Opportunities abound for developers of mobile credit card processing applications according to a new study by Berg Insight.
The study, “The Mobile Application Market” found that worldwide mobile application downloads in 2012 totaled 60.1 billion, and the number is likely to jump to 108 billion by 2017. Some of these applications were related to mobile credit card processing, though the study did not focus solely on payment methods.
“The mobile app market is highly competitive, but the economical upside can be great for the successful publishers,” said Johan Svanberg, Berg Insight senior analyst. “Like almost no other digital product, mobile apps represent a global opportunity with more or less instant worldwide distribution.”
The majority of 2012 app downloads came from the Apple App Store, Google Play and other third-party app stores according to Berg Insight, with third-party stores being particularly popular in China.
The study corroborates recent finding by other analysts that this market, especially as it relates to mobile credit card processing technologies, is likely to grow significantly over the next several years. A recent report from Forrester forecasted that the mobile payments industry will be worth $90 billion by the close of 2017.Back To Blog