IDC Financial Insights report forecasts promising growth for mobile commerce
IDC Financial Insi
Global payments to exceed $1 trillion
According to the report from IDC Financial Insights, global purchase volume through mobile devices will exceed $1 trillion by the end of 2017. The majority of this purchase volume will occur through mobile commerce and e-commerce platforms. Both platforms have proven popular amongst consumers who are interested in paying for products over the Internet and with their mobile device. NFC technology will also experienced robust growth during this period, especially as the retail industry begins to grow more inclusive of mobile commerce.
NFC technology seeing uptick in popularity
The growth of mobile commerce has been held back somewhat due to the lack of NFC-enabled mobile devices. Currently, these devices are in short supply, which is a problem because most mobile commerce platforms rely on the technology to facilitate mobile payments. Mobile payments can still be made through websites, such as Amazon and eBay, but purchases of physical goods with a mobile device remain limited. IDC Financial Insights notes that this is likely to change by 2017, due to the rate at which businesses are adopting NFC technology.
Growth has yet to meet actual potential
The report shows that mobile commerce is poised to see major growth by 2017, but IDC Financial Insights suggests that the gains the industry will see pale in comparison to its actual potential. IDC Financial Insights claims that the $1 trillion in purchase volume from mobile devices that is forecast for 2017 accounts for only 2.5% of the global potential of mobile commerce.