Digital Wallet Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global digital wallet market is poised for robust growth, marking a significant ascent from $33.11 billion in 2022 to an estimated $39.77 billion in 2023. This trajectory reflects a commendable Compound Annual Growth Rate (CAGR) of 20.1%. Anticipating the future, the digital wallet market is projected to reach a staggering $80.68 billion by 2027, maintaining a steady CAGR of 19.3%.
Driving Forces: Online Transactions Take Center Stage
Rising Tide of Online Transactions
The burgeoning growth of the digital wallet market is intricately tied to the surge in online transactions, where individuals engage in commercial activities over the internet. As online transactions become increasingly prevalent, digital wallets emerge as the go-to payment solution. These virtual wallets not only eliminate the need for entering card details but also provide a secure repository for storing electronic tickets and coupons. In the UK, internet sales as a percentage of total retail sales witnessed a noteworthy increase from 26.7% in 2022 to 29.6% in 2023. Similarly, in India, the total number of digital transactions surged from 8,840 crore (88,400 million) in FY 2021-22 to 9,192 crore (91,920 million) in FY 2022-2023.
- Internet sales as a percentage of total retail sales in the UK increased from 26.7% (2022) to 29.6% (2023).
- Total digital transactions in India rose from 8,840 crore (FY 2021-22) to 9,192 crore (FY 2022-2023).
Market Pioneers: Leaders Guiding the Digital Wave
Noteworthy Players in the Landscape
Navigating the dynamic landscape of the digital wallet market are key players making significant contributions to the industry’s growth. BharatPe, Paysafe Limited, Paytm, Venmo, and Amazon Pay are among the major players driving innovation and shaping the future of digital transactions.
Innovation at the Helm: Technological Applications
Transformative Technological Trends
Technological applications are emerging as a pivotal trend in the digital wallet market, with major companies actively developing innovative solutions to fortify their market positions. Notably, Worldcoin Inc., a US-based digital currency platform developer, unveiled its innovative digital wallet called World App in May 2023. The World App, available for both iOS and Android devices, leverages iris scanning for identity verification, providing a more secure alternative to traditional methods. With features like decentralized identity, secure iris scanning, support for multiple cryptocurrencies, and peer-to-peer payments, the World App exemplifies the transformative potential of technological applications in the digital wallet landscape.
- Worldcoin Inc. launched World App, a digital wallet with iris scanning for identity verification.
- The application supports multiple cryptocurrencies, decentralized identity, and peer-to-peer payments.
Market Segmentation: Tailoring Solutions for Diverse Needs
Customizing for Varied Applications
The digital wallet market is strategically segmented to cater to diverse needs, encompassing types, deployment models, and industry verticals.
- By Type:
- By Deployment Type:
- By Industry Verticals:
- Information Technology and Telecommunications
- Aerospace and Defense
- Media and Entertainment
- Banking, Financial Services, and Insurance
- Consumer Goods
- Other Industry Verticals
Global Dynamics: North America Takes the Lead
In 2022, North America emerged as the largest region in the digital wallet market, showcasing the region’s significant contribution to the industry’s overall dynamics. As the market continues to evolve, North America is expected to maintain its leadership position.
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The Digital Wallet Global Market Report 2023 provides an overview of the digital wallet market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital wallet market forecast analyzes digital wallet market size, digital wallet market share, leading competitor and their market positions.
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