IMARC Group expects that the European mobile payment market by 2027 will reach 1,317 billion US dollars, and in 2022-2027 CAGR will be 25.37%.
Sheridan, Wyoming, USA, 2022 November 18 /EINPresswire.com/ – According to IMARC Group’s latest report, “European Mobile Payments Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027,” a comprehensive industry analysis that includes insights into the mobile payments market in Europe. The report also provides competitor and regional analysis and contemporary developments in the market. European mobile payments market size in 2021 reached 337 billion US dollars. Looking to the future, IMARC Group expects that by 2027 the market will reach 1,317 billion US dollars, and in 2022-2027 CAGR will reach 25.37%.
Also called e-payment, mobile payment is made using a smartphone, the Internet and payment instruments such as debit or credit cards, gift cards, bank accounts and mobile wallets. This is facilitated by the availability of point-of-sale (POS) terminals that perform transactions using near-field communications. Mobile payment is secure, convenient and easy to use compared to traditional counterparts. Therefore, this system is widely used in various sectors such as entertainment, energy and utilities, healthcare, retail, hospitality, transportation, etc.
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As the novel coronavirus (COVID-19) crisis grips the world, we are constantly monitoring changes in markets as well as consumer purchasing habits around the world, and we evaluate the latest market trends and forecasts in light of the impact of this pandemic.
Increasing internet penetration and growing number of tech-savvy consumers are among the main factors driving the European mobile payments market. Moreover, the expanding e-commerce sector across the region is further fueling the market growth. Additionally, the growing popularity of mobile payment solutions among small and medium-sized enterprises (SMEs) to track consumer purchasing behavior is also catalyzing the market across Europe. In addition, key players are leveraging the use of tokens along with biometric identification features to ensure a more secure experience, and increasing awareness among the masses about the enhanced security associated with the use of these transactions are important growth drivers. . Moreover, the integration of these applications with passwords and/or authentication methods effectively protects payment gateways and personal information, thereby reducing the chances of security theft or fraud, which also drives market growth. Moreover, due to the sudden onset of the COVID-19 pandemic, increasing demand for this solution and contactless methods is expected to drive the European mobile payment market during the forecast period.
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Segmentation of the European mobile payments market:
Our report categorizes the market by region, transaction method, and application.
Separation according to the method of operation:
• SHORT MESSAGE
Separation by program:
• Energy and utilities
• Health protection
• Hospitality and transport
Breakdown by country:
• United Kingdom
Key highlights of the report:
• Market efficiency
• Market perspective
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chains
• Detailed mapping of the competitive landscape
We update our research report for 2022-2027. For up-to-date primary and secondary data with cost module, business strategy, distribution channel, etc. Click to request a free sample report. We deliver the report within 24 hours.
Browse other related reports from the IMARC Group:
GCC Mobile Payment Market: https://www.imarcgroup.com/gcc-mobile-payment-market
United States Mobile Payment Market: https://www.imarcgroup.com/united-states-mobile-payment-market
India Mobile Payment Market: https://www.imarcgroup.com/india-mobile-payment-market
Latin America Mobile Payment Market: https://www.imarcgroup.com/latin-america-mobile-payment-market
IMARC Group is a leading market research firm offering management strategy and market research worldwide. We work with clients across all sectors and regions to identify their most valuable opportunities, address their most pressing challenges and transform their businesses.
IMARC’s information products cover key market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-tech organizations. Market forecasting and industry analysis in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and new processing methods are at the forefront of the company’s expertise.
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