Digital Wallet Market Synopsis

Digital Wallet Market Size Was Valued at USD 39.75 Billion in 2023, and is Projected to Reach USD 222.66 Billion by 2032, Growing at a CAGR of 21.1% From 2024-2032.

The ecosystem of electronic devices and software programs that allow people and organizations to conduct electronic transactions is referred to as the "digital wallet market." Digital wallets allow users to make and receive payments online and in-store via a number of devices, including computers, tablets, and smartphones. They also securely store users' payment information, such as credit and debit card numbers. By doing away with the need for actual currency or credit cards, they make it easier for consumers to handle their money and complete transactions online. Digital payment solutions are becoming more and more popular globally, and one reason for this is that they often have key features including support for multiple payment methods, integration with loyalty programs, and encryption for security.

• The market for digital wallets has grown quickly in recent years due to the global shift toward cashless transactions and more digitalization. With digital wallets, sometimes referred to as e-wallets, consumers may handle financial transactions on their computers or mobile devices, store loyalty cards, and make payments in a simple and safe manner.
• The spread of smartphones, better internet access, and consumers' increasing inclination for contactless payment options—particularly in the wake of the COVID-19 pandemic—are the main factors driving this expansion. Because digital wallets are faster, more convenient, and offer an extra degree of protection over traditional payment methods, consumers are adopting them at an increasing rate.
• Technology behemoths like Apple (with Apple Pay), Google (with Google Pay), and Samsung (with Samsung Pay), along with banks and fintech firms, are key participants in the digital wallet business. These companies are always coming up with new ideas to improve the user experience, broaden the range of services they provide, and incorporate extra features like loyalty programs, peer-to-peer payments, and budgeting tools.
• The market environment is also being shaped by collaborations between digital wallet providers, banks, and merchants, as well as regulatory developments that have an impact on adoption rates and market dynamics. Issues including data security, interoperability, and regulatory compliance are important areas of interest for players as the market develops.
• The market for digital wallets is expected to continue expanding in the future due to a number of factors, including shifting consumer preferences, continuous technical improvements, and rising need for safe and easy payment options in both developed and developing nations. Strategic investments in user education, technology infrastructure, and collaborations will be essential for businesses looking to take advantage of this growing market potential.

Digital Wallet Market Trend Analysis

Rapid Adoption of Mobile Payments and Digital Wallets

• The increasing use of digital wallets and mobile payments indicates a significant shift in customer expectations and behavior toward ease and security in financial transactions. As smartphones become more widely available and affordable globally, more people are choosing to take advantage of the convenience of handling their finances straight from their mobile devices. This tendency is especially noticeable in cities where a large percentage of people use smartphones and where easy-to-use digital infrastructure facilitates transactions.
• In response to this need, vendors of digital wallets have improved security features like biometric identification, tokenization, and encryption protocols. These precautions not only protect financial information but also foster confidence in customers who are becoming more cautious about identity theft and cyberattacks. As a result, digital wallets and mobile payments are now widely used for everyday activities, such as making purchases and sending money between friends, rather than only being a fad.
• Moreover, mobile payments provide convenience that goes beyond straightforward transactions. These days, a lot of digital wallets include extra features like loyalty programs, budgeting tools, and even access to financial services like insurance and loans. With this ecosystem approach, digital wallets become even more valuable tools for on-the-go personal finance management. The global financial services environment is predicted to change as mobile payments and digital wallets become more widely used as technology advances and customer confidence rises.

Expanding Horizons in the Digital Wallet Industry

• The digital wallet industry is undergoing a significant transformation characterized by a trend towards integration and consolidation. Beyond their core function of payment processing, digital wallet providers are increasingly diversifying their services to create comprehensive platforms that cater to various aspects of consumers' financial lives. This strategic expansion includes the integration of loyalty programs, allowing users to earn rewards and discounts through their spending activities. By incorporating such features directly into their platforms, digital wallet providers enhance user engagement and incentivize repeat usage.
• Moreover, digital wallets are venturing into new domains such as ticketing and investment opportunities. Users can now store digital tickets for events or transportation directly within their wallets, streamlining the ticketing process and enhancing convenience. Additionally, some digital wallet platforms offer investment functionalities, enabling users to manage and invest their funds seamlessly through integrated services. This expansion into non-financial services not only enriches the user experience but also strengthens customer retention by positioning digital wallets as versatile tools that go beyond mere payment solutions.
• As competition in the digital wallet market intensifies, these integrated platforms provide a competitive edge by offering a one-stop solution for consumers' financial and lifestyle needs. This trend towards consolidation reflects a broader strategy among digital wallet providers to deepen their relationships with users, foster loyalty, and capture a larger share of the burgeoning digital payments ecosystem. As such features continue to evolve and expand, they are likely to play a pivotal role in shaping the future direction of the digital wallet industry.

