Report predicts that mobile commerce market will reach $850 billion by 2018
A new report from Digi-Capital predicts that the global mobile commerce market will explode to $850 billion by 2018. Asia is expected to become a prominent player in the market, accounting for nearly half of the predicted mobile revenue that will be generated within the eastern region. Growing smartphone ownership is contributing to the growth of the mobile commerce market. Consumers are becoming comfortable with the idea of shopping for and purchasing products with their mobile devices, which is encouraging more retailers to establish a strong mobile presence.
2014 was the year mobile commerce began to explode
In 2014, global mobile commerce ballooned to $300 billion. The number of people using their smartphones and laptops to shop online also increased by a significant degree. The mobile space is still evolving, with retailers embracing innovative solutions that allow them to engage mobile consumers more effectively. Changing commerce trends are behind these efforts from retailers, who believe that mobile consumers represent a promising opportunity.
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Asia will account for a significant portion of the mobile commerce market in the future
Alibaba, one of China’s largest e-commerce groups, is expected to dominate much of the Asian mobile commerce field. The company is competing with both Amazon and eBay, but has managed to establish a very powerful position in the digital space. Alibaba has very ambitious views when it comes to mobile commerce, and the company has been working with Chinese banks in order to make mobile transactions more accommodating of consumer needs. The company has also been working on bolstering the mobile commerce market in India, which is experiencing a period of rapid growth.
Mobile games are proving to be promising revenue streams
Notably, mobile gaming is likely to see a significant increase in revenue in the coming years. App revenue is predicted to reach $75 billion by 2018, with gaming applications representing a significant portion of this revenue. Mobile games benefit from in-game transactions, which allow developers and publishers to generate revenue from games for years after their initial release.