TheNFC 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.
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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.
For the purpose of this study, Grand View Research has
segmented the global NFC market on the basis of product, application and
region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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