The global M-Commerce market size was reached at USD 306.6 billion in 2022 and it is projected to hit around USD 1,847.45 billion by 2030, poised to grow at a CAGR of 29.25% from 2022 to 2030.
M-Commerce Market: Overview
Mobile commerce, often known as m-commerce, refers to any monetary transaction completed on a mobile device such as a cell phone or tablet. It is an ecommerce development that allows users to buy and sell goods or services from practically anywhere using only a mobile phone or tablet device. However, mobile commerce is more than just an extension of internet commerce. Rising smartphone and internet penetration, as well as smartphone usage for online shopping and banking payments, are expected to propel the M-commerce sector. Increasing demand for various mobile payment methods such as Apple Pay, PayPal one-touch, Visa Checkout, G-pay and Amazon Pay, as well as technological breakthroughs in augmented reality (AR) produced in wireless portable devices, would boost overall market demand for Mobile Commerce throughout the projection period.
The elements driving the M-Commerce market are increased smart device use, greater internet connectivity, cheaper services, social adoption of M-Commerce services, and so on. However, there are several obstacles to overcome, such as reliance on internet networks, monetization of the user base, and severe competition.
Impact of COVID - 19
The COVID-19 crisis spurred the expansion of m-commerce to new enterprises, customers, and product categories. It has given consumers access to a wide range of items from the comfort and safety of their own homes, and it has allowed businesses to continue operating in the face of contact restrictions and other confinement measures. Despite persistent cross-country discrepancies, the COVID-19 issue has increased dynamism in the global m-commerce environment and broadened the scope of m-commerce, especially through new enterprises, customer segments (e.g., the elderly), and products (e.g. groceries). Meanwhile, in many countries, m-commerce transactions have changed from luxury items and services to everyday necessities that are relevant to a huge number of people.
M-Commerce Market Dynamics:
Mobile commerce, or m-commerce, has been driven by a several factors in recent years. One major driver is the extensive adoption of smartphones and other mobile devices, which has made it easier than ever for consumers to shop online from virtually anywhere at any time.
Another key driver of m-commerce is the growth of mobile payment technologies, which allow consumers to securely and conveniently make purchases using their mobile devices. This has helped to reduce friction in the online shopping process and increase the speed and ease of transactions.
Overall, the convenience and accessibility of m-commerce, combined with advances in mobile technology and payment systems, are driving the growth of this market and determining the way that consumers shop and businesses sell their products and services.
One of the major restraints in the m-commerce market is the lack of infrastructure in certain regions. This lack of infrastructure can lead to slow connection speeds, unreliable service, and a lack of access to certain payment methods. Another major restraint is the security concerns that customers have when it comes to making purchases. Customers are often wary of providing their personal information, as well as their financial information, over a mobile device.
Report Scope of the M-Commerce Market
|
Attribute
|
Details
|
|
Market Size in 2021
|
USD 247.22 billion
|
|
Estimated Market Size in 2030
|
USD 1,847.45 billion
|
|
CAGR Growth Rate
|
29.25% CAGR
|
|
Base Year
|
2021
|
|
Forecast Years
|
2022-2030
|
|
Segmentation
|
By Payment Modes, By Transactions, By User Type
|
|
Major Regions Covered
|
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
|
|
Key Market Players
|
Ericsson, Google Inc., Gemalto, IBM, MasterCard, PayPal Holdings Inc., Visa, Mopay, Amazon.com, Apple Inc., eBay Inc., SAP, ASOS.com, Microsoft Corp.,
|
|
Report coverage
|
Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
|
M-Commerce Market: Segmentation
By Payment Modes, By Transactions, By User Type
Based on the Payment Modes Analysis, the market is divided into Premium SMS, Wireless Application Protocol (WAP), Near-field Communication (NFC), Direct Carrier Billing, Others. Near-field Communication (NFC ) segment has dominated the market share in 2021 and will continue the same in forecast period. NFC is a near-field communication technology that allows users to make payments using their mobile devices.
Based on Transactions, the market is segmented into M Retailing, M ticketing/booking, M billing, and Others. Of these the M Retailing segment dominated the market growth. Based on User Type, the market is segmented into Feature phone users, Smart device users.
Regional Analysis
North America had the major revenue share in 2021. In judgment to other areas, the United States has a higher reception rate of new emerging technologies, which is projected to promote market growth. Due to substantial funding and investments, major firms such as MasterCard, Google, and many more are headquartered in the North American region, which is projected to fuel the e-commerce business.
Amazon, headquartered in the U.S., mutual its m-commerce and e-commerce businesses. This could increase mobile changes by providing a better customer experience than a company's mobile site. The acceptance of new business tactics by big firms is projected to open a plethora of prospects for the m-commerce market.
Furthermore, Asia Pacific is expected to witness a high CAGR in the global market in 2021. The Asia-Pacific market for IT and semiconductor devices is well-known. The region previously boasts the world's most mobile phone users and some of the world's fastest network earners (Japan and South Korea). As a result, it is safe to forecast that the region will have the wildest m-commerce growth rate in the future years.
Additionally, Alibaba and other such giants are projected to boost market growth meaningfully. Digital wallets are projected to boost the m-commerce market growth in app-based procurements considerably.
Key Outcomes of the Report
North America dominates the M-Commerce market due to strong public and private sector investment, as well as the existence of large firms poised to accelerate the M-Commerce market.
The expanding trend of NFC payment mode in countries such as China, Japan, France, and the United Kingdom in payment applications, particularly in public transportation systems, is expected to open up chances for the M-commerce business.
Increasing smartphone usage, increased internet penetration, and smartphone adoption for online digital transactions and retail buying are expected to drive demand for the M-commerce market.
The adoption of new technologies Augmented Reality (AR) in the retail sector by companies such as IKEA, Converse, and others is expected to offer chances for the M-commerce market throughout the projected period.
List of Key Players in the Global M-Commerce Market:
- Alibaba Group Holding Ltd.
- Ericsson
- Google Inc.
- Gemalto
- IBM
- MasterCard
- PayPal Holdings Inc.
- Visa
- Mopay
- Amazon.com
- Apple Inc.
- eBay Inc.
- SAP
- ASOS.com
- Microsoft Corp
Segments Covered in the Report
By Payment Modes
- Premium SMS
- Wireless application protocol (WAP)
- Near Field Communication (NFC)
- Direct Carrier Billing
- Others
By Transactions
- M Retailing
- M Booking
- M Billing
- Others
By User Type
- Feature Phone Users
- Smart Device Users
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Frequently Asked Questions (FAQs):
What is the size of M-Commerce market?
The global M-Commerce market size is projected to grow from USD 306.6 billion in 2022 to USD 1,847.45 billion by 2030
What will be the CAGR of global M-Commerce market?
The M-Commerce market is expected to drive growth at a CAGR of 29.25% from 2022 to 2030.
Who are the major players operating in the M-Commerce market?
The major players operating in the market are Ericsson, Google Inc., Gemalto, IBM, MasterCard, PayPal Holdings Inc., Visa, Mopay, Amazon.com, Apple Inc., eBay Inc., SAP, ASOS.com, Microsoft Corp.
What is the key factor boosting the M-Commerce market growth?
increasing number of smartphones, tablets, and other internet-enabled devices, rising technological advancements are the key factors expected to drive M-Commerce Market during the forecast period.
Which region will lead the global M-Commerce market?
North America region is projected to hold the highest market share due to high wireless internet penetration over the forecast period.
What if I Have a Question Regarding Your Reports?
Call us, email us, we encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.