Near Field Communication Market is Projected to Reach USD 47.43 billion by 2024, Growing at a CAGR of 27.2% with Key Players Apple, Visa, Broadcom Corporation, Toshiba Corporation, DeviceFidelity, Texas Instruments Incorporated, SONY Corporation

The Near Field Communication (NFC) market was valued at USD 4.80 Billion in 2015, and is projected to reach USD 47.43 billion by 2024, growing at a CAGR of 27.2% over the forecast period.

Key players: Overview of market leaders in NFC market by top manufacturers/players, with NFC revenue (Billion USD) and market share for each manufacturer/player; the top players including Apple Inc., Visa Inc., Broadcom Corporation, Toshiba Corporation, DeviceFidelity, Inc., Texas Instruments Incorporated, Gemalto NV, STMicroelectronics N.V., Huawei Technologies Co., Ltd., SONY Corporation, Identiv Group, Inc., Samsung Electronics Co., Ltd., Infineon Technologies AG, Renesas Electronics Corporation, Inside Secure, On Track Innovations (OTI) Ltd, Mediatek Inc., and NXP Semiconductors N.V.

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The NFC enabled devices has been anticipated to grow at tremendous rate owing to continuous transition of data transfer from conventional ways to smart technology. Increasing volume of cashless transactions, and growing adoption of smart appliances are expected to drive the technology growth. Furthermore, declining prices of NFC chips, and increasing adoption of mobile commerce will also benefit the NFC technology over the forecast period.

Rising adoption & proliferation of digital wallets & apps payment have encouraged non-payment technology firms to enter into payment landscapes, henceforth, driving the market growth. Moreover, device penetration and well-established infrastructure in developed regions are supporting mobile transactions among consumers and financial institutions. The rising demand for better government policies and security issues is predicted to propel the NFC technology.

The rapid proliferation of mobile payment services has accelerated collaboration amongst the industry participants resulting in the development of the technology in the Asia Pacific region. The international banks are actively investing in building the mobile payment network which is further predicted to increase the application segment collaborating the financial service provider and retailers. Furthermore, the Europe region is projected to witness major technological developments in various applications which include NFC-based transactions, ticketing and access control.

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The report includes -
Segmentation: On the basis of product, the report displays the revenue, market share and growth rate of each type, primarily split into
• NFC Tags
• NFC Covers
• SD Cards
• NFC ICs
• SIM Cards
• NFC Readers

Based on application, the report displays the revenue, market share and growth rate of each type, primarily split into
• Access Control
• Data Sharing
• Ticketing
• Medical Devices
• Product Identification
• Transaction

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Geographic Segmentation: This report split global market into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of NFC market for these regions, from 2015 to 2025 (forecast)
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America

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This release was published on openPR.