Mcommerce market worth $2.5 billion (£1.6bn) in 2010 and, will grow to $10 billion (£6.4bn) by 2012

The worldwide mobile commerce market is worth $2.5 billion (£1.6bn) today, and will grow to $10 billion (£6.4bn) by 2012

According to Lazard Capital Markets the worldwide mobile commerce market is worth $2.5 billion today, and will grow four times in the next couple of years, with Android being the key platform for that growth.

Speaking at a the eTail 2010 Social media & Mobile Commerce Summit Colin Sebastian, senior vice president of equity research, Internet and interactive entertainment at Lazard Capital Markets, advised retailers to focus on developing their mobile commerce services to reach the growing number of smartphone users, because the market for mobile sales will increase dramatically in the next few years.

“There’s been a lot of hype and buzz and hyperbole, overall,” said Sebastian. “2009 and 2010 put mobile on the map, and in 2011 and 2012 we’ll start to see more meaningful revenues.

“The market is worth 2.5 million dollars in mobile commerce transactions,” he said. “That number should double over each of the next couple of years. Apple and iPhone were inflection points, and the iPad as well.

While Sebastian acknowledges the work that Apple has done in the mobile field he recomends that businesses should concentrate their efforts on the Android platform.

“I would also focus on Android, since adoption is increasing significantly. By the end of next year, there will be 100 million iPhones worldwide, and 100 million Android devices.”

More details of the panel’s findings can be found at Mobile Commerce Daily

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