BWild |
February 20, 2013
Report highlights the growth of India’s mobile commerce sector
TechNavio, a leading market analysis firm, has released a new report concerning the growth of mobile commerce in India. Consumers throughout the country have been showing strong interest in mobile commerce, especially as smart phone and tablet ownership rises. As mobile devices become more prolific, consumers are discovering services that had, in the past, been non-existent. The firm’s Mobile Commerce Market in India 2012-2016 highlights some of the trends that are emerging in India and forecasts the future for the country’s mobile commerce market.
Growth powered through mobile device proliferation
According to the report, India’s mobile commerce market is slated for a compound annual growth rate of 71% between 2012 and 2016. One of the major factors contributing to this growth is t he increasing number of mobile devices being made available throughout the country. More powerful smart phones and tablets, as well as expanding access to mobile Internet, has enabled more people to discover new forms of commerce.
Security continues to be a major threat
The report notes that the mobile commerce market has also been receiving significant government support. This is primarily due to concerns regarding mobile security. Because mobile devices handle a high volume of personal information, including a consumer’s financial details where mobile commerce is concerned, the risk of cyber crime is relatively high. Hackers can steal and exploit a consumer’s financial information if there are not adequate security measures in place. The Indian government is keen to ensure that such sensitive information is as protected as possible.
Businesses expected to see challenges within India’s market
While the mobile commerce market in India is poised to see major growth in the coming years, companies and financial services institutions interested in the mobile space will likely be faced with many challenges. Currently, the most significant challenge that exists in the mobile commerce world is security, but promoting the adoption of and participation in mobile commerce among consumers is also likely to prove challenging.
Denny |
February 19, 2013
Mobile commerce demand growing in Middle East and North Africa
Mobile commerce is growing in demand in the Middle East and North Africa region, often known as MENA, as more consumers get their hands on smart phones and tablets. These consumers are calling for new ways to purchase products online using only their mobile devices. Thus far, interest from the regimeaon’s telecommunications and retail companies has been limited, with some companies suggesting that they see only modest potential for success. Mobile commerce experts are suggesting that these companies could be missing out on significant opportunities.
Mobile payments may be the future of personal financial transactions
Mobile commerce specialists consider mobile payments as the future of personal financial transactions throughout the world. More consumers are making use of smart phones and tablets, using these devices to shop online and make purchases. Outside of the MENA region, mobile commerce has seen major success in the retail sector, with much of this success being found in Asian markets. The growing popularity of NFC technology is also driving interest in mobile commerce, despite some of the security concerns that have been raised about the technology in recent months.
Benefits of mobile commerce have yet to be shown in MENA region
Retailers in the MENA region have shown some interest in mobile commerce, but many have found it difficult to engage mobile consumers due to the limited support mobile commerce has received from the region’s telecommunications giants. Making mobile payments possible for a wide range of consumers has, thus far, been a difficult task in the MENA region as it requires telecommunications companies to expand and update their mobile service networks. Such updates are both expensive and time consuming and some companies have not yet been convinced of the gains they could see through an aggressive adoption of mobile commerce.
Pilot projects help raise awareness
There are several mobile commerce pilot projects currently taking place throughout the MENA region. Some of these projects have found success with consumers and retailers on a small scale. Many of these pilot projects are designed to raise awareness of mobile commerce rather than produce significant gains for retailers and telecommunications companies.
