Europe Mobile Payment Market Forecast
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 520.6 Billion
Market Forecast in 2032: USD 2,811.8 Billion
Market Growth Rate: 20% (2024-2032)
The Europe mobile payment market size reached USD 520.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 2,811.8 Billion by 2032, exhibiting a growth rate (CAGR) of 20% during 2024-2032.
Europe Mobile Payment Market Trends:
The Europe mobile payment market is fuelled mainly by the rapid adoption of smart phones and the rising demand for easy, cash free transactions. In Europe, as the practice of digitalization deepens in all spheres of life, people are certainly obtaining mobile payment options more and more due to the offered benefits. These include better security and convenience. Before the COVID-19 pandemic, contact less payment emerged and gained momentum, but after it, concerns about hygiene fostered a faster manner for this type of payment.
It is fair to say that mobile payments are now an essential part of the purchase process, and apps, digital wallets and NFC devices are inter-woven with consumer behavior ever since Apple Pay, Google Pay, and PayPal took center stage. It must also be noted that in the European region, the inclusion of competition fostering regulations supporting fintech and open banking include the Revised Payment Services Directive (PSD2) has encouraged a responsive mobile payments system.
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Europe Mobile Payment Market Scope and Growth Analysis:
The Europe mobile payment market spans several industries such as retail, e-commerce, transport, and utilities as more businesses adopt mobile payment solutions looking to offer better customer services. Most European markets that include the UK, Germany, France, and Spain are also experiencing massive growth in mobile payments as a result of better internet access as well as the increasing popularity of digital banking services. This drive is expected to be propelled further by key industry players that range from traditional banks and fintech companies who have already commenced investment in features such as biometric, blockchain payment options and improved data security compliance.
The proliferation of P2P payment services and mobile payment features within social media platforms is also widening the space, targeting the younger generation majority who are digital buyers. Although the market has been expanding, challenges such as the data privacy issues, risks associated with threats of cyber attacks and inconsistency of regulatory environment in various countries within Europe can act as hindrances. There are also many markets that experience slow adoption due to low technological penetration coupled with older populations. In the future, the changes will promote the use of real-time payments, border crossing payments, artificial intelligence, and machine learning to enhance fraud detection and customer participation.
Europe Mobile Payment Market Research and Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Europe mobile payment market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
Breakup by Mode of Transaction:
WAP
NFC
SMS
USSD
Others
Breakup by Application:
Entertainment
Energy and Utilities
Healthcare
Retail
Hospitality and Transportation
Others
Breakup by Country:
Germany
France
United Kingdom
Italy
Spain
Others
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Other key areas covered in the report:
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Market Dynamics
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Top Winning Strategies
Recent Industry News
Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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