Digital Wallet Market Dynamics – Driver, Challenge, Segment & Competition FY2030

 

Global Digital Wallet Market Overview and Insights:

Digital Wallet Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

What is the Future Market Size of the Digital Wallet Industry and its Yearly Growth Rate?

The Global Digital Wallet Market size was valued at USD 2,140.18 billion in 2023 and is projected to reach USD 7,857.70 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 20.58% during the forecast period, i.e., 2024-30. The need for digital wallets is growing tremendously worldwide owing to various factors, like technological innovation, growing consumer demand for convenience & security, supportive legal frameworks, and the digitization of services.

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Who are the Main Competitors Driving the Global Digital Wallet Market Forward?

The prominent players essentially operating in the Digital Wallet Market are as follows:

• Google
• Apple Inc.
• Amazon Web Services, Inc.
• PayPal Holdings, Inc.
• One MobiKwik Systems Limited
• Paytm
• Alipay
• PhonePe
• Gopay
• Freecharge Payment Technologies Pvt. Ltd.
• Skrill
• Samsung
• Dwolla, Inc.
• Barclays Bank Delaware
• Mastercard
• Others

What are the key Drivers Defining the Global Digital Wallet Market Size?

Favorable Policies & Digitalization Initiatives for Encouraging Cashless Transactions – Globally, both public & private sectors are concentrating more on implementing cutting-edge technology, like big data analytics, AI, and the IoT, in the finance industry to support digital transformation. Furthermore, in order to push cashless transactions & improve accountability & transparency, the government has launched projects and programs that creates an audit trail that lowers the possibility of money laundering & tax evasion. For instance, in the year 2023, the government of the UAE introduced a fintech action plan, including projects like an instant payments platform and a Central Bank Digital Currency (CBDC) to promote digital transformation in financial services.

Furthermore, administrations of several countries like India, Saudi Arabia, etc., are introducing digital currencies to drive economic growth, thereby, accelerating the adoption of digital wallets and supporting market growth. Additionally, authorities are allocating funds in the fintech sector to encourage the development of advanced digital wallet solutions. These investments and government initiatives would continue to improve consumer demand for digital wallets, making them the preferred choice for financial transactions in the future.

Full Market Research Report – https://www.marknteladvisors.com/research-library/digital-wallet-market.html

What is the Segmentation of the Global Digital Wallet Market?

The Digital Wallet market covered in this report is segmented –

• By Type
  • Proximity - Market Size & Forecast 2019-2030, USD Million
  • Remote - Market Size & Forecast 2019-2030, USD Million
• By Technology
  • Near Field Communication - Market Size & Forecast 2019-2030, USD Million
  • QR Code - Market Size & Forecast 2019-2030, USD Million
  • Text-based/Short Message Service - Market Size & Forecast 2019-2030, USD Million
  • Digital Only- Market Size & Forecast 2019-2030, USD Million

Near Field Communication (NFC) holds a dominant market share. NFC facilitates fast and convenient transactions by allowing users to tap their devices near a POS terminal.

• By Wallet Type
  • Open- Market Size & Forecast 2019-2030, USD Million
  • Closed- Market Size & Forecast 2019-2030, USD Million
  • Semi-closed - Market Size & Forecast 2019-2030, USD Million
• By Industry Vertical
  • Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2019-2030, USD Million
  • Hospitality- Market Size & Forecast 2019-2030, USD Million
  • Media & Entertainment- Market Size & Forecast 2019-2030, USD Million
  • Retail & E-commerce- Market Size & Forecast 2019-2030, USD Million
  • Energy & Utilities- Market Size & Forecast 2019-2030, USD Million
  • Telecommunication- Market Size & Forecast 2019-2030, USD Million
  • Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2019-2030, USD Million
• By End User
  • Personal- Market Size & Forecast 2019-2030, USD Million
  • Business/Corporate- Market Size & Forecast 2019-2030, USD Million
• By Ownership
  • Banks- Market Size & Forecast 2019-2030, USD Million
  • Telecom Operators- Market Size & Forecast 2019-2030, USD Million
  • Device Manufacturers- Market Size & Forecast 2019-2030, USD Million
  • Tech Companies- Market Size & Forecast 2019-2030, USD Million
• By Region
  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Key Questions Answered in the Research Report

1. What is the predicted Digital Wallet market size and growth rate for the years 2024-30?
2. What challenges are restricting the growth of the Digital Wallet market?
3. Which segment accounted for the largest market share in the Digital Wallet market?
4. Which prominent companies are leading growth in the Digital Wallet market?
5. In what formats does Markntel Advisors deliver the concerned report descriptions?
6. How long does it take for customers to receive the reports provided by Markntel Advisors?
7. Does Markntel Advisors provide customized reports?

Ask Analyst for Customization and Browse full report with TOC List of Figure: https://www.marknteladvisors.com/query/request-customization/digital-wallet-market.html

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