A recent report from Juniper Research estimates the value of mobile commerce transactions will grow from $1.5 trillion in 2013 to a forecasted $3.2 trillion globally by 2017.
In their Mobile Commerce Markets: Sector-by-Sector Trend Analysis & Forecasts 2013-2017 report, Juniper Research estimates that mobile commerce transactions will increase at an average year-over-year growth rate 19.8 percent through 2017. This includes transactions made from both mobile phones and tablets. The highest number of m-commerce transactions comes from purchases for digital goods, but these are primarily low dollar purchases.
A major factor in the expected growth of mobile commerce transactions is an increase in mobile bill payments and banking transactions, which are for much higher monetary amounts. Mobile banking has become more or less a standard in the industry, and the average mobile banking transaction is over $70. Meanwhile more companies are providing means for making bill payments via mobile devices, from providing mobile apps to including unique QR codes printed on each bill to make payments more convenient. Several large banks, like BBVA and U.S. Bank, enable customers to snap and submit photos of their paper bills from their mobile device to initiate payment.
Juniper estimates the mobile commerce transaction volume to reach $1.5 trillion for 2013, and this is led by the Far East and China region. However, by 2015 North America is expected to become the leading region in terms of m-commerce volume and will retain this position through the end of the forecast period in 2017 when the global mobile commerce market is expected to reach $3.2 trillion.
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