navigation for users. The enhanced connectivity not only improves the overall user experience but also encourages consumers to engage in mobile commerce activities. This leads to increased transactions and revenue for businesses operating in the digital marketplace.

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The advent of robust and encrypted mobile payment systems has bolstered consumer confidence. Technologies such as tokenization & biometric authentication ensure secure transactions, mitigating concerns about data breaches and fraud. As consumers perceive mobile payments as safe, they are more inclined to make purchases via mobile devices. This increased consumer trust is propelling the market growth, fostering a conducive environment for businesses and consumers to engage in secure transactions.

Mobile Commerce Market Report Attributes
Report Attribute	Details
Base Year:	2023
Mobile Commerce Market Size in 2023:	USD 611.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	25.8%
2032 Value Projection:	USD 4.66 Trillion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	269
Segments covered:	Payment mode, Type of User, and Transaction Type
Growth Drivers:	Proliferation of high-speed mobile internet Rising development of secure and convenient mobile payment technologies Extensive adoption of smartphones Rising popularity of mobile wallets
Pitfalls & Challenges:	Data breaches and privacy issues Payment gateway issues

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Payment gateways are a crucial part of mobile transactions. Technical glitches, server downtimes, or incompatible interfaces can result in transaction failures, frustrating users and causing revenue loss for businesses. Moreover, complicated checkout processes or limited payment options can discourage customers. To prevent such challenges, streamlining payment gateways, ensuring compatibility with various systems, and offering diverse payment methods are pivotal. Overcoming these challenges is also crucial to providing a seamless & reliable payment experience for mobile commerce users.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of mobile commerce reached USD 611.6 billion in 2023 and is set to witness 25.5% CAGR from 2024 to 2032, backed by the proliferation of high-speed mobile internet including 4G and 5G networks.

The m-retailing segment is slated to grow notable through 2032, owing to the emphasis on enhancing the shopping experience through user-friendly mobile apps, personalized product recommendations, seamless checkouts, and convenient payment options.

North America market held around 37% revenue share in 2023, favored by the emerging educational STEM toy startups, along with the region’s advanced digital infrastructure and the strong consumer preference for convenience.

Amazon.com Inc., eBay Inc., Gemalto (Thales Group), GPShopper, International Business Machines (IBM) Corporation, Kony Mobility Platform, Mastercard Inc., PayPal Holdings Inc., and Visa Inc.