Insurance Fraud Detection Market By 2024 | Global Key Players, Trends, Share | Industry Size, Segmentation

According to a research report "Insurance Fraud Detection Market by Component (Solutions (Fraud Analytics, Authentication, and GRC), Service) Application Area (Claims Fraud, Identity Theft, Payment and Billing Fraud, and Money Laundering), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" published by MarketsandMarkets, The global insurance fraud detection market is expected to grow from USD 2.5 billion in 2019 to USD 7.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period. The major aspects driving the market are the need to effectively manage huge volumes of identities by organizations; improving operational efficiency & enhancing the customer experience; increasing adoption of advanced analytics techniques; and stringent regulatory compliances. The insurance fraud detection market is growing drastically on account of the proliferation of cloud-based services in the insurance sector and increasing threats & frauds in this sector.

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Authentication solution segment to grow at the highest CAGR during the forecast period

The authentication technology refers to the process of verifying the identity of the users, devices, or systems. Authentication plays a crucial role in the insurance fraud detection market. Fraud authentication helps enterprises to protect customer identity from the fraudsters. While fraud analytics helps detect fraudulent activities and the possibilities of fraud incidents happening in the future, fraud authentication is more inclined toward the prevention of such cases. Fraud authentication helps enterprises maintain the credibility of transactions/information by blocking unauthorized access to the information or identifying false inputs from the users. Based on the use cases and complexity, authentication solutions can be categorized as Single-Factor Authentication (SFA), and Multi-Factor Authentication (MFA) and the increasing need for simple and less complex SFA and MFA authentication solutions will fuel the demand for authentication solutions.

Managed services to grow at the highest CAGR during the forecast period

An increase in the number of customers demanding for managed services across the globe is expected to result in higher growth of these services. Managed services, which include managing databases and collecting data, are outsourced to managed service providers (MSP). Managed security service providers (MSSPs) offer specialized security services to other companies. Managed Security Services (MSS) are available in many forms such as pure system management, sophisticated fraud investigators, on-premises device monitoring and management services, and cloud services. Since these services require attention regularly, it becomes difficult for insurance organizations to manage them along with their core business operations. As a result, these companies are rapidly outsourcing their insurance fraud detection services to specialized service providers known as MSSPs.

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North America to account for the largest market size during the forecast period

The global insurance fraud detection market has been segmented based on regions into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America, followed by Europe, is estimated to become the largest revenue-generating region for insurance fraud detection solution and service vendors in 2019. Trends such as the Internet of Things (IoT), cloud adoption, and Bring Your Own Device (BYOD); and growing internal & external threats are some of the key factors expected to fuel the growth of the market in North America.

The APAC market is gaining traction, as the number of smart devices and BYOD trend are increasing in the developed and developing nations in APAC. The SMEs, as well as large enterprises in APAC, are becoming increasingly aware of the rising instances claims fraud, identity thefts, payment frauds, and have now started adopting insurance fraud detection solutions and services to combat them.

Key Market Players

Major vendors that offer insurance fraud detection services across the globe are FICO (US), IBM (US), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), iovation (US), FRISS (Netherlands), SAP (Germany), Fiserv (US), ACI Worldwide (US), Simility (US), Kount (US), Software AG (Germany), BRIDGEi2i Analytics Solutions (India), and Perceptiviti (India). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and acquisitions, to expand their offerings in the market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Facial Recognition Market Size Estimation, Industry Share, Business Analysis, Key Players, Growth Opportunities And Important Aspects By 2025

According to a research report "Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region - Global Forecast to 2025" published by MarketsandMarkets,The global post-COVID-19 Facial recognition market size is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.The facial recognition market is expected to be lucrative for technology vendors. It is also expected to witness substantial growth in the next five years due to increased investments by the government and defense sectors. Moreover, the growing surveillance industry, particularly in North America and Europe, would push companies to deploy or develop facial recognition solutions in the coming years. Furthermore, a high adoption rate is expected to be registered in APAC during the forecast period.

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By component, services segment to have fastest CAGR during the forecast period

The services segment is estimated to have the fastest growth rate in the facial recognition market. Services are provided by facial recognition software providers that help in implementing the solution without purchasing it. Services are further classified into training and consulting and cloud-based facial recognition. In training and consulting services, feasibility assessment, analysis, and advisory of large-scale governmental and military projects are all included. Features of cloud-based facial recognition services include time tracking, gender recognition, head pose estimation and analytics, and statistical overview related to the buying patterns are included.

By application, law enforcement segment to have highest market share during the forecast period

By application area, the facial recognition market has been mainly categorized into emotion recognition, attendance tracking and monitoring, access control, law enforcement, and others. Over the past decade, many major technology players have acquired companies that are operating in the facial recognition domain to add value to their own services. For instance, technology giants, such as Microsoft, Amazon, and Google, are exploring into the space of facial recognition due to the increasing demand for this technology.

