Global IT Spending Market by Mobile Payment Service Providers 2015-2019
About IT spending by mobile payment service provider
Proliferation of mobile devices has created a market for mobile payments. Mobile payments are transactions that can be carried out using mobile devices such as smartphones. Mobile payments are a revolutionary trend in the digital payments industry and use technology such as NFC for touchless payments. They enable online purchases and payment of bills. The growth of the global mobile payment market has been stimulated by an ever growing m-commerce market and adoption of smartphones, along with the availability of value-added services at affordable costs.
Mobile payment service providers such as PayPal, Mastercard, AmazonPay, and Google Wallet are increasingly investing in IT to enhance their technological capabilities, ensure operational efficiency, and keep pace with a growing customer base. Mobile payment service providers are also acquiring IT players and building in-house capabilities. They are also collaborating with IT players, such as IBM and Oracle, to better understand their customers’ needs and offer customized services using analytics and BI tools.
Data security is a key concern among mobile payment service providers. These providers gather personal data to customize advertisements and reach the target audience.
They track cookies to gather information. Indiscriminate use of this data can lead to infringement of customers’ privacy. It also leads to concerns about the security of customers’ financial information. However, mobile payment service providers are trying to enhance security of data, and to some extent have changed consumer perception about security of their personal information. Technavio expects substantial spending on mobile payment solutions from the banking sector. The banking sector is investing in several initiatives including digital banking and digital transformation, mobile banking and payments, security solutions, and analytical solutions.
Technavio's analysts forecast the global IT spending market by mobile payment service providers to grow at a CAGR of 12.26% over the period 2014-2019.
Covered in this report
This report covers the present scenario and growth prospects of the global IT spending market by mobile payment service providers for the period 2015-2019. To calculate the market size, the report considers revenue generated through sales of hardware, software, and services.
The report presents the vendor landscape and a corresponding detailed analysis of the leading vendors in the global IT spending market by mobile payment service providers. In addition, it discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends emerging in the market.
Technavio's report, Global IT Spending Market by Mobile Payment Service Providers 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers APAC, the Americas, and EMEA. It also covers the landscape of the global IT spending market by mobile payment service providers and its growth prospects in the coming years. The report also includes a discussion on the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global IT Spending by Mobile Payment Service Providers 2015-2019
Technavio recognizes the following companies as the key players in the Global IT Spending by Mobile Payment Service Providers: Amazon Payments, IBM, HP and Oracle
Other Prominent Vendors in the market are: Accenture, AT&T, CSC, Fujitsu, Google Pay, Infosys, SAP, Samsung, Square, TCS, Verizon, and Wipro.
Commenting on the report, an analyst from Technavio’s team said: “Social media is one of the major influences on the mobile payment processing landscape. Mobile payment service providers, financial institutions, and merchants are keenly monitoring consumers' conversations and developing processes and technology based on the insights derived from online chat and customer sentiments.”
According to the report, an increase in the sale of smartphones, increase in accessibility to the internet, and rise in time spent on mobile devices is creating notable opportunity for m-commerce. Many brick and mortar retailers and most e-commerce vendors are opting for mobile platforms to sell their goods and services. The exhibits below illustrate the shipment of mobile devices and also their global penetration during the forecast period.
Further, the report states that the growth of the global mobile payment market is dependent on the demand for and availability of POS terminals, where cellphones are used for payment. As POS terminals for contactless payment are expensive, retailers are likely to upgrade their infrastructure only if there is demand for contactless payment among consumers.
Amazon Payments, IBM, HP, Oracle, Accenture, AT&T, CSC, Fujitsu, Google Pay, Infosys, SAP, Samsung, Square, TCS, Verizon, Wipro.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook