Globally there are more smartphones being sold now than traditional phones. Gartner (News - Alert) reported that tipping point was reached in the second quarter of 2013 - with a total of 968 million smartphones being sold by the end of the year. With more smartphones in the hands of consumers, businesses are also providing more services that make use of the technologies these devices provide. Mobile commerce is one of them that, according to recent research is set to hit $467.3 billion by 2019.
MarketsandMarkets complied research reports into the offering, "M Commerce Market by Transactions (M Retailing, M Ticketing/Booking, M Billing, Other M Commerce Services), Payment Modes (NFC, Premium SMS, WAP, Carrier Billing), Users (Smart Devices, Feature Phones) - Worldwide Forecasts & Analysis (2014 - 2019)," to deliver an in-depth analysis and forecasting of revenues by defining segments and sub-segments of the mobile commerce market.
Different factors that are driving this market include the technology roadmap and adoption trends, as well as restraints and opportunities facing everyone in the sector.
While there are many sub-segments of the mobile commerce market that has to come into play in order for the forecast to achieve its target, a good example is payment modes and the different types of payment systems offered today. While NFC technology was enthusiastically received and greatly anticipated to change the mobile payment ecosystem, the adoption rate by consumers as well as businesses has been very slow.
There are however many different components to this market that will ensure it continues to grow as more consumers rely on their mobile device to conduct financial transactions. This includes mobile banking, billing, ticketing and booking as well as mobile POS platforms and mobile wallets offered by globally recognized brands in the IT industry.
These brands provide products and services used by hundreds of millions of people around the world, and by offering their own version of mobile commerce solutions will likely increase the adoption rate. Because security and trust are been the biggest issues regarding mobile commerce adoption, doing business with a company consumers trust can go a long way in convincing them to try a new product or service. Some of the companies addressing this market include: Ericsson, Gemalto, Google, IBM, Oxygen8, SAP (News - Alert), and others.
All of this growth will however depend on the number of Internet users in the future as well as faster broadband speeds and continued investment in the right infrastructure from public and private organizations.
Edited by Stefania Viscusi
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