Global M-Commerce Market is Projected to Reach US$5.3 Trillion by 2024

Increasing Penetration of Smartphones, Expanding Coverage of High-Speed Mobile Networks and Ease and Convenience of Mobile Devices for Online Purchases Drive Growth in Global M-Commerce Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global M-Commerce market. Global M-Commerce market is projected to reach US$5.3 trillion by 2024, driven by the growing penetration of smartphones and tablets, increasing access to mobile Internet services, and the adoption of advanced m-payment platforms. Strong prospects in emerging economies of Latin America and Asia-Pacific also present positive outlook for the m-commerce growth.

M-commerce or mobile commerce is the use of wireless technology-based devices for online conduct of commercial transactions. Involving the use of mobile devices such as laptops, tablets, and mobile phones, mobile commerce involves the online purchase and delivery of a variety of products and services. The emergence of mobile commerce as a global phenomenon is mainly driven by the value and convenience offered by the platform to purchasers. Though m- commerce accounts for a relatively small share of total retail sales, there exists enormous scope for growth due to the ease and convenience of shopping from any location and at any time.

The growing ubiquity of mobile devices, increasing penetration of mobile Internet services and rise in mobile spending are leading to increasing use of mobile devices for purchase of goods and services. The expanding base of mobile consumers, increasing access to Internet services especially in developing countries, and rising penetration of smartphones are leading to higher adoption of m-commerce services. In addition to smartphones, tablets are also increasingly being used by mobile customers for online purchasing. Transforming shopping patterns and spending habits of consumers is influencing m-commerce market, as customers are increasingly using Internet on-the-move to make informed purchasing decisions. The rapid pace of technology advancements in wireless mobile devices is leading to the development of devices with greater computing power, thus fueling adoption of mobile commerce market. The widening network of high speed 4G LTE technology is also leading to an increase in sales through m-commerce apps and browsers. Another significant factor fueling growth in the m-commerce market is the compatibility of an increasing number of payment methods to mobile platform, and rising popularity of m-payment services such as digital wallets or m-wallets for online payments. The growing adoption of advanced technologies to improve user experience on m-commerce platforms is also leading to higher sales. Augmented Reality (AR) apps for example are revolutionizing the online commerce by enabling a more engaging, interactive and immersive shopping experience to mobile purchases.

As stated by the new market research report on M-Commerce, China represents the largest regional market, worldwide, mainly driven by the country’s large mobile market and the huge potential for development of mobile value added services including m-commerce. Growing number of mobile subscriptions, increasing affordability of feature rich smartphones, and increasing consumer tendency to use mobile devices for business transactions and purchases are expected to fuel growth in the mobile commerce market. Urbanization and changing consumer lifestyles are also driving the adoption of mobile Internet, as urbanites have more mobility and social connection needs than people in rural areas, thereby requiring mobile Internet. Latin America is forecast to register the fastest CAGR of 31.3% over the analysis period. The convenience of mobile purchases, availability of a wide range of product offerings through mobile platforms and growing awareness about mobile wallets are fueling growth in the mobile commerce market.

Major players in the market include Alibaba Group, Amazon.com Inc., Apple Inc., Branding Brand, Evine Live Inc., eBay Inc., Fandango Inc., International Business Machines Corporation, Moovweb Intergalactic, Netbiscuits, Otto Group, PayPal Holdings Inc., Phunware Inc., QVC Inc., Sevenval Technologies GmbH, SiteMinis Inc., Skava, Target Corporation, Unbound Commerce, Usablenet Inc., VeriFone Systems Inc., and Wal-Mart Stores Inc., among others.

The research report titled “M-Commerce: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), China, Asia-Pacific (India, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World.

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