A new study by Juniper Research forecasts that rapidly increasing usage of mobile devices for tickets for all kinds of travel and entertainment plus sports events will be one of the main factors driving the growth of mobile commerce. Mobile ticketing transactions are forecast to exceed $100bn (based on gross transaction value) as soon as 2012: this is more than double the market in 2010.
The mobile commerce report establishes that the rapid adoption of mobile devices for commerce related applications is by no means limited to ticketing. All segments – money transfers, banking, payments and coupons – are forecast to see significant growth rates.
Report author Howard Wilcox explained: “Our report demonstrates the spectacular growth that we forecast across all the segments of mobile commerce. Four of these segments (Ticketing, Money Transfers, Physical Goods and NFC) will more than double in transaction value over the next two years, whilst Digital Goods, Banking and Coupons will still post very healthy growth of 30% to 50% over the two years.”
The Juniper report, however, stressed that commerce providers need to keep users top of mind when developing their applications. If the initial user experience is poor for mobile payment methods – either based on cost, security, reliability or ease of use – then customers will reject them.
Further findings include:
• Mobile banking is becoming a must-have channel for banks;
• The mobile coupons market will approach $6bn by 2014;
• Mobile payments for physical goods will treble within three years as sites such as eBay Mobile and Amazon Mobile are used increasingly.
The new Juniper report features segment level assessments of mobile payments for digital and physical goods, NFC, mobile money transfer and remittances, mobile ticketing, mobile coupons, smart posters and mobile banking. The study pinpoints the key market drivers and constraints and sizes all seven mobile commerce market segments through global five year forecasts of gross transaction values.