Digital Wallet Market Segment Analysis:

Digital Wallet Market Segmented based on By Type, By Technology, By Ownership and By Application.

By Ownership, Bank-ownedsegment is expected to dominate the market during the forecast period

• Bank-owned mobile payment solutions hold a dominant position within the mobile payment landscape, primarily due to several key factors. Firstly, banks are trusted institutions with a long history of managing financial transactions securely. This established trust factor plays a crucial role in consumer adoption, as users are more inclined to entrust their money and personal information to entities with a proven track record of reliability and security.
• Secondly, bank-owned mobile payment solutions benefit from stringent regulatory compliance frameworks. Banks are subject to strict regulatory oversight, which ensures that their mobile payment platforms adhere to robust security standards and consumer protection measures. This regulatory compliance not only enhances trust but also mitigates risks associated with fraud and data breaches, further bolstering consumer confidence in using these platforms.
• Moreover, bank-owned mobile payment solutions often integrate seamlessly with existing banking services such as savings accounts, credit cards, and loans. This integration provides users with added convenience, allowing them to manage their finances comprehensively through a single platform. Features like real-time transaction notifications, budget tracking tools, and loyalty programs tied to banking relationships enhance the value proposition for consumers, driving adoption and usage.
• In summary, the dominance of bank-owned mobile payment solutions stems from their trusted status, rigorous regulatory compliance, and seamless integration with traditional banking services. These factors collectively position banks as leaders in the mobile payment space, capturing significant market share and shaping the evolution of digital financial services globally.

By Application, E-Commerce segment held the largest share in 2023

• Due in major part to the rapid global expansion of online shopping, e-commerce payments have established themselves as the main category within the mobile payment environment. Mobile devices' ease of use and accessibility have revolutionized consumer behavior, enabling users to browse, choose, and buy products and services straight from their tablets or smartphones. The emergence of e-commerce platforms that offer a large selection of products and safe payment gateways that give customers confidence to make purchases online is driving this move towards digital transactions.
• Global digitization is one of the main forces behind the domination of e-commerce payments. Customers are more likely to shop online since it's convenient and they can browse whenever and from anywhere without being restricted by physical store hours or locations. This trend is observed as more firms use online sales channels. In industries like retail, electronics, fashion, and travel, where mobile-friendly websites and apps offer seamless shopping experiences catered to the tastes and habits of digital-native customers, this trend is especially noticeable.
• Furthermore, social distancing measures and lockdowns brought about by the COVID-19 pandemic have expedited the adoption of e-commerce payments by encouraging consumers to spend more frequently online for both discretionary and everyday needs. This long-lasting change in customer behavior has forced businesses to improve their online presence and payment processing skills in order to keep up with the increasing demand for contactless transactions.

Digital Wallet Market Regional Insights:

Asia-Pacific is Expected to Dominate the Market Over the Forecast period

• The prevalence of digital wallets throughout the Asia-Pacific area, especially in nations like China, India, and Southeast Asia, highlights a radical change in consumer payment habits and financial infrastructure. China is leading the world in the adoption of mobile payments; apps such as WeChat Pay and Alipay are enabling a cashless revolution in both urban and rural locations. With only a simple scan of a QR code or a swipe on a smartphone, consumers may now pay for groceries, meals, transportation, and even utility bills thanks to these systems' seamless integration into daily life. The sheer magnitude of adoption demonstrates both technological mastery and a deeply ingrained societal acceptance of digital solutions.
• With its growing middle class and quickly developing internet connectivity, India has also seen a sharp increase in the use of digital wallets. Paytm and other similar platforms have become more well-known by providing a variety of services beyond simple payments, such as online shopping, ticket reservations, and financial investments. Digital wallet usage has been further boosted by the government's push for digital inclusion through programs like the Unified Payments Interface (UPI) and Aadhaar-enabled payments, which have increased accessibility and convenience of financial transactions for millions of people.
• The geography of Southeast Asia is diverse, and digital wallets are becoming more and more popular there. A younger population that depends more and more on smartphones for daily tasks has led to major investments in fintech infrastructure in nations like Singapore, Malaysia, Indonesia, Thailand, and Vietnam. Regional players, such as GrabPay in Southeast Asia, have created strong digital payment ecosystems that serve both underserved rural areas and urban centers by utilizing their large user base from ride-hailing services.
• All things considered, the prevalence of digital wallets in the Asia-Pacific area is a result of technology advancement as well as the confluence of advantageous demographics, growing internet connectivity, and proactive government initiatives to promote financial inclusion. With these trends still developing, the area is well-positioned to lead the way in innovative digital payments globally, offering profitable business opportunities and revolutionizing consumer financial management across a wide range of socioeconomic contexts.

