The
global near field communication (NFC) market is expected to reach USD 47.43
billion by 2024, according to a new report by Grand View Research, Inc. The
industry is poised for an unprecedented growth over the forecast period owing
to the increasing penetration of smartphones in the developing economy.
Increasing adoption of mobile payment services has led to the intensive
utilization of POS with the launch of e-wallet and Apple Watch. Banking
entities, payment gateways, and payment processors are expected to expand the
capabilities for accommodating the new enhanced technology. The emergence of
the mobile wallet services has allowed users to pay for services through mobile
devices or through cashless payment modes, which have further enhanced near
field communication market growth.
The
increasing demand for the NFC-based payment solutions has led the manufacturers
to develop an enhanced version of the digital payment platform, further
developing the market growth. Growing penetration of wearable technology
devices as a significant component of Internet of Things with lowered costs
have immensely contributed to the industry growth.
The
emergence of mobile wallets, such as Android Pay, Apple Pay, and Samsung Pay,
are also expected to further drive the substantial mobile payments growth,
owing to their capability of paying through mobile phones instead of cards or
any other cashless payment modes. The increasing number of vendors is expected
to increase the concentration and propel the development of near field
communication infrastructure, thus accelerating the market growth. The
increasing need for lowering the cost of ownership and the increased
convenience need will continue to dictate the market development.
In depth research report on Near Field Communication
(NFC) Market
Further key findings from the report suggest:
·
Banking entities, payment
gateways, businesses and payment processors are expanding with the emerging
payment technologies.
·
Near field communication Tags
is expected to grow with a significant
CAGR over the forecast period as the technology provides a possibility
of data exchange within the range of 10cm wirelessly.
·
SIM card type near field
communication is expected to have the substantial transaction revenue over the
projected period owing to the technological advancement and increasing
penetration of smartphones
·
The transaction segment is
estimated to have the significant market share and is expected to remain as the
key segment for generating revenue over the forecast period. The increasing
demand for contactless payments and growing interest of banks and other
financial institutions in the segment have led to the immense growth.
·
The data sharing application is
expected to have the considerable growth as data sharing segment includes the
sharing of consumers’ personal data, such as pictures, videos, and MP3
·
U.S. NFC market is driven by
in-store payments as a smartphone ecosystem leads to enhanced mobile platforms.
Canadian smartphones are used widely for checking balances, online transaction,
and funds transfer, which offers an opportunity of further technological
advancements.
·
The key players in the NFC
market include Identiv Group Inc (U.S), Broadcom Limited (A subsidiary of Avago
Technologies) (U.S), Gemalto NV (Netherlands), Inside Secure (France).
Grand
View Research has segmented the near field communication (NFC) market on the
basis of product type, application, and region:
Product Outlook (Transaction Revenue, USD Billion,
2014 - 2024)
·
SD Cards
·
SIM Cards
·
NFC Cover
·
NFC ICs
·
NFC Tags
·
NFC Readers
Application Outlook (Transaction Revenue, USD
Billion, 2014 - 2024)
·
Access Control
·
Ticketing
·
Data Sharing
·
Medical Devices
·
Transaction
·
Product Identification
·
Others
Regional Outlook (Transaction Revenue, USD Billion,
2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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