MOBILE COMMERCE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Mobile Commerce Market Analysis:

The mobile commerce market is projected to exhibit a compound annual growth rate (CAGR) of 27% by the year 2021-2026. A study conducted by the Harvard Business Review, which surveyed over 45,000 shoppers, revealed that only 7% of shoppers were exclusively online, while 73% of shoppers utilized multiple channels for their shopping needs. This trend highlights the importance of ensuring a consistent customer experience across various channels, including M-commerce, desktop commerce, and brick-and-mortar stores.

The availability of mobile-compatible payment options and applications for activities such as funds transfer and bill payments has further facilitated the growth of mobile commerce on a global scale. The development of integrated electronics has enabled the availability of various technologies, including broadband internet, handsets, and supporting service networks, which offer users unprecedented services.

The ultimate goal of all services is to generate revenue, and this represents an ever-increasing scope of Mobile Commerce (M-commerce) as a subset of the more generic Electronic Commerce (e-commerce), which has experienced significant growth with the increasing popularity of the internet.

The factors driving the M-commerce market include the increasing adoption of smart devices, better broadband connectivity, cheaper services, and social adoption of M-commerce services. However, there are certain challenges, including dependency on internet networks, monetization of the user base, and fierce competition.

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