Near Field Communication Market Analysis and Industry Estimated to Rise Profitably with 27.2% CAGR by Forecast 2024

Market Scenario:

The Near Field Communication (NFC) market was valued at USD 4.80 Billion in 2015, and is projected to reach USD 47.43 billion by 2024, growing at a CAGR of 27.2% over the forecast period. The NFC enabled devices has been anticipated to grow at tremendous rate owing to continