Near Field Communication (NFC) Market to Grow with Increased Demand for Connectivity in Smart Phones
The demand within the global near field communication (NFC) market is rising on the back of increased need for connectivity and data-sharing across electronic devices. The use of near field communication established a one-way protocol for transfer of files and data. It is, therefore, evident that the application of near field communication spans into a wide array of industries. The growing popularity of smart phones has played an integral role in driving demand. In most cases, smartphones are either at the receiving or transmitting end of NFC.
The application of near field communication (NFC) for commercial applications has played an integral role in market growth. The need for ensuring safety of transactions across several payment channels has generated humongous demand within the global market. Furthermore, NFC has been accredited as a safe channel to transfer files, share data, and make payments. Owing to the utility of NFC, the technology is inviting discussions across the world. Moreover, the unavailability of a substitute technology for NFC has also aided market growth,
The support gained by NFC technologies from smart phones vendors has given a thrust to market growth. In September 2014, Apple extended its support in integrating NFC for its Apply Pay feature. This move gave an impetus to the growth of the global near field communication (NFC) market.
Transparency Market Research (TMR) reviews the trends and opportunities floating in the global near field communication (NFC) market. The market was held a total value of USD 1,068.3 million in 2012, and is expected to grow at a boisterous CAGR of 43.70% over the period between 2013 and 2019. Use of NFC across multiple segments fetches in revenues from a plethora of industries.Popularity of Mobile Payments
The advent of contactless payment systems ushered in an era of growth and revenue-generation for several industries. The popularity of mobile payments has, therefore, played an integral role in the growth of the global near field communication (NFC) market. Furthermore, the use of smart cards, coupled with continual upgrades in android and iOS versions, has also aided market growth.
It is safe to expected that the growth of commerce and trade would give a thrust to the growth of the global near field communication (NFC) market. NFC also comes in handy for bootstrapping connections, and this is a key consideration across several industries. Companies such as Samsung, Sony, and Blackberry are some of the devices that use NFC for establishing Bluetooth connectivity.
Social Networking as a Prominent Demand Driver
The use of the technology across social media platforms has played a vital role in driving demand within the global near field communication (NFC) market. Sharing of images, videos, and files can be facilitated with the help of NFC technologies. Furthermore, mobile games for multiple players are also developed with the help of NFC. The revenue index of the global near field communication market is projected to improve in the years to follow. Automation in smartphones and other electronic devices is another key factor responsible for the growth of the global near field communication market. Some distinct types of soccer balls are embedded with NFC chip which also drives market demand.
Some of the prominent players in the global near field communication (NFC) market are DeviceFidelity, Inc., Visa, Inc. Gemalto N.V., Toshiba Corporation, Samsung Electronics Co. Ltd., STMicroelectronics N.V., and NXP Semiconductors.
The review is based on TMR’s report titled, “Near Field Communication (NFC) Market (Product - NFC Controller ICs (chips), NFC Tags, NFC Readers and NFC Secure Elements; Application - Payments, Ticketing, Booking, Data Sharing, Services, Authentication and Access Control, Healthcare, and Games and Toys) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
The global near field communication market is segmented on the basis of:
- NFC Controller ICs (Chips)
- NFC Tags
- NFC Readers
- NFC Secure Elements (NFC Micro SD Cards, Embedded SE, and NFC SIM/UICC Cards)
- NFC-based Payments
- Data Sharing
- Authentication and Access Control
- Games and Toys
- North America
- Asia Pacific
- Rest of the World
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