Adoption of NFC in Smartphones Leading to Growth at CAGR of 43.7%

2024-11-08 02:54:24 News & Society

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Near field communication (NFC) is a wireless technology that primarily finds application in tablet PCs and mobile phones for exchange of data and transactions over a short range. NFC works on the principle of radio-frequency identification (RFID) and has materialized as an alternative to various other wireless technologies, such as Bluetooth, Wi-Fi, and other radio protocols, for the purpose of short-range data exchange. NFC provides higher data security in comparison to other wireless technologies. Due to these additional benefits, NFC has emerged as a promising technology for various crucial applications.The global near field communication (NFC) market was estimated at US$1.07 billion in 2012. Growing at a 43.7% CAGR during the forecast horizon between 2013 and 2019, it is expected to reach US$20.01 Billion by 2019

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NFC Reader Emerges as Largest Product Segment by Revenue

By product type, the near field communication market is segmented into NFC readers, NFC tags, NFC controller ICs (chips), and NFC secure elements. NFC readers were the biggest segment on the basis of revenue in 2012 and represented around 46% of the overall market, primarily owing to higher selling prices. Growing endorsement of NFC technology by technology giants will raise the demand for NFC readers in the forthcoming future. NFC tags are finding momentous demand in new applications such as games and toys, NFC marketing, and healthcare; this is predicted to boost the growth of the NFC tags market in the next few years.Easy communication, ease of use, and customer satisfaction are some of the key components predicted to help the expansion of the NFC tags market. The development of diversified new applications in various industries such as gaming, healthcare, and services is primarily driving growth of this market.

Payment: Major Application of NFC Technology

Payment is the most substantial application of NFC technology. NFC-enabled devices are increasingly being utilized for contactless payment. The requirement for glitch-free, quick, and safe transactions in businesses is anticipated to drive the NFC payment market in the near future. NFC-based booking also has a notable growth opportunity in the healthcare sector. Bookings done in hospitals can be quickened and automated by utilizing NFC-based booking systems. These devices can be utilized to execute loyalty membership programs by various organizations. Conventional ticketing systems are being substituted by NFC electronic ticket smart cards, which enable contactless payment via any NFC-enabled device.

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Geographically, the near field communication (NFC) market has been segmented into four major regions: North America, Europe, Asia Pacific, and Rest of World (RoW). In 2012, North America was the biggest market for NFC on the basis of revenue. Legislative authorities and technological giants in the region have supported and endorsed the growth of contactless payment using NFC technology. Asia Pacific is predicted to be the most swiftly growing region, due to high rates of adoption for NFC in countries such as Japan, China, Australia, and South Korea.Key manufacturers in the global near field communication (NFC) market include DeviceFidelity, Inc., Broadcom, Inc., Gemalto N.V., Toshiba Corporation, Visa, Inc., STMicroelectronics N.V., Samsung Electronics Co. Ltd, On Track Innovations (OTI) Ltd., Identive Group, Inc., NXP Semiconductors, and Infineon Technologies.

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