Active Key Players in the Digital Wallet Market

• Apple Inc. (United States)
• Google LLC (United States)
• Tencent (China)
• PayPal (United States)
• Samsung Electronics (South Korea)
• Amazon Web Services, Inc. (United States)
• Visa Inc. (United States)
• American Express (United States)
• Airtel (India
• Mastercard (United States)
• Alipay (China)
• AT&T (United States)
• DAMEN ePayment (Netherlands)
• KFH (Kuwait)
• WeChat Pay (China)
• Paytm (India)
• Venmo (United States)
• PhonePe (India)
• M-Pesa (Kenya)
• GrabPay (Singapore)
• LINE Pay (Japan)
• QuickPay (Denmark)
• Mercado Pago (Argentina)
• Kakao Pay (South Korea)
• Mobikwik (India)
• Other Key Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Digital Wallet Market by Type
 4.1 Digital Wallet Market Snapshot and Growth Engine
 4.2 Digital Wallet Market Overview
 4.3 Remote & Proximity
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Remote & Proximity: Geographic Segmentation Analysis

Chapter 5: Digital Wallet Market by Technology
 5.1 Digital Wallet Market Snapshot and Growth Engine
 5.2 Digital Wallet Market Overview
 5.3 NFC-based
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 NFC-based: Geographic Segmentation Analysis
 5.4 QR Code-based
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 QR Code-based: Geographic Segmentation Analysis
 5.5 SMS-based & Digital Only
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 SMS-based & Digital Only: Geographic Segmentation Analysis

Chapter 6: Digital Wallet Market by Ownership
 6.1 Digital Wallet Market Snapshot and Growth Engine
 6.2 Digital Wallet Market Overview
 6.3 Bank-owned
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Bank-owned: Geographic Segmentation Analysis
 6.4 Third-party owned
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Third-party owned: Geographic Segmentation Analysis
 6.5 Merchant-specific
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Merchant-specific: Geographic Segmentation Analysis
 6.6 Telecom Operator owned
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Telecom Operator owned: Geographic Segmentation Analysis
 6.7 Government-owned
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Government-owned: Geographic Segmentation Analysis

Chapter 7: Digital Wallet Market by Application
 7.1 Digital Wallet Market Snapshot and Growth Engine
 7.2 Digital Wallet Market Overview
 7.3 E-Commerce
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 E-Commerce: Geographic Segmentation Analysis
 7.4 Money Transfer
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Money Transfer: Geographic Segmentation Analysis
 7.5 Digital Payment & Ticketing
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Digital Payment & Ticketing: Geographic Segmentation Analysis

Chapter 8: Company Profiles and Competitive Analysis
 8.1 Competitive Landscape
  8.1.1 Competitive Benchmarking
  8.1.2 Digital Wallet Market Share by Manufacturer (2023)
  8.1.3 Industry BCG Matrix
  8.1.4 Heat Map Analysis
  8.1.5 Mergers and Acquisitions
  
