openPR Logo
Press release

Proximity Mobile Payment Market Rising Adoption of Smartphones Drives Demand from Proximity Mobile Payment Market

Proximity Mobile Payment Market Rising Adoption of Smartphones

Proximity mobile payment technology has become an important part of the shopping experience in recent years due to the steady technological progression of the method and rising adoption of the necessary supporting technology across regional and consumer demographics. Proximity mobile payment consists of identifying a product by the aid of an encrypted key and making a payment through digital payment channels. Presently, proximity mobile payment technology is applied through barcodes and near field communication technology.

According to Transparency Market Research, the global proximity mobile payment market was valued at US$57.9 bn in 2017. Exhibiting a solid 48% CAGR, the proximity mobile payment market is expected to rise to a valuation of US$411.4 bn by 2022.

Obtain Report Details @https://www.transparencymarketresearch.com/proximity-mobile-payment-market.html

Here are the key insights into the factors determining the growth trajectory of the global proximity mobile payment market:

Rising Adoption of Smartphones Drives Demand from Proximity Mobile Payment Market

One of the key drivers for the global proximity mobile payment market is the rising use of smartphones across the world. The convenience of near field communication technology in proximity mobile payment has come to the fore due to the widespread incorporation of NFC technology in modern smartphones. This is likely to remain an important driver for the proximity mobile payment market in the coming years due to steady development of the NFC platform to enable varied applications. Growing efforts from telecommunication giants towards the development of NFC are thus likely to help the proximity mobile payment market.

Near field communication dominated the global proximity mobile payment market in 2017, accounting for 75.3% of the market and being valued at US$43.6 bn. The near field communication segment of the global proximity mobile payment market is expected to exhibit a robust 52.6% CAGR through the 2017-2022 forecast period and rise to a valuation of US$360.9 bn.

Growing Incorporation of Digital Payment Channels in Retail, BFSI to Drive Demand

The rising popularity of digital payment channels hasn’t gone unnoticed in the global business sector, where leading retail sector players have kept in touch with the market’s movement by installing advanced payment protocol at their stores. Latest advancements such as NFC have thus been smoothly accepted in technologically up-to-date sectors such as retail and BFSI, leading to growing demand from the proximity mobile payment market.

North America to Dominate Flourishing Proximity Mobile Payment Market

Geographically, North America is expected to remain the dominant contributor to the global proximity mobile payment market in the coming years due to the widespread availability of an advanced technological setup and steady demand for technological advancements in the dynamic economic setup. The widespread availability of smartphones with near field communication has also helped the proximity mobile payment market achieve steady expansion in North America in the last few years. The North America proximity mobile payments market accounted for US$13 bn in 2017 and is expected to rise to more than US$98 bn by 2022 on the back of a strong 49.8% CAGR therein.

Make an Enquiry @https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=30842

Europe is also likely to be an important regional market for proximity mobile payment technology in the coming years and is expected to rise to US$73.9 bn by 2022. The market is likely to exhibit a strong 46.9% CAGR from 2017 to 2022 and could benefit significantly from the steady support in developed European countries for advancements in how money changes hands.

Competitive Dynamics

Leading companies in the global performance coatings market include AkzoNobel NV, Masco Corporation, Hempel A/S, Jotun A/S, The Valspar Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co. Ltd., BASF SE, and PPG Industries Inc. The global proximity mobile payment market is likely to be moderately fragmented in the coming years due to the availability of lucrative opportunities in the market in a number of regions.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: www.transparencymarketresearch.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Proximity Mobile Payment Market Rising Adoption of Smartphones Drives Demand from Proximity Mobile Payment Market here

News-ID: 806880 • Views:

More Releases from Transparency Market Research

RF Chip Inductor Market Size to Reach over USD 1.8 billion by 2031 - Transparency Market Research Inc.
RF Chip Inductor Market Size to Reach over USD 1.8 billion by 2031 - Transparenc …
RF Chip Inductor Market are essential components in various electronic devices, providing inductance and functioning as filters, oscillators, and transformers. They play a crucial role in ensuring the efficiency and performance of RF circuits. With the rapid advancement in telecommunications, consumer electronics, and automotive industries, the demand for RF chip inductors has seen a significant rise. These components are integral in applications such as smartphones, IoT devices, and automotive electronics,
Solid Tires Market Expected to Witness Impressive Growth at a 8.1% CAGR by 2031
Solid Tires Market Expected to Witness Impressive Growth at a 8.1% CAGR by 2031
The latest research study released by Transparency Market Research on "Solid Tires Market Forecast to 2023-2031 ″ research provides accurate economic, global, and country-level predictions and analyses. Solid Tires market is estimated to attain a valuation of US$ 760.0 Mn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 8.1% during
Automotive Cyber security Market Sales Estimated to Hit USD 10.5 Billion by 2031| Says Transparency Market Research
Automotive Cyber security Market Sales Estimated to Hit USD 10.5 Billion by 2031 …
The latest research study released by Transparency Market Research on "𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐂𝐲𝐛𝐞𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐨 𝟐𝟎𝟐𝟑-𝟐𝟎𝟑𝟏 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Automotive Cyber security industry, as
Ready-mix Concrete Market to Witness Exponential Growth with a CAGR of 6.1% from 2022 to 2031: TMR Study
Ready-mix Concrete Market to Witness Exponential Growth with a CAGR of 6.1% from …
The latest research study released by Transparency Market Research on "𝐑𝐞𝐚𝐝𝐲-𝐦𝐢𝐱 𝐂𝐨𝐧𝐜𝐫𝐞𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐭𝐨 𝟐𝟎𝟐𝟑-𝟐𝟎𝟑𝟏 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Ready-mix Concrete industry, as well as

All 5 Releases


More Releases for Proximity

Proximity Sensors Market - Progression in Consumer Gadgets to Boost the Demand f …
The worldwide proximity sensor market is foreseen to be very competitive as a result of the emergence of many major firms that hold huge market shares. These vendors compete on the basis of price, reputation, quality, and delivery capabilities to increase greatest market footing amid the gauge time frame. The seller scene in the worldwide proximity sensors market is an exceptionally divided one. Owing to high competition in the worldwide
Proximity Sensors Market: Advancement in Capacitive Proximity Sensing Technique …
Global Proximity Sensors Market: Overview The global proximity sensors market report provides analysis for the period 2015–2025, wherein the period from 2017 to 2025 is the forecast period and 2016 is the base year. The report covers all the major trends and technologies playing key role in proximity sensors market growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence market’s growth during the forecast
Proximity Sensors Market: Advancement in Capacitive Proximity Sensing Technique …
The worldwide proximity sensor market is foreseen to be very competitive as a result of the emergence of many major firms that hold huge market shares. These vendors compete on the basis of price, reputation, quality, and delivery capabilities to increase greatest market footing amid the gauge time frame. The seller scene in the worldwide proximity sensors market is an exceptionally divided one. Owing to high competition in the worldwide
Proximity Sensors Market: Advancement in Capacitive Proximity Sensing Technique …
The worldwide proximity sensor market is foreseen to be very competitive as a result of the emergence of many major firms that hold huge market shares. These vendors compete on the basis of price, reputation, quality, and delivery capabilities to increase greatest market footing amid the gauge time frame. The seller scene in the worldwide proximity sensors market is an exceptionally divided one. Owing to high competition in the worldwide
Handset Proximity Sensors Market - Known To Be The Most Cost-Effective And Non-I …
Global Handset Proximity Sensors Market: Overview Modern smartphones are packed with a number of sensors that enable them to collect a variety of different kinds of data on who the user is, what the user is doing, and more. Most sensors are added to make smartphones more engaging, convenient, and increasingly useful for the user. Handset proximity sensors are commonly found in touchscreen smartphones and play the primary role of disabling
New inductive proximity switches
New inductive proximity switches expand the wide range of GREATECS. The sensors stand out through their high quality and attractive price level. The proximity switches are available in different materials such as plastic, aluminum, stainless steel and copper nickel. The main applications for these sensors are industrial and automation technology. The sensors are generating a switching signal at approximation depending on the selected types which are available in several materials and