According to Juniper Research’s Mobile Payments Study, purchases via mobile devices, contactless NFC transactions and money transfers will together generate transactions worth over $600 billion globally by 2013. This figure represents the gross value of all the items being purchased or the value of money being transferred.
While the mobile market today is currently dominated by digital goods purchases such as ringtones, music, games and infotainment, there are three high potential markets which offer major new opportunities for the future: contactless NFC, mobile money transfer and physical goods purchases via mobile devices.
Report author Howard Wilcox argues that all segments of the market will see growth over the next five years, driven by both the rapid availability of exciting, easy to use services, and the continued growth, particularly in developing countries. “As well as becoming multifunctional devices for many users, mobiles will become wallets that people won’t leave the home or office without,” he added.
Highlights from the report include:
- Global annual gross transaction value will grow over 10 times between 2008 and 2013
- Juniper Research’s 2008 forecasts show an increased growth rate of the global mobile subscriber base than previously, with in excess of 1 billion new users by 2013
- The top 3 regions for mobile payments (Far East and China, Western Europe and North America) will represent over 70% of the global mobile money transfer gross transaction value by 2013.
The report provides forecasts of the main market segments, regional forecasts of gross transaction values, and also offers profiles of 13 vendors and 17 service providers pioneering in the market. More information is available from Juniper Research’s website.