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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global NFC Payment Devices Market to reach USD XX billion by the end of 2029.

Global NFC Payment Devices Market Size study & Forecast, by Device Type (Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings and Others) and Application (Grocery Stores, Bars & Restaurants, Drug Stores, Entertainment Centers, and Others)) and Regional Analysis, 2022-2029

Product Code: BFBFSI-38049993
Publish Date: 17-10-2022
Page: 200

Global NFC Payment Devices Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. NFC Payment Devices refers to contactless payment systems which utilizes near-field communication technology to exchange data between readers and payment devices. NFC enabled devices require a distance of 4cm or less to initiate a connection. The increasing demand for wearable devices and growing adoption of contactless payment solutions as well as rising internet penetration worldwide are key factors accelerating the market growth.

According to Statista – during 2019, the total number of connected wearable devices worldwide was estimated at 722 million, and the number is projected to grow to more than 1000 million by end of 2022. In addition, as per Statista – during 2021, the global end-user spending on wearable device was estimated at USD 81.5 billion, and this amount is projected to grow to USD 90 billion by end of 2022. Also, growing emergence of digital payment gateways and favorable government initiatives from government authorities would create lucrative opportunities for the market over the forecast period. However, rising concern over cyber security stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global NFC Payment Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region owing to presence of key market players and increasing adoption of connected devices in the region. Whereas Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising internet penetration and favorable government initiatives as well as growing digitization in the region.

Major market player included in this report are:
Apple Inc.
Fitbit, Inc.
Gramin Ltd
Huawei Technologies Co., Ltd.
Jakcom Technology Co. Inc.
McLear Ltd.
Nymi, Inc.
Samsung Electronics Co. Ltd.
Sony Corporation
Xiaomi Corporation

Recent Developments in the Market:
 In March 2021, Axis Bank launched three NFC (near-field communication)-enabled wearable devices in India. The bank has launched a wristband, keychain, and loop. These products can be bought via Phone Banking and through any Axis Bank branch.

 In September 2021, Xiaomi announced launching of NFC Mi Pay straps in India. This new strap would work via Xiaomi’s own digital payment service, Mi Pay.

Global NFC Payment Devices Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Device Type, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Device Type
Smart Watches
Fitness Trackers
Payment Wristbands
Smart Rings
By Application
Grocery Stores
Bars & Restaurants
Drug Stores
Entertainment Centers
By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. NFC Payment Devices Market, by Region, 2019-2029 (USD Billion)
1.2.2. NFC Payment Devices Market, by Device Type, 2019-2029 (USD Billion)
1.2.3. NFC Payment Devices Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global NFC Payment Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global NFC Payment Devices Market Dynamics
3.1. NFC Payment Devices Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing demand for wearable devices. Growing adoption of contactless payment solutions. Rising internet penetration worldwide.
3.1.2. Market Challenges Rising concern over cyber securities.
3.1.3. Market Opportunities Growing emergence of digital payment gateways. Favourable government initiatives from government authorities.
Chapter 4. Global NFC Payment Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global NFC Payment Devices Market, by Device Type
6.1. Market Snapshot
6.2. Global NFC Payment Devices Market by Device Type, Performance – Potential Analysis
6.3. Global NFC Payment Devices Market Estimates & Forecasts by Device Type 2019-2029 (USD Billion)
6.4. NFC Payment Devices Market, Sub Segment Analysis
6.4.1. Smart Watches
6.4.2. Fitness Trackers
6.4.3. Payment Wristbands
6.4.4. Smart Rings
6.4.5. Others
Chapter 7. Global NFC Payment Devices Market, by Application
7.1. Market Snapshot
7.2. Global NFC Payment Devices Market by Application, Performance – Potential Analysis
7.3. Global NFC Payment Devices Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
7.4. NFC Payment Devices Market, Sub Segment Analysis
7.4.1. Grocery Stores
7.4.2. Bars & Restaurants
7.4.3. Drug Stores
7.4.4. Entertainment Centers
7.4.5. Others
Chapter 8. Global NFC Payment Devices Market, Regional Analysis
8.1. NFC Payment Devices Market, Regional Market Snapshot
8.2. North America NFC Payment Devices Market
8.2.1. U.S. NFC Payment Devices Market Device Type breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
8.2.2. Canada NFC Payment Devices Market
8.3. Europe NFC Payment Devices Market Snapshot
8.3.1. U.K. NFC Payment Devices Market
8.3.2. Germany NFC Payment Devices Market
8.3.3. France NFC Payment Devices Market
8.3.4. Spain NFC Payment Devices Market
8.3.5. Italy NFC Payment Devices Market
8.3.6. Rest of Europe NFC Payment Devices Market
8.4. Asia-Pacific NFC Payment Devices Market Snapshot
8.4.1. China NFC Payment Devices Market
8.4.2. India NFC Payment Devices Market
8.4.3. Japan NFC Payment Devices Market
8.4.4. Australia NFC Payment Devices Market
8.4.5. South Korea NFC Payment Devices Market
8.4.6. Rest of Asia Pacific NFC Payment Devices Market
8.5. Latin America NFC Payment Devices Market Snapshot
8.5.1. Brazil NFC Payment Devices Market
8.5.2. Mexico NFC Payment Devices Market
8.6. Rest of The World NFC Payment Devices Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Apple Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. Fitbit, Inc.
9.2.3. Gramin Ltd
9.2.4. Huawei Technologies Co., Ltd.
9.2.5. Jakcom Technology Co. Inc.
9.2.6. McLear Ltd.
9.2.7. Nymi, Inc.
9.2.8. Samsung Electronics Co. Ltd.
9.2.9. Sony Corporation
9.2.10. Xiaomi Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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