The Global Near Field Communication Enabled Handsets Market size is projected to grow to USD $18,895.6 million by 2028 and is expected to reach a CAGR of 16.4% during the forecast period (2021-2028). The growth in this market can be attributed primarily due to the increasing adoption of NFC technology for various applications such as mobile payment, ID authentication, transit fare collection, and other application areas such as smart agriculture, etc., which are likely to increase the demand for NFC enabled handsets globally.
NFC Enabled Handsets is a new technology that allows phones to communicate with other devices or data, without connecting them. This feature of NFC-enabled handsets has made it possible for people to share information from one device to another by just touching or bringing their two devices to close together. It also enables payments using smartphones at retail stores and contactless credit card transactions in physical as well as online shopping. Furthermore, it can be used for digital identity authentication purposes such as unlocking doors securely and logging into computers and websites more conveniently than passwords alone allow.
On the basis of Types, the market is segmented into Feature Phones and Smartphones.
Feature Phones are the best option for those who have a low budget. They come with basic features like calling, texting, and few other apps. They are mostly used in developing countries to reduce the cost of mobile phone ownership.
As per the Mobile Marketing Association, a smartphone is defined as "a mobile phone with an operating system and applications that can run independently of a personal computer". The abbreviation has been derived from SMART (Software-driven) phones. Smartphones are also wireless devices that provide internet access through cellular networks or Wi-Fi connections. They come in touch screen form factor and offer advanced computing functions such as increased processing power, larger screens, multi-tasking ability, etc. Apart from these features discussed above, smartphones allow users to view multimedia content like music and videos on their device's display screen.
On the basis of Applications, the market is segmented into Mobile Payment, ID Authentication, and Transit Fare Collection. The mobile payment segment accounted for the highest market share in 2018.
Near Field Communication Enabled Handsets has a large variety of applications. One such application is mobile payments. NFC enables handset users to purchase goods and services without the need for cash, credit cards, etc. Mobile payment transactions are carried out by either tapping smartphones against card readers at checkout terminals in retail outlets or using near-field contactless smart cards on transit systems that have compatible devices installed as well as contactless reader points for processing digital payments from customers wearing their wristband with an embedded RFID chip.
Machine-readable transactional data can be used in automatic toll booths, parking meters, public transport ticketing gates, and other access control areas where ID authentication is needed. There are also widespread use cases like Virtual Reality gaming platforms, for instance, where RFID-enabled smart cards are used to initiate services and authenticate the player’s identity.
Near Field Communication Enabled Handsets are used for ID authentication in many contexts. For example, banks have started to use NFC-enabled smartphones and cards as an alternative identification method from passwords or tokens. This application has seen increased adoption in regions such as Japan, Hong Kong, and Singapore due to tighter security regulations being enforced by governments.
NFC-enabled handsets can be used for transit fare collection thereby saving on costs related to ticket vending machines or paper tickets. This application has seen increased adoption from transportation providers especially where there is sufficient ridership such as buses, trains, etc., due to lower implementation cost compared with legacy systems like magnetic stripe card readers.
On the basis of Region, the market is segmented ed into North America, Latin America, Europe, the Asia Pacific, Middle East, and Africa. The North American market is expected to be the most lucrative for NFC Enabled handsets in terms of revenue by 2028. The growth is attributed to a large number of new smartphone launches and an increase in demand from vendors as well as end-users.
The Middle East & Africa region will experience significant growth, driven by increased investment in infrastructure development which is supporting financial inclusion initiatives such the digital payments focus towards consumers with limited access to formal banking services thereby increasing their participation in this market segment.
Up Market Research published a new report titled “Near Field Communication Enabled Handsets Market research report which is segmented by Types (Feature Phones, Smartphones), By Applications (Mobile Payment, ID Authentication, Transit Fare Collection, Other), By Players/Companies Apple, Acer, BlackBerry, HTC, Lenovo, LG, Microsoft, Motorola, Samsung, Sony, ZTE, Oppo Electronics, Xiaomi, Alcatel, Brunswick, Citrix, Fujitsu, Huawei, Gionee, Lumigon, OnePlus”.
|Report Attributes||Report Details|
|Report Title||Near Field Communication Enabled Handsets Market Research Report|
|By Type||Feature Phones, Smartphones|
|By Application||Mobile Payment, ID Authentication, Transit Fare Collection, Other|
|By Companies||Apple, Acer, BlackBerry, HTC, Lenovo, LG, Microsoft, Motorola, Samsung, Sony, ZTE, Oppo Electronics, Xiaomi, Alcatel, Brunswick, Citrix, Fujitsu, Huawei, Gionee, Lumigon, OnePlus|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||219|
|Number of Tables & Figures||154|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Feature Phones, Smartphones and By Application Mobile Payment, ID Authentication, Transit Fare Collection, Other.
Some of the companies that are profiled in this report are:
Near Field Communication Enabled Handsets Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Near Field Communication Enabled Handsets Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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