Nearfield communication (NFC) refers to a cordless technology. It primarily finds uses in tablets and mobile phones. NFC is based on RFID technology and is a substitute to other cordless technologies. NFC provides the benefit of high safety in comparison to others. The near field communication (NFC) market has gained considerable momentum. This is owing to the rising implementation of NFC technology across different industry verticals. The increased demand for NFC in consumer sectors is also projected to drive the market ahead.
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The near field communication (NFC) market is estimated to attain a value of about USD 16.3 billion by 2022. It is predicted to register a CAGR of around 8.8 percent during 2014 to 2022. The market is likely to witness significant expansion in the coming years. It is highly dynamic in nature and has great prospectives across various industries.
The vital drivers of the near field communication (NFC) market are growing implementation of NFC technology in the expanding market of smartphones and increased consciousness regarding safety offered by it. Low consciousness with regard to advantages and apprehensions of safety and confidentiality in relation to NFC technology has served as a hindrance for the market.
The near field communication (NFC) market is fragmented in view of three categories. These are applications, products and geographical regions. The applications market includes ticketing, payment, data sharing, booking, medical, services, games and toys and authentication and access control.
Rising demand for NFC in all these sectors is also estimated to drive the demand for the near field communication (NFC) market.
The products market consists of NFC tags, NFC controller ICs, NFC secure elements and NFC readers. The geographical regions near field communication (NFC) market covers Europe, rest of the world, Asia Pacific and North America.
The applications market was dominated by contactless transactions utilizing NFC-enabled instruments in 2012. Contactless transactions utilizing NFC-enabled instruments were the biggest application sector that year. They occupied about 22 percent of the entire near field communication (NFC) market. The authentication and access control sector making use of NFC is rapidly occupying shares with time. This is on account of enhanced safety characteristics.
Clients are growingly self-assured about the utilization of contactless payments. This factor is also predicted to drive the demand for the near field communication (NFC) market. Amidst all the product sectors, the market was dominated by NFC readers in 2012. NFC readers occupied the biggest share of about 46 percent that year. This was on account of higher sales costs.
The rising implementation of NFC technology will also grow the demand for NFC readers in the years ahead. NFC tags are facing imperative demand across newer applications, like the sectors of games and toys and medical. This factor is predicted to drive the sales of NFC tags in the years to come. North America was the biggest near field communication (NFC) market of the globe in 2012.
The region occupied a share of about 32 percent in the global near field communication (NFC) market. This was because of considerable demand for contactless payments and premature enforcement of technology in it.
Information Source: Grand View Research