San Francisco, Oct. 11, 2016 (GLOBE NEWSWIRE) -- 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 with TOC on “Near Field Communication (NFC) Market Analysis By Product (SD Cards, SIM Cards, NFC Covers, NFC ICs, NFC Tags and NFC Readers), By Application (Access Control, Ticketing, Data Sharing, Medical Devices, Transaction, Product Identification) And Segment Forecasts Till 2024” at:http://www.grandviewresearch.com/industry-analysis/near-field-communication-nfc-market
Further key findings from the report suggest:
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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)
Application Outlook (Transaction Revenue, USD Billion, 2014 - 2024)
Regional Outlook (Transaction Revenue, USD Billion, 2014 - 2024)
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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