The NFC market is expected to witness rapid
growth across various application verticals over the forecast period, according
to a new study by Grand View Research, Inc. Rapid technological advancement and
high smartphone demand due to technology standardization is expected to
positively impact market growth. Demand for cost effectiveness along with
increasing availability of NFC-enabled smartphones is also a major market
driver. In addition, the market provides opportunities to the direct mail
marketing sector, which in turn may drive m-commerce and mobile payment
options.
NFC is integrated in a wide range of equipment
and devices including tablets, laptops, cameras, headsets, televisions,
cookers, washing machines, cars and vending machines. In addition to industrial
and commercial applications, this technology is preferred for financial transactions.
High development cost, poor infrastructure coupled with lack of consumer
awareness about potential benefits may hamper market growth over the next six
years. Transformation in transaction process methods along with social media
engagement applications are expected to offer growth avenues for the global NFC
market.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/near-field-communication-nfc-market
Further key findings from the study
suggest:
- The NFC market comprises non-auxiliary and auxiliary products. Non-auxiliary segment includes readers, tags and IC/chips, while auxiliary products include NFC-enabled covers, SIMs and microSD cards. NFC readers are expected to witness high growth over the forecast period, which is a result of growing application areas and demand for ticketing, access control and authentication.
- Mobile payment application is expected to remain the dominant market segment over the next six years. This can be attributed to benefits such as improved financial transparency, improved public sector servicing and reduced carbon footprint. In addition, emergence of mobile wallet payment methods has enhanced user experience against contactless cards.
- Asia Pacific is expected to witness high growth due to growing adoption of this technology in retail and transportation. Financial institutions as well as Mobile Network Operators (MNOs) have supported contactless payment facilities. Increasing use of smartphones for transaction at point of sale (POS) terminals is expected to drive the market in North America.
- Key companies operating in the NFC market include Nexperts, Infineon Technologies, Gemalto, Renesas, Sony Corporation, STMicroelectronics and Texas Instruments. Rising emphasis on vertical integration activities in order to obtain greater product reliability and optimized manufacturing throughput is estimated to be the major growth strategy.
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