US$ 1 trillion on mobile transactions in 2015
A new report by analyst firm Juniper Research forecasts that the number of mobile phone users making payments for digital goods will reach 2.5 billion worldwide by 2015, up from 1.8 billion forecast for 2011. This represents a growth of 40%.
Mobile tickets for transport and entertainment were found to be two of the key sectors influencing growth although new service and application adoption will also be very important.
Further key research from the Mobile Payments for Digital & Physical Goods report shows:
- The Far East & China region will be the largest, accounting for nearly 30% of the total by 2015,
- The Indian Sub-Continent is forecast to exceed 400 million users by 2015.
Yankee Group anticipates mobile transactions will grow from US$ 241 billion (EUR 166 billion) in 2011 to more than US$ 1 trillion (EUR 690 billion) by 2015, a CAGR of 56%. That growth, coupled with 500 million mobile banking users around the world in the same time frame, presents an enormous opportunity for both new and established players in the mobile money ecosystem. To help companies capitalize on this rapidly evolving opportunity, Yankee Group unveiled a new service called Mobile Money Strategies.
FIndings from this service include:
- NFC-enabled phones will grow from just 7 million in 2011 to 203 million in 2015, a CAGR of 208%.
- In 2011, EMEA accounts for 41% of mobile transactions value, while North America accounts for 35%, Asia-Pacific 22% and Latin America just 1%.
- Currently, 27% of all survey respondents use mobile banking--far more than use m-commerce (13%), mobile coupons (11%) and mobile payments (9%).
While mobile commerce in the US is growing rapidly – it is expected to pass US$ 6 billion (EUR 4.1 billion) by the end of 2011 and reach US$ 31 billion (EUR 21.4 billion) by 2016 – the channel will only represent a small 7% of overall eCommerce in five years time according to Forrester Research.
Only 13% of online consumers say they have used their handsets to purchase a product and shopping ranks relatively lowly on the list of things people do with their handsets. According to Forrester, the challenges exceed adoption opportunities as mobile commerce is likely to only account for 1% of the entire retail market by 2016.