Global Near Field Communication Chip Market is valued USD 12.15 million in 2017 is anticipated to grow USD 134.6 million with the compounded annual growth of 41% over the forecast period 2018-2025.
New York 16 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Near Field Communication Chip market industry is poised to raise USD 134.6 million by 2025. The surge in the number of NFC enabled transaction is due to the benefits offered by this technique. The debit/credit card information can be digitally stored in the mobile through application such as Google wallet (U.S), Amazon Pay (U.S), Master card pay pass (U.S), Visa payWave (U.S), Paypal (U.S), square wallet (U.S) etc. and when making payments the device is brought near another NFC enabled device such as Point Of Sale Machine (POS) and contactless safe transaction can be made easily. This makes private organizations to highly adopt near field communication chip to make transaction safe. Furthermore, growing adoption of chip-based cards for payment purpose in United States is also positively influencing the growth of the near field communication chip market. According to the Federal Reserve Government (United States) in 2015, general-purpose card payments reached around 1.5 billion which was earlier approx. 41 million in 2012. This shows the high adoption of the chip-based cards in United States which directly impacts the growth of the near field communication chip market during the forecast period of 2016-2023. Moreover, in 2015 as per the Federal Reserve government approx. 33 % of all mobile payment users with smart phones had pain for something in a store using their mobile phone instead of cash or a payment card. As a result of this, high adoption of NFC chips is observed which is expected to boost the market growth in United States further impacting the overall growth on the global scenario.
According to company sources, Orange organization which is a telecom service provider & is France based has launched its application known as Orange cash, a prepaid payment service mainly available in urban and semi-urban provinces of the country. Orange cash, a contactless mobile payment application is launched owing partnership between Orange, Wire Card and Visa. According to NFC forum, contactless spending limit in the country has enhanced from $21 to $32 by the end of 2017and around 11.5 million individuals from France are equipped with near field communication mobile device in 2016. According to French Bank Card Association (Groupement des Cartes bancaires), around 40% of consumers would have their new cards which would be consisting pound spending limit by the end of2018 further augmenting the growth of near field communication chip market in the country. Moreover, in 2015, According to Deutsche Bank, The Deutsche bank has announced to provide mobile payments transactions through its mobile application for android device users that are enabled with near field communication. By this application, customers equipped with version 4.4 or above would be able to make cashless payments across the globe on all Mastercard acceptance points. In Germany, for contactless payments of up to $31the individual or the customers can pay automatically by using smart phones which is further fuelling the adoption and growth of Near field communication chip market during the forecasted period.
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Global Near Field Communication Chip market Size study, by Product Type (Auxiliary Products, Non-Auxiliary Products), by Devices (Smartphone & Tablet, PC & Laptop, Others) & by Application (Information sharing, Mobile & Contactless Payment, Monitoring Healthcare System & Others) – Forecast 2020
The industry is seeming to be fairly competitive. Some of the leading market players include General Electric Company, Finvector vision Therapies, NVIDIA Corporation, Cobra Biologics, Novasep, Fujifilm Holdings Corporation, Finvector Vision Therapies Limited, Kaneka Corporation, Sirion Biotech GmbH, Sigma-Aldrich Co LLC. and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The North American region accounted for the significant market share, more than XX% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation, the region is likely to grow by XX% CAGR over the forecast period 2018-2025
Bizwit Research & Consulting LLP has considered following segments for the study:
By Product Type:
- Auxiliary Products
- Non-Auxiliary Products
- PC & Laptop
- Smartphone & Tablet
- Mobile/ Contactless Payment
- User Authentication & Access Control
- Monitoring Healthcare system
- Information Sharing
- North America
- Asia Pacific
- Latin America
- Rest of the World