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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/near-field-communication-nfc-market
Global NFC Market, 2014 - 2024 (USD Billion)
·
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: http://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
For Free press release of this report - http://www.grandviewresearch.com/press-release/global-near-field-communication-nfc-market
No comments:
Post a Comment