The impact of the rapid technological advances in Mobile commerce or m-commerce

It is now clear that, technological innovation and creativity play a significant role in driving the m-commerce market growth. To sustain in the competitive market, vendors not only have to develop new ideas and technologies but also have to stay up-to-date with the emerging technologies. 

For those who are unfamiliar, Mobile commerce or m-commerce refers to buying and selling of goods and services using hand-held devices like smartphones and tablets.

Rapid technological advances have brought significant growth to the mobile device and global m-commerce market, with more and more people inclined to use smart devices to carry out their m-commerce activities. 

The growth of the global m-commerce market is mainly driven by factors like increasing wireless connectivity, growing broadband infrastructure, declining cost of mobile devices, and increasing presence of m-commerce apps. The increased spending capability of individuals has also resulted in the higher adoption of m-commerce.

The global m-commerce market was valued at USD 291.1 billion in 2015 and it is projected to grow at a CAGR of 27.48% during the forecast period to reach USD 980.2 billion by 2020, according to Technavio