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By Rich Handley

NFC Market Expected to Reach $47 Billion by 2024

Research and Markets has announced the release of its "Near Field Communication (NFC) Market Analysis By Product, By Application And Segment Forecasts Till 2024" report, which predicts that the global Near Field Communication (NFC) market will reach $47.43 billion by 2024.

According to the report, the industry is poised for unprecedented growth during 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 point-of-sale (POS) devices with the launch of e-wallet and Apple Watch, the research indicates. Banking entities, payment gateways and payment processors are expected to expand the capabilities for accommodating the new enhanced technology. The emergence of mobile wallet services, the report adds, has allowed users to pay for services through mobile devices or through cashless payment modes, which have further enhanced NFC market growth.

According to the report, the increasing demand for NFC-based payment solutions has led manufacturers to develop an enhanced version of the digital payment platform, further developing market growth. Growing penetration of wearable technology devices as a significant component of the Internet of Things has contributed to this growth.

The emergence of mobile wallets, such as Android Pay, Apple Pay and Samsung Pay, is expected to further drive mobile-payments growth, the report indicates, due to their capability of paying through mobile phones instead of cards or other cashless-payment modes. The increasing number of vendors is anticipated to increase the concentration and propel the development of NFC infrastructure, thus accelerating market growth.

Companies mentioned in the report include Broadcom, Gemalto, Identiv Group, Inside Secure, Meditek, Infineon Technologies, NXP Semiconductors, Huawei Technologies and On Track Innovations (OTI). More information about this report is available here.

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