Mobile Commerce Market Size

Mobile Commerce Market Analysis

The Mobile Commerce Market size is estimated at USD 1.45 trillion in 2024, and is expected to reach USD 1.99 trillion by 2029, growing at a CAGR of 6.54% during the forecast period (2024-2029).

Mobile commerce, also known as m-commerce, refers to the buying and selling goods & services through wireless handheld devices like smartphones, tablets, and other mobile devices. It is a subset of electronic commerce (e-commerce) and is typically conducted using apps or mobile-optimized websites. It enables users to perform online transactions anywhere and anytime, as long as they have access to the internet. It has become increasingly popular in recent years because of the widespread usage of mobile devices. A significant advantage of m-commerce is that it allows businesses to reach a broader audience. With mobile apps, companies can get more people and make their buying experience more straightforward.

• Mobile commerce can involve various payment methods, such as credit/debit cards, mobile wallets, and carrier billing. E-commerce websites are optimized for mobile devices to provide a better user experience and make it easy for customers to browse & shop using their mobile devices.
• Large-format wholesalers and offline retailers are stepping up and changing their efforts to serve customers online and build omnichannel models to meet the increasing demand for essential groceries and foods. According to India Brand Equity Foundation (IBEF), e-commerce is growing exponentially. The market value of the e-commerce industry in India is estimated to reach USD 350 billion by 2030. The increase in the Ecommerce sector is expected to offer lucrative opportunities for the growth of the studied market.
• Mobile billing has become increasingly popular in recent years, making it easier for consumers to shop and pay for goods and services without relying on cash or credit cards. It can be used for various transactions, including online shopping, bill payments, and banking. The convenience, security, and flexibility of mobile billing will likely drive the growth of the studied market.
• On the flip side, one of the restraining factors for the mobile commerce market is the availability of cyber thieves, which can threaten the security of mobile transactions. Other factors that may restrain mobile commerce market growth include limitations in the development of mobile technology, as well as consumer concerns about information and service quality and perceived privacy protection.
• In a world of ascending inflation, the war in Ukraine, and the remnants of the COVID-19 pandemic, many facets of the global world impacted eCommerce. Among them, the most prominent are inflation and a disturbed supply chain infrastructure. The increasing inflation was anticipated to force customers to cut back on nonessential products.