The worldwide mobile commerce (m-commerce) market was valued at more than $291 billion in 2015 and is expected to surpass $980 billion by 2020, according to Technavio Research.

In terms of geographical analysis, Asia Pacific will be the largest region in the global market, reaching revenues of about $404 billion by 2020. The rapid growth of near-field communications (NFC) services and increased adoption of smartphones will be the primary market driver in this region.

Smart wearable devices have embedded sensors that send notifications to users depending on the apps that are installed in the devices, said Ujjwal Doshi, a lead analyst at Technavio for research on media and entertainment services.

“The wearable tech app providers use the data from the devices to analyze and understand the users' preference and provide suggestions for products and services according to the readings,” Doshi said. “For instance, Apple Watch is to integrate their devices with m-commerce apps for major vendors like eBay, Target and Fandango.”

Technavio said among the fast-growing methods of mobile payment are mobile wallets, which are payments made through mobile devices, credit or debit cards, or any other cashless payment method. It enables payment at NFC point-of-sale terminals via smartphones.

Also driving growth of m-commerce is increased awareness about NFC services, which enable efficient contactless payment between two devices.

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