Among the verticals, government and defense to hold the largest market size during the forecast period

The growing number of government and defense investments in implementing facial recognition technology for various activities, such as border control and criminal identification, are driving the adoption of the facial recognition technology solutions and services. Facial recognition eases the process of identification and verification; hence it is being adopted widely for immigration at airports and attendance tracking and monitoring. The increasing technological advancements across sectors are encouraging enterprises to adopt facial recognition tools and services for easier manual processing and time-saving. Various governments are relying on ubiquitous sensors and powerful analytics algorithms, instead of the physical presence of a human. In the war against COVID-19, several governments have implemented these new surveillance devices in healthcare, public safety, and surveillance applications. There are some major surveillance and authentication use cases of facial recognition to fight against COVID-19. Governments of all the COVID-19 affected nations have allocated special budgets to fight the epidemic

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North America to hold the largest market size during the forecast period

The North American region consists of developed countries that are technologically advanced with well-developed infrastructures. Owing to their strong economies, the US and Canada are expected to be major contributors to the growth of the facial recognition market. With technologies advancing every single day and growing economies of North America, companies in the region can afford to invest huge amounts on the adoption of these technologies. North America has a history of the use of facial recognition solutions and services. Flourishing technologies, such as smart infrastructures, smart city initiatives, the use of ePassports, and eVisa, are factors driving the growth of the facial recognition market.

Major vendors in the global facial recognition market include NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Digital Experience Platform Market By 2024 | Global Key Players, Trends, Share | Industry Size, Segmentation

According to a research Report "Digital Experience Platform Market by Component (Platform and Services), Deployment Type (Cloud and On-premises), Vertical (Manufacturing, IT & Telecom, BFSI, Healthcare, Travel & Hospitality, and Public Sector), and Region - Global Forecast to 2024" published by MarketsandMarkets, is expects to grow from USD 7.9 billion in 2019 to USD 13.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. Major factors expected to drive the growth of the DXP market include help in understanding the immediate needs of customer, reducing the customer churn rate, growing deployment of cloud-based solutions, and rising demand for big data analytics.

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Based on component, services segment to record a higher growth rate than platform segment during the forecast period

Base on component, the services segment is expected to grow at a higher rate than the platform segment during the forecast period. The services segment has a major influence on the DXP market’s growth. The demand for services is increasing with the growing adoption of DXP by enterprises across major verticals. These services assist end users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.

Among services, managed services segment to register a higher growth rate than professional services segment during the forecast period

Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their DXP operations on-premises as well as in the cloud. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.

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North America to account for the largest market size during the forecast period

North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for DXPs due to the large-scale implementation of DXPs by organizations and enterprises in the country. The high pace of digital transformation, along with the high growth of Artificial Intelligence (AI) and data analytics, is attributed to the fast growth of the DXP market in the US.

Key and emerging market players include Adobe Systems (US), Oracle (US), SAP (Germany), IBM (US), Microsoft (US), Salesforce (US), OpenText (Canada), SDL (UK), Sitecore (US), Acquia (US), Jahia (Switzerland), Episerver (US), Squiz (Australia), BloomReach (US), Liferay (US), Kentico (Czech Republic), and censhare (Germany). These players have adopted various strategies to grow in the DXP market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
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MarketsandMarkets™ INC.
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2026 Video as a Service Market | Business Size, Share, Opportunities, Future Trends | Top Key Players, Market Share

According to a research report "Video as a Service Market by Application (Corporate Communication, Training and Development, and Marketing and Client Engagement), Cloud Deployment Mode, Vertical (Healthcare and Life Sciences and BFSI), and Region - Global forecast to 2026", published by MarketsandMarkets, forecasts the global VaaS market size to grow from USD 3.8 billion in 2020 to USD 6.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. The VaaS market is fuelled by the growing demand for real-time and remote video services and the rapid growth in the number of internet users around the world. Moreover, the trend of companies investing moe on adoption of cloud platforms and reduced total cost of ownership is driving the adoption of VaaS solutions.

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Driver: Lower total cost of ownership

Business cloud service platforms are complicated to install and require a higher cost of ownership. Earlier, organizations had to appoint infrastructure teams for managing their cloud infrastructure on their own servers. VaaS enables organizations to reduce investments in building the infrastructure as it is taken care of by managed Services Providers (MSPs). Cloud vendors have their service platforms deployed on their own servers. Organizations get their data onto their platforms and have to pay only for the resources they require to use the video conferencing services. By using shared video as a service infrastructure, organizations can reduce the Total Cost of Ownership (TCO) and can save money on infrastructure, licensing, and support costs.

Restraint: Data security and privacy concerns

The security and privacy of the video content shared across various platforms can pose major concerns for enterprises. Moreover, organizations are also concerned about copyright and Digital Rights Management (DRM) due to the possibilities of misuse, information leakages, and data breaches. The healthcare, finance, manufacturing, information, and public sectors witnessed the highest number of data breach incidents in 2019. To counter such challenges, enterprises need to restructure their strategies in employing video conferencing offerings before deploying these solutions. In the absence of policies and procedures for the proper management of video content, video conferencing solutions may witness a sluggish adoption rate. Furthermore, vendors need to offer interoperable and easy-to-use enterprise-grade video communication solutions that have in-built security features.

Opportunity: Rise of 5G to boost adoption of cloud services

5G technology will bring major improvements to the cloud computing world. This is because most technology innovations can be more efficient when cloud-dependent. 5G, in turn, improves that integration with its low to zero latency, making for smoother communications. Enhanced mobile broadband will deliver a seamless, high-quality experience for cloud video services such as conferencing, recording, and storage. Lower cost per bit will bring affordable and truly unlimited mobile data packages, better adapted to heavy media usage. Furthermore, newer technologies such as facial recognition and live transcripts using AI and ML will spur the adoption of video conferencing over 5G. The evolution of 5G is yet to realize its full transformational potential and provides a great growth opportunity for the video as a service market.

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By region, North America to account for the largest market size during the forecast period

North America holds a strong position in the global VaaS market, owing to large-scale investments by organizations for outsourcing VaaS solutions. Countries in North America have advanced communication infrastructure that help VaaS solution providers offer quality services to their clients. The major growth drivers for this region include large-scale investments in the implementation of VaaS solutions due to the growth of video conferencing applications and the need for better video quality.

Market Players

Major vendors in the VaaS market include Microsoft (US), Zoom (US), Cisco (US), Adobe (US), Avaya (US), Google (US), AWS (US), Poly (US), LogMeIn (US), and RingCentral (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA: +1-888-600-6441

 

 

 

 

 

 

 

Private LTE Market Pegged to Expand Robustly, Classification, Application, SWOT Analysis and Competitive Landscape To 2025

According to a research report "Private LTE Market by Component (Infrastructure and Services), Technology (FDD and TDD), Deployment Model (Centralized and Distributed), Frequency Band (Licensed, Unlicensed, and Shared Spectrum), End User, and Region - Global Forecast to 2025" published by MarketsandMarkets, size is projected to grow from USD 4.0 billion in 2020 to USD 7.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Major factors such as the need for unique and defined network quality are expected to drive the growth of the global private LTE market. However, the fragmented spectrum may limit the market growth.

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Market Dynamics

Driver: Availability of unlicensed spectrums such as CBRS and MulteFire bands

Enterprises can use licensed and unlicensed spectrums to deploy private LTE networks globally. Vendors have developed chipsets, infrastructure components, and Customer Premises Equipment (CPE) that enable private LTE networks to run in two unlicensed frequency bands: 5 GHz and 3.5 GHz. In the US, the 3.5 GHz is a part of the Citizens Broadband Radio Service (CBRS) band and MulteFire function in a 5 GHz band across the globe except for the US. The availability of unlicensed bands can pave the way for enterprises to deploy private LTE networks quickly without the intervention of Mobile Network Operators (MNOs), who own these license spectrum bands.

Restraints: Frequency bands interference

The commercial spectrum allocation for the implementation of private LTE occurs through a unique three-tier sharing system. The bid-winning user would gain top-level service through the tier 2 Priority Access License (PAL). This license would be issued on a geographic basis. Satellite operations and the US navy radar would use the first tier of the network with adjustable geographic limitations based on azimuth and beam. Other enterprises would deploy the third tier, open access, and non-prioritized band of the network. The lowest-tier Unlicensed General Authorized Access (GAA) users are permitted to use any portion of the 3.5 GHz band, which is not assigned to higher tier users.

Opportunity: Emergence of industrial and commercial IoT

Organizations across various verticals are consistently trying to increase the use of IoT for automating their processes and increasing the throughput. Hence, the proliferation of IoT and associated technologies would create numerous opportunities for the private LTE market. The private LTE network allows users to integrate diverse sensors, machines, people, vehicles, and other devices across a wide range of applications and usage circumstances. Any private LTE network takes care of issues, such as reliability, service quality, security, and compliance. Companies such as Nokia, Samsung, and Cisco are some of the major players that are working toward the incorporation of private LTE networks in IoT. IIoT is another major use case in the private LTE market

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Asia Pacific (APAC) region to record the highest market share in the Private LTE market in 2020

APAC is an emerging region in the private LTE market. China, Japan, and Australia are the major countries contributing to the growth in APAC. APAC also constitutes major economies, such as Singapore, South Korea, and India. Japan, China, and Australia as essential for the growth of the private LTE market in this region. Japan and China are the largest manufacturing economies that produce automobiles, IT products, and electronic products. Manufacturing paradigm has changed considerably with industry seeking advanced technologies such as robotics and big data analytics becoming popular among them.

Key and innovative vendors in the private LTE market include Nokia ( Finland), Ericsson (Sweden), Huawei (China), ZTE (China), NEC (Japan), Affirmed Networks (US), Athonet (Italy), Samsung (South Korea), Redline communications (Canada), Airspan (US), Boingo Wireless (US), ASOCS (Israel), Casa Systems (US), Cisco (US), Comba (Hong Kong), CommScope (US), Druid Software (Ireland), ExteNet Systems (US), Fujitsu (Japan), Lemko (US), Mavenir (US), Quortus (UK), Star Solutions (Canada), Tecore (US), Telrad Networks (Israel), Wireless Excellence (UK), Accelleran (Belgium), Air-Lynx (France), Altiostar (US), Amarisoft (France), Baicells Technologies (US), Celona (US), IPLOOK (Hong Kong), JMA Wireless (US), Parallel Wireless (US), Phluido (US), NetNumber (US), JI Technology (Japan), Verizon (US), Sierra Wireless (Canada), Future Technologies (US), Ambra Solutions (Canada), URSYS (Australia), Geoverse (US), and Cradlepoint (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the private LTE market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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USA: +1-888-600-6441

 

 

 

 

 

 

 

 

 

2024 Mobile Money Market Analysis | Key Growth Drivers, Challenges | Leading Key Players Review, Demand

According to a research report "Mobile Money Market by Transaction mode (Point of Sale, Mobile Apps, QR codes, Internet Payments, SMS, STK/USSD Payments, Direct Carrier Billing, Mobile Banking), Nature of Payment, Application, Type of Payments, Region - Global Forecast to 2024", published by MarketsandMarkets, the mobile money market to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Major factors expected to drive the growth of the mobile money market include the rise in the number of mobile subscribers, government initiatives to promote cashless economies, and growth of businesses with digital payment-based business models.

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By transaction mode, mobile apps segment to grow at the highest rate during the forecast period

By transaction mode, the mobile apps segment is expected to grow at the highest CAGR during the forecast period. Several applications offer payment services, such as Apple Pay, Google Pay, and PayPal. Some of these applications provide mobile wallet services too. Mobile applications considered under this segment include digital/mobile wallets and Unified Payment Interface (UPI) payment apps. With the proliferation of strong internet coverage in developed and some developing countries, the adoption of mobile money application has increased significantly. Mobile-based payment app interfaces are designed to facilitate easy payment using mobile phones. It is a software intended mainly for smartphones and tablet computers. All the functions of mobile money, such as sending, receiving, and withdrawing money along with other such options can easily be accessed through these apps.

By type of payment, the proximity payments segment to grow at highest CAGR during the forecast period

By type of payment, the proximity payments segment to grow a higher CAGR during the forecast period. These payments are carried out using mobile phones and Point of Sales (POS) device. Currently, several companies offer applications that enable proximity payments. It is referred to as in-store payments in case of retail store or in-location payments with regards to payment through a merchant’s POS terminal. Proximity payments are specifically enabled for short distances and work when both the payer and payee are present in the same location. The proximity payment type is strikingly different from remote payment as it involves the presence of payment card details from one’s own bank account and does not require any tie-up with a payment processor to facilitate transactions. Increasing adoption of mobile payment technologies by brick and mortar-based businesses further drives the demand for proximity payments.

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Asia Pacific to account for the largest market size during the forecast period

The global mobile money market by region covers 5 major geographic regions, namely North America, Asia Pacific (APAC), Europe and Central Asia, Middle East and Africa (MEA), and Latin America. APAC is expected to hold the largest market size during the forecast period. The region is at the forefront in the adoption of mobile money solutions, owing to the increased smartphone penetration in this region that provides operators with an opportunity to launch advanced mobile wallet services. The rapid eCommerce adoption further contributes to increased use of electronic payment mechanisms, including mobile money services. The growth of mobile money solutions has helped bridge economic opportunities and drive financial inclusion in the region. Owing to its vast population and the developing nature of their economies, a large number of people in this region lack direct access to financial services. Traditional banking results in high operational costs and these banks are difficult to set up in rural and remote areas. However, mobile-based solutions help reduce operational costs and serve a diverse population, thereby promoting financial inclusion by bridging economic opportunities.

Key Mobile Money Market Players

Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US), Comviva (India), and T- Mobile (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441