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.
Browse full research report on Near Field Communication (NFC) Market: https://www.grandviewresearch.com/industry-analysis/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).
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/communication-services
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
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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