The global M-Commerce market is expected to grow with an increasing number of smartphones, tablets, and other internet-enabled devices. M-Commerce reduces overhead costs and increases transactional efficiency by eliminating physical presence and other intermediaries. Continuous technological advancements in wireless and mobile technologies are expected to increase the number of transactions over the forecast period. Increasing mobile internet usage owing to improved bandwidth is expected to drive the market.
Increasing smartphone penetration and the convergence between online and offline activities is expected to favor market growth over the forecast period. Additionally, mobility in M-Commerce transactions enables broader reach, which is expected to further drive the market. Low internet speed in developing economies may hinder market growth over the forecast period. The absence of mobile-friendly websites can further act as a restraint to market growth. Optimization of device capabilities and rising awareness for mobile applications and services may provide new opportunities to M-Commerce market growth. Intense competition and information security may pose a challenge to mobile commerce market growth over the forecast period.
The mobile commerce market can be segmented on the basis of payment mode and transaction types. Payment methods include premium SMS, Near Field Communication (NFC), direct carrier billing, and Wireless Application Protocol (WAP). The transaction type consists of retailing, billing, and ticketing services. mRetailing is expected to be the key transaction market over the forecast period owing to the increasing demand for online shopping in developed and developing economies. mCommerce services save time and are cheaper as compared to the traditional shopping and marketing methods which is expected to attract new market participants. North America and Europe are expected to be the key regional segment owing to high wireless internet penetration over the forecast period. Asia Pacific is expected to considerably grow over the next six years owing to the rise in mobile retail activities in nations such as India and China.
Some key technology vendors in the M-Commerce market include Ericsson, Google, Gemalto, IBM, MasterCard, Oxygen8, Mopay, PayPal, Visa, SAP, etc. Additionally, few online retail sites include Amazon, eBay, Walmart, Flipkart, and Jabong.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.