Global Near Field Communication (NFC) Market to Expand at Impressive 43.70% CAGR 2013-2019, Fueled by Rising Popularity of Contactless Payments
Transparency Market Research, in a report titled “Near Field Communication (NFC) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019,” states that the worldwide global near field communication market is expected to rise from a value of US$1 bn in 2012 at an astounding CAGR of 43.70% from 2013 to 2019.
Browse the full Near Field Communication (NFC) Market (By Products - NFC Controller ICs (chips), NFC Tags, NFC Readers and NFC Secure Elements; By Applications - Payments, Ticketing, Booking, Data Sharing, Services, Authentication and Access Control, Healthcare, Games and Toys, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at https://www.transparencymarketresearch.com/near-field-communication-market.html
The global near field communication market is driven by the proliferation of smartphones, the demand for rapid improvement in user experience, and the growing demand for better features in smartphones. The advent of the Internet of Things is a trend that presents a world of opportunities for players within the near field communication market. Moreover, the increasing demand for contactless payments is projected to benefit the NFC technology market. In contrast, the concerns associated with the short range and security loopholes of NFC technology and the competition presented by several alternate methods of payments threaten to impede the global near field communication market.
The near field communication market is studied by segmenting it on three fronts: product type, application, and region. On the basis of product type, the near field communication market is categorized into NFC tags, secure elements, controller ICs, and readers.
By application, the near field communication market is segmented into ticketing, data sharing, authentication and access control, games and toys, payment, booking, service, healthcare, and others such as NFC-based location services and smart advertising. Payment has emerged as one of the most significant applications of near field communication. NFC-enabled devices are being used for contactless payments in several countries owing to the rising need for quick, secure, and error-free monetary transactions. Near field communication technology is also used in the healthcare sector to make speedy and automated bookings in hospitals. The gaming sector has received a major boost thanks to NFC-enabled card games and geocaching. Traditional ticketing systems are being replaced with NFC electronic smart cards, which enable contactless payments with the help of any NFC-enabled device.
On the basis of geography, the global near field communication market is divided into North America, Asia Pacific, Europe, and Rest of the World. By revenue, North America dominates the overall market, driven mainly by factors such as the increased market penetration of smartphones, the significant adoption of contactless payments, and the existence of advanced infrastructure to allow contactless payments. Asia Pacific, on the other hand, is projected to exhibit the highest CAGR from 2013 to 2019 owing to the rapid adoption of NFC technology in countries such as Japan, China, Australia, and South Korea.
Some of the notable players operating in the global near field communication market are STMicroelectronics N.V., Samsung Electronics Co. Ltd., DeviceFidelity, Inc., Visa, Inc., On Track Innovations (OTI) Ltd., Gemalto N.V., NXP Semiconductors N.V., Toshiba Corporation, Identive Group, Inc., Infineon Technologies, and Broadcom, Inc.
Near Field Communication Market, by Product Type
- NFC Controller ICs (Chips)
- NFC Tags
- NFC Readers
- NFC Secure Element
Near Field Communication Market, by Application
- Data Sharing
- Authentication and Access Control
- Games and Toys
- Others (smart advertising and NFC based location services)
Near Field Communication Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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