 8.2 APPLE INC (UNITED STATES)
  8.2.1 Company Overview
  8.2.2 Key Executives
  8.2.3 Company Snapshot
  8.2.4 Role of the Company in the Market
  8.2.5 Sustainability and Social Responsibility
  8.2.6 Operating Business Segments
  8.2.7 Product Portfolio
  8.2.8 Business Performance
  8.2.9 Key Strategic Moves and Recent Developments
  8.2.10 SWOT Analysis
 8.3 GOOGLE LLC (UNITED STATES)
 8.4 TENCENT (CHINA)
 8.5 PAYPAL (UNITED STATES)
 8.6 SAMSUNG ELECTRONICS (SOUTH KOREA)
 8.7 AMAZON WEB SERVICES INC (UNITED STATES)
 8.8 VISA INC (UNITED STATES)
 8.9 AMERICAN EXPRESS (UNITED STATES)
 8.10 AIRTEL (INDIA)
 8.11 MASTERCARD (UNITED STATES)
 8.12 ALIPAY (CHINA)
 8.13 AT&T (UNITED STATES)
 8.14 DAMEN EPAYMENT (NETHERLANDS)
 8.15 KFH (KUWAIT)
 8.16 WECHAT PAY (CHINA)
 8.17 PAYTM (INDIA)
 8.18 VENMO (UNITED STATES)
 8.19 PHONEPE (INDIA)
 8.20 M-PESA (KENYA)
 8.21 GRABPAY (SINGAPORE)
 8.22 LINE PAY (JAPAN)
 8.23 QUICKPAY (DENMARK)
 8.24 MERCADO PAGO (ARGENTINA)
 8.25 KAKAO PAY (SOUTH KOREA)
 8.26 MOBIKWIK (INDIA)
 8.27 OTHER KEY PLAYERS

Chapter 9: Global Digital Wallet Market By Region
 9.1 Overview
 9.2. North America Digital Wallet Market
  9.2.1 Key Market Trends, Growth Factors and Opportunities
  9.2.2 Top Key Companies
  9.2.3 Historic and Forecasted Market Size by Segments
  9.2.4 Historic and Forecasted Market Size By Type
   9.2.4.1 Remote & Proximity
  9.2.5 Historic and Forecasted Market Size By Technology
   9.2.5.1 NFC-based
   9.2.5.2 QR Code-based
   9.2.5.3 SMS-based & Digital Only
  9.2.6 Historic and Forecasted Market Size By Ownership
   9.2.6.1 Bank-owned
   9.2.6.2 Third-party owned
   9.2.6.3 Merchant-specific
   9.2.6.4 Telecom Operator owned
   9.2.6.5 Government-owned
  9.2.7 Historic and Forecasted Market Size By Application
   9.2.7.1 E-Commerce
   9.2.7.2 Money Transfer
   9.2.7.3 Digital Payment & Ticketing
  9.2.8 Historic and Forecast Market Size by Country
   9.2.8.1 US
   9.2.8.2 Canada
   9.2.8.3 Mexico
 9.3. Eastern Europe Digital Wallet Market
  9.3.1 Key Market Trends, Growth Factors and Opportunities
  9.3.2 Top Key Companies
  9.3.3 Historic and Forecasted Market Size by Segments
  9.3.4 Historic and Forecasted Market Size By Type
   9.3.4.1 Remote & Proximity
  9.3.5 Historic and Forecasted Market Size By Technology
   9.3.5.1 NFC-based
   9.3.5.2 QR Code-based
   9.3.5.3 SMS-based & Digital Only
  9.3.6 Historic and Forecasted Market Size By Ownership
   9.3.6.1 Bank-owned
   9.3.6.2 Third-party owned
   9.3.6.3 Merchant-specific
   9.3.6.4 Telecom Operator owned
   9.3.6.5 Government-owned
  9.3.7 Historic and Forecasted Market Size By Application
   9.3.7.1 E-Commerce
   9.3.7.2 Money Transfer
   9.3.7.3 Digital Payment & Ticketing
  9.3.8 Historic and Forecast Market Size by Country
   9.3.8.1 Bulgaria
   9.3.8.2 The Czech Republic
   9.3.8.3 Hungary
   9.3.8.4 Poland
   9.3.8.5 Romania
   9.3.8.6 Rest of Eastern Europe
 9.4. Western Europe Digital Wallet Market
  9.4.1 Key Market Trends, Growth Factors and Opportunities
  9.4.2 Top Key Companies
  9.4.3 Historic and Forecasted Market Size by Segments
  9.4.4 Historic and Forecasted Market Size By Type
   9.4.4.1 Remote & Proximity
  9.4.5 Historic and Forecasted Market Size By Technology
   9.4.5.1 NFC-based
   9.4.5.2 QR Code-based
   9.4.5.3 SMS-based & Digital Only
  9.4.6 Historic and Forecasted Market Size By Ownership
   9.4.6.1 Bank-owned
   9.4.6.2 Third-party owned
   9.4.6.3 Merchant-specific
   9.4.6.4 Telecom Operator owned
   9.4.6.5 Government-owned
  9.4.7 Historic and Forecasted Market Size By Application
   9.4.7.1 E-Commerce
   9.4.7.2 Money Transfer
   9.4.7.3 Digital Payment & Ticketing
  9.4.8 Historic and Forecast Market Size by Country
   9.4.8.1 Germany
   9.4.8.2 UK
   9.4.8.3 France
   9.4.8.4 Netherlands
   9.4.8.5 Italy
   9.4.8.6 Russia
   9.4.8.7 Spain
   9.4.8.8 Rest of Western Europe
 9.5. Asia Pacific Digital Wallet Market
  9.5.1 Key Market Trends, Growth Factors and Opportunities
  9.5.2 Top Key Companies
  9.5.3 Historic and Forecasted Market Size by Segments
  9.5.4 Historic and Forecasted Market Size By Type
   9.5.4.1 Remote & Proximity
  9.5.5 Historic and Forecasted Market Size By Technology
   9.5.5.1 NFC-based
   9.5.5.2 QR Code-based
   9.5.5.3 SMS-based & Digital Only
  9.5.6 Historic and Forecasted Market Size By Ownership
   9.5.6.1 Bank-owned
   9.5.6.2 Third-party owned
   9.5.6.3 Merchant-specific
   9.5.6.4 Telecom Operator owned
   9.5.6.5 Government-owned
  9.5.7 Historic and Forecasted Market Size By Application
   9.5.7.1 E-Commerce
   9.5.7.2 Money Transfer
   9.5.7.3 Digital Payment & Ticketing
  9.5.8 Historic and Forecast Market Size by Country
   9.5.8.1 China
   9.5.8.2 India
   9.5.8.3 Japan
   9.5.8.4 South Korea
   9.5.8.5 Malaysia
   9.5.8.6 Thailand
   9.5.8.7 Vietnam
   9.5.8.8 The Philippines
   9.5.8.9 Australia
   9.5.8.10 New Zealand
   9.5.8.11 Rest of APAC
 9.6. Middle East & Africa Digital Wallet Market
  9.6.1 Key Market Trends, Growth Factors and Opportunities
  9.6.2 Top Key Companies
  9.6.3 Historic and Forecasted Market Size by Segments
  9.6.4 Historic and Forecasted Market Size By Type
   9.6.4.1 Remote & Proximity
  9.6.5 Historic and Forecasted Market Size By Technology
   9.6.5.1 NFC-based
   9.6.5.2 QR Code-based
   9.6.5.3 SMS-based & Digital Only
  9.6.6 Historic and Forecasted Market Size By Ownership
   9.6.6.1 Bank-owned
   9.6.6.2 Third-party owned
   9.6.6.3 Merchant-specific
   9.6.6.4 Telecom Operator owned
   9.6.6.5 Government-owned
  9.6.7 Historic and Forecasted Market Size By Application
   9.6.7.1 E-Commerce
   9.6.7.2 Money Transfer
   9.6.7.3 Digital Payment & Ticketing
  9.6.8 Historic and Forecast Market Size by Country
   9.6.8.1 Turkey
   9.6.8.2 Bahrain
   9.6.8.3 Kuwait
   9.6.8.4 Saudi Arabia
   9.6.8.5 Qatar
   9.6.8.6 UAE
   9.6.8.7 Israel
   9.6.8.8 South Africa
 9.7. South America Digital Wallet Market
  9.7.1 Key Market Trends, Growth Factors and Opportunities
  9.7.2 Top Key Companies
  9.7.3 Historic and Forecasted Market Size by Segments
  9.7.4 Historic and Forecasted Market Size By Type
   9.7.4.1 Remote & Proximity
  9.7.5 Historic and Forecasted Market Size By Technology
   9.7.5.1 NFC-based
   9.7.5.2 QR Code-based
   9.7.5.3 SMS-based & Digital Only
  9.7.6 Historic and Forecasted Market Size By Ownership
   9.7.6.1 Bank-owned
   9.7.6.2 Third-party owned
   9.7.6.3 Merchant-specific
   9.7.6.4 Telecom Operator owned
   9.7.6.5 Government-owned
  9.7.7 Historic and Forecasted Market Size By Application
   9.7.7.1 E-Commerce
   9.7.7.2 Money Transfer
   9.7.7.3 Digital Payment & Ticketing
  9.7.8 Historic and Forecast Market Size by Country
   9.7.8.1 Brazil
   9.7.8.2 Argentina
   9.7.8.3 Rest of SA

Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Concluding Analysis
10.2 Potential Market Strategies

Chapter 11 Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research