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.
Global NFC Market, 2014 - 2024
Browse full research
report on Near Field Communication Market: http://www.grandviewresearch.com/industry-analysis/near-field-communication-nfc-market
Further Key Findings From the Study 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).
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-near-field-communication-nfc-market
About Grand View Research,
Inc:
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 information: http://www.grandviewresearch.com
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