A recent report by research firm Gartner revealed that global mobile payment transactions will value more than $171 billion in 2012, up from only slightly less than $106 billion in 2011.
This growth is largely driven by the increased adoption of mobile devices in the consumer market. The report noted that the number of mobile payment users will exceed 212 million people in 2012, a growth from only 160 million in 2011.
While near-field communications will likely impact the mobile market in the coming years, it won't mark significant transformation until 2016, when the technology is expected to be adopted on a more global scale, Gartner said.
"We expect global mobile transaction volume and value to average 42 percent annual growth between 2011 and 2016 and we are forecasting a market worth $617 billion with 448 million users by 2016," Gartner research director Sandy Shen said. "This will bring opportunities for service and solution providers who will need to cater to the local demand patterns to customize their offerings."
Businesses that want to improve mobile customer service and sales need to leverage business intelligence solutions capable of analyzing consumer trends without sacrificing data quality
, eBay mobile commerce executive Olivier Ropars said, according to the Guardian.