Mobile commerce slated for massive growth

 

IDC Financial Insights report forecasts promising growth for mobile commerce

IDC Financial InsiMobile Commerce Growthghts, a leading analytical research firm, has released a new report that presents a global forecast concerning spending over mobile networks. The report, which is titled “Technology Selection: Worldwide Mobile Payments 2012-2017 Forecast,” sheds some insight on the growth of mobile commerce and what that could mean for the businesses within that burgeoning industry. More consumers and businesses are becoming enthralled over the concept of mobile commerce, and that is expected to have major financial implications for companies deeply involved therein.

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.

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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.

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