The global mobile payments industry is set to be worth $3.39 trillion by 2022 driven by markets in Asia Pacific, Allied Market Research predicted.

The US-based research company forecast the sector will continue to be led by SMS and WAP-based payment systems. However, it added an increase in the number of NFC Point of Sale terminals and campaigns driven by large players providing mobile wallet services will also provide robust growth to this segment.

Its top-line figure represents a compound annual growth rate of 33.4 per cent for the market as a whole between 2016 and 2022, with NFC-based payments experiencing a higher rate of 36 per cent annually through the forecast period.

In terms of industries receiving these payments, the company estimated significant growth in the transportation and hospitality sectors, while retail is also set to remain a significant market driver.

Allied Research analyst Yogiata Sharma, said: “Adoption and spread of mobile payment has resulted into the entry of leading companies such as Apple, Google, and MCX into the competitive landscape. These market players have launched new generation of transactional applications that not only streamline business process but also provide for greater transaction savings. With the growing number of end-users, focus would drift towards the security and speed of the transaction in the coming years”.

The prediction is one of a number of high-growth estimates released in the last few weeks, with technology-focused analyst house TrendForce predicting the industry will be valued at $780 billion in 2017, an increase of 25.8 per cent on 2016.