San Francisco, Oct 16 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: 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: 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
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-near-field-communication-nfc-market
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.
For more information:
www.grandviewresearch.com
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