Considering how frequent new projections come out for the mobile payments space, at least one conclusion can be drawn: expectations for mobile finance is high. The latest study from Juniper Research predicts the total value of mobile payments will reach $670 billion by 2015.
Marking a 64% jump from the total value of the mobile payments this year, the firm expects every market segment to experience a two- to three-times growth rate over the next five years. Tickets, near field communication, purchases and money transfers are expected to be the biggest drivers of this growth.
“Our analysis shows that emerging segments such as physical goods payments, NFC and money transfers will fuel market growth by a factor of 2.7 times by 2015. Digital goods is the largest segment and, although forecast to more than double, it is not growing as quickly as some of the newer segments,” said senior analyst David Snow.
The Far East, China, Western Europe and North America will comprise 75% of the global mobile payment gross transaction value by 2015, according to the report. Digital goods payments will account for nearly 40% of the market by that time as well.