Global Digital Wallets Market Overview:
Digital Wallets are referred as electronic based payment or internet that stores both financial value as well as personal identity related information in a computer or mobile. Digital Wallets market has high growth prospects due to demand of security by encrypting personal information for the real transactions. The major companies are adding more proven store-based retailing in Asia-Pacific countries as these countries are focused on fastest-growing verticals for the digital payment application. Some of the key players profiled in the study are Alibaba Group Holdings Ltd. (China), Apple Inc. (United States), Citrus Payment Solutions (India), Google, Inc. (United States), Oxigen Services India Pvt. Ltd. (India), Paypal Holdings Ltd. (United States), Samsung Electronics Inc. (South Korea) and Visa (United States).
On the basis of geography, the market of Digital Wallets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Mode, the sub-segment i.e. Online will boost the Digital Wallets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Consumer Preference towards Digitalization and Urbanization.
- Rising Demand of Electronic Transactions and Purchasing Items by Computers.
- Collaboration and Tie Up Of Leading Players
- Lack of Awareness among Customers
- Adverse Impact due to Cyber Crimes.
- Growing Government Focus on Promoting Cashless Economy.
- Increasing Demand at Developing Countries.
- Stiff Competition between Major Players
Major Market Developments:
In October 2018, Zomato launched its own digital payments and mobile wallets solutions that aims to boost the predictability of orders.
Digital Wallets Manufacturers, Digital Wallets Traders, End-Use Market Participants of Different Segments of Digital Wallets, Government and Research Organizations, R&D Institutions and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Digital Wallets market on the basis of product [Open, Closed and Semi-Closed] , application [Retail, Healthcare, IT, Education and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Digital Wallets market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Digital Wallets industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Digital Wallets market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.