NFC Payment Devices Market, Valued at $67.71 Billion, Projected to Grow at a CAGR of 19.5% by 2028
As per the report published by Allied Market Research, the global NFC payment devices market generated $16.35 billion in 2020, and is expected to reach $67.71 billion by 2028, growing at a CAGR of 19.5% from 2021 to 2028. Increase in adoption of smart wearables and rise in penetration of digital payments have led to the growth of the NFC payments market in recent years.โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/11682
NFC payment devices comprise several devices smart watches, fitness trackers, payment wristbands, smart rings and others. Unlike mobile payments that are done through the internet, NFC payments are carried out in close physical proximity preventing unauthorized access during the transactions.
Numerous benefits provided by NFC payment devices include high security, hassle free transaction, faster transaction processing speed, and others. This increases the adoption of NFC payment devices among people, thereby driving the growth of the NFC payment devices market growth. Furthermore, various banks and financial institutions such as Axis Bank are providing NFC payment devices for convenient, fast, and secure payment processing systems. In addition, surge in penetration of contactless payment system at various retail stores, petrol pump stations, and restaurants positively impacts the growth of the market.
Covid-19 scenario:
Implementation of lockdown by several governments boosted the use of digital payment services.
Moreover, increase in adoption of contactless payments and penetration of mobile payment services by financial institutes are expected to continue to increase post pandemic.
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ ๐จ๐๐๐๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ: https://www.alliedmarketresearch.com/request-for-customization/11682?reqfor=covid
Increase in digitization across the globe and changes in lifestyle of people in developing and developed nations are driving the growth of the market. In addition, surge in adoption of wearable devices for various purposes, including fitness, fashion, and contactless payments boosts the growth of the market.
The global NFC payment devices market on the basis of device type, application, and region.
Based on device type, the smartwatch segment held the largest share in 2020, accounting for more than two-fifths of the market. However, the smart rings segment is expected to register the highest CAGR of 21.5% from 2021 to 2028.
On the basis of application, the entertainment centers segment is projected to manifest the highest CAGR of 21.6% during the forecast period. However, the grocery stores segment dominated the market in 2020, contributing to nearly one-third of the market.
The global NFC payment devices market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to register the highest CAGR of 21.0% during the forecast period. However, the market across North America held the largest share in 2020, accounting for around one-third of the market.
โก๏ธ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/11682
The global NFC payment devices market includes an in-depth analysis of the prime market players such as Apple, Inc. Fitbit, Inc., Huawei Technologies Co., Ltd., Gramin Ltd, McLear Ltd., Jakcom Technology Co. Inc., Samsung Electronics Co. Ltd., Nymi, Inc., Sony Corporation, and Xiaomi Corporation.
Key Findings Of The Study
By device type, the smart watches segment accounted for the largest market share in 2020.
Region-wise, North America generated the highest revenue in 2020.
Depending on application, the grocery stores segment generated the highest revenue in 2020.
โก๏ธ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐:
Trade Credit Insurance Market https://www.alliedmarketresearch.com/trade-credit-insurance-market-A08305
Health Insurance Market https://www.alliedmarketresearch.com/health-insurance-market
India Travel Insurance Market https://www.alliedmarketresearch.com/india-travel-insurance-market-A105804
Insurance Agency Software Market https://www.alliedmarketresearch.com/insurance-agency-software-market-A323730
Online Payment API Market https://www.alliedmarketresearch.com/online-payment-api-market-A283242
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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 NFC Payment Devices Market, Valued at $67.71 Billion, Projected to Grow at a CAGR of 19.5% by 2028 here
News-ID: 3679561 • Views: โฆ
More Releases from Allied Market Research
A Growing Sector: Cancer Insurance Market Forecasted at $159.9 Billion by 2032 | โฆ
Cancer insurance is a kind of critical illness insurance that will deliver predetermined sum of money to the policyholder in case of cancer diagnosis. The purpose of cancer insurance is to offer financial assistance to individuals that are facing high costs associated with cancer treatment, including medical expenses, medications, surgeries and other related costs. The cancer insurance market policy also acts a life insurance for cancer patients The lump sumโฆ
HR Payroll Software Market Size is Growing at a CAGR of 9.2% and Reach $55.69 Bi โฆ
According to the report, the global HR payroll software industry generated $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, witnessing a CAGR of 9.2% from 2022 to 2031.
Rise in usage of social media and surge in need for cost-effective HR payroll system drive the growth of the global HR payroll software market. In addition, the shift toward digitalization and rise in implementation of the Industryโฆ
Portable Generators Market Comprehensive Analysis by 2032 | Hits at a CAGR of 4. โฆ
Prime determinants of growth
The growing popularity of outdoor recreational activities such as camping, RVing, and tailgating has boosted the demand for portable generators. These generators provide a convenient power source for outdoor enthusiasts to power appliances and electronic devices. Rapid urbanization and infrastructure development in emerging economies are driving the demand for portable generators. Construction sites, in particular, rely on portable generators to power tools and equipment in areas withoutโฆ
Rebar Robotics Market Demand Analysis 2024 to 2033 |Top Companies To Reach $116. โฆ
Prime determinants of growth
Increase in construction activities and urbanization globally, lack of skilled cheap labor, and surge in emphasis on sustainable and eco-friendly construction practices drives the market growth. However, high initial investment costs associated with Rebar robotics production restrain the market growth. On the other hand, technological advancements and innovations are anticipated to positively affect the market.
According to the report, the rebar robotics market was valued atโฆ
More Releases for NFC
Near Field Communication (NFC) Market 2020 Global Industry Size, Share, Trend an โฆ
Description
New Research Study ""Near Field Communication Market 2022 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook"" has been added to Coherent Market insight
global near field communication market is estimated to be valued at US$ 22,282.8 million in 2021 and is expected to exhibit a CAGR of 16.4 % over the forecast period (2021-2028).
The dynamics of the Near Field Communication market is discussedโฆ
NFC Systems Market Report 2018: Segmentation by Type (NFC readers, NFC chips, NF โฆ
Global NFC Systems market research report provides company profile for Renesas Electronics, Sony, Qualcomm, Smartrac, STMicroelectronics, SanDisk, Broadcom, INSIDE SECURE, MediaTek, NXP Semiconductors and Others.
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc. The reportโฆ
NFC Chips Market - NFC Can Turn Your Phone into a Digital Wallet
Near Field communication (NFC) chips are the communicating system that are best for electronic applications. The NFC chips are also potential of detecting the radio frequency identification technology. The technological advancements have further aided the evolution of shorter range radio identification technologies between two devices. This development also assist the simplifying the safer data transfer. A key trend that has been observed in the recent past years and the risingโฆ
Growing Demand for Upgraded NFC POS Terminals to drive NFC Systems Industry
NFC systems bring two devices in close proximity to enable peer-to-peer communication. End-users use this technology to transfer information from their devices to other NFC devices, such as smartphones and NFC tags. The system directly transfers data between phones or phones and POS devices. Many mobile phone operators are looking for ways to further develop this technology.
Research analysts forecast the global NFC systems market to grow at a CAGR ofโฆ
Near Field Communication (NFC) Market (By Products - NFC Controller ICs (Chips), โฆ
Near Field Communication (NFC) is a wireless technology and mainly finds application in mobile phones and tablets PC for data exchange and transactions in a close range. It is based on RFID technology and has emerged as an alternative to other wireless technologies for short range data exchange such as Wi-Fi, Bluetooth and other radio protocols. NFC offers added advantage of high security As compared to other wireless technologies. Theโฆ
NFC Technology Market -
Near field communication (NFC) has been around since past few years but was not yet implemented as it was undergoing pilot testing phase. Considerable research and developments have been made in this field and several prototypes are developed for number of products and applications. Major application areas of NFC include mobile payments, data sharing, and advertisement among others. Although there are limited products commercially available today using NFC technology, thisโฆ