Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global NFC Payment Devices Market size was valued at USD 30.81 Billion in 2023 and is Expected to Reach USD 174.5 Billion by 2033, Growing at a CAGR of 18.94% from 2023 to 2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global NFC Payment Devices Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Mobile Phones/Tablets, Wearables (Smartwatches, Smart Rings), POS Terminals (Point of Sale), Smart Cards/Bank Cards, Others), By Application (Retail & E-commerce, Transportation, Healthcare, Banking & Finance, Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The NFC payment devices industry refers to the market where companies develop and sell devices that utilize Near Field Communication (NFC) technology to enable contactless payments, which allows consumers to make transactions by smartphone, smartwatch, or card against a compatible payment terminal at a point of sale. Also, it offers secure transactions by UPI payment apps such as Apple Pay, Google Pay, and Samsung Pay. The growth of NFC payment devices has been significantly accelerated by the global transition from traditional payment methods to digital alternatives. Contactless payment solutions are becoming more and more popular as a result of consumers' increasing need for faster, easier, and safer ways to complete transactions. Moreover, by combining multiple contactless systems, many gas stations, retail stores, and restaurants are using NFC payment devices to mitigate the effects of the coronavirus, which is driving market expansion. The market for NFC payment devices is also growing globally due to retailers' growing adoption of contactless payment systems, which offer several benefits, such as faster transaction processing times, increased operational effectiveness, and hands-free transaction services for customers. However, NFC payment systems' market expansion is impeded by rising cyberattack and security concerns.
The mobile phones/tablets segment held the largest share of the global NFC payment devices market in 2023 and is predicted to grow at a significant CAGR over the forecast period.
On the basis of the device type, the global NFC payment devices market is classified into mobile phones/tablets, wearables (smartwatches, smart rings), POS terminals (point of sale), smart cards/bank cards, and others. Among these, the mobile phones/tablets segment held the largest share of the global NFC payment devices market in 2023 and is predicted to grow at a significant CAGR over the forecast period. This segment growth is attributed to the increasing use of smartphones and tablets with NFC capabilities, which enable contactless payments through digital wallets and mobile banking apps and eliminate the need for cash and physical cards.
The retail & e-commerce segment accounted for a significant share of the global NFC payment devices market in 2023 and is predicted to grow at a rapid pace during the forecast period.
On the basis of the application, the global NFC payment devices market is categorized into retail & e-commerce, transportation, healthcare, banking & finance, and other applications. Among these, the retail & e-commerce segment accounted for a significant share of the global NFC payment devices market in 2023 and is predicted to grow at a rapid pace during the forecast period. This segment dominance is mostly attributable to global trade variation and assortment of the serverla kond of merchandise according to consumers need.
Asia Pacific is anticipated to hold the major share of the global NFC payment devices market over the forecast period.
Asia Pacific is projected to hold the greatest revenue share of the global NFC payment devices market over the forecast period. This regional dominance is attributed to the rapid technological adoption and extensive NFC integration in consumer electronics. The region’s growing demand for advanced manufacturing hubs in China and India, with rising smartphone use and digital payment preferences, has accelerated NFC adoption. Further, government initiatives, the rise of e-commerce platforms, and the incorporation of NFC into public transport systems have expanded its use in daily life, boosting the regional market growth.
North America is anticipated to grow at the fastest CAGR of the global NFC payment devices market over the forecast period. This regional growth is driven by increased state-of-the-art technology that improved local network infrastructure. Furthermore, the market's growth is fuelled by the growing usage of NFC payment devices and contactless payment systems by many manufacturers and retailers in the US and Canada to improve customer experience and provide a faster and more secure transaction method. Additionally, the industry is expanding due to the growing number of varied customers using contactless payment technologies for small-value transactions.
Company Profiling
Major key vendors in the global NFC payment devices market are Apple, Inc., Fitbit, Inc., Gramin Ltd, Huawei Technologies Co., Ltd., Jakcom Technology Co. Inc., McLear Ltd., Nymi, Inc., Samsung, Sony Corporation, Xiaomi Corporation, and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global NFC payment devices market based on the below-mentioned segments:
Global NFC Payment Devices Market, By Device Type
Global NFC Payment Devices Market, By Application
Global NFC Payment Devices Market, By Regional
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