Near Field Communication (NFC) Market to Witness Significant Growth due to Arrival of Mobile Wallet Services to pay Customers Over Mobile Apparatuses Till 2024 | Million Insights

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Nov 05, 2019, 05:50 ET

FELTON, California, Nov. 5, 2019 /PRNewswire/ -- The scope of the global Near Field Communication (NFC) Market was appreciated at US$ 4.80 billion in 2015. The range is projected to touch US$ 47.43 billion during the forecast period. The business is composed for an extraordinary development during the period of forecast, due to the growing infiltration of smartphones in the emerging economy. By means of the introduction of Apple Watch and e-wallet, increasing implementation of mobile payment services has directed toward the rigorous operation of Point of Sale (POS).

The processors of payment, banking units and payment gateways are likely to increase the skills for accepting the new-fangled enriched technology. The arrival of the mobile wallet services has permitted customers to pay for services over mobile apparatuses or over methods of cashless payment. This have additionally improved development of the market for near field communication.

Drivers:

The growing demand for the near field communication centered payment results has directed the manufacturing companies to develop an improved form of the digital payment platform, additionally increasing the development of the near field communication market. The arrival of mobile wallets, for example Samsung Pay, Android Pay and Apple Pay are also likely to additionally motivate the considerable developments of mobile payments, due to their ability of paying over mobile phones rather than using cards or any additional method of cashless payment. Due to the growing number of sellers, it is estimated to upsurge the awareness regarding it and boost the development of arrangement for the near field communication. The growing necessity for dropping the price of possession and the improved suitability will carry on to diktat the development of the market.

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Classification:

The global near field communication (NFC) industry can be classified by Application, Product, and Region. By Application it can be classified as Product Identification, Medical Devices, Ticketing, Transaction, Data Sharing, Access Control, and Others. By Product it can be classified as NFC Readers, NFC ICs, SIM Cards, NFC Tags, NFC Cover, and SD Cards.

Regional Lookout:

By Region the global near field communication market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market for near field communication in Asia Pacific was projected to stay as the important region for the generation of an income. It was responsible for the share of more than 20% during 2015. The growing infiltration of tablets and smartphones is projected to be the cause behind the acceptance of the technology of near field communication.

The speedy expansion of mobile payment services has fast-tracked group efforts among the business members causing in the progress of the technology. The multinational banks have been actively capitalizing in constructing the network for mobile payment. This is additionally estimated to upsurge the application sector, retailers and the financial service providers will act as a team.

The market in Europe is projected to observe most important growths in a number of uses. This comprises near field communication centered transactions, access control and ticketing during the period of forecast. Increasing implementation of near field communication technology has directed to improved application of Point of Sale (POS) stations at retail openings for Visa Cards and contactless mobile payments.

Companies:

The companies operating in the market are continuously presenting innovative and better-quality near field communication empowered apparatuses to upsurge the base of clients and to increase the product presentations of the product. Some of the important companies for near field communication industry are: Mediatek Inc., NXP Semiconductors, Infineon Technologies AG, and Huawei Technologies Co., Ltd.

Browse 80 page research report with TOC on "Global Near Field Communication (NFC) Market" at: https://www.millioninsights.com/industry-reports/near-field-communication-nfc-market

Market Segment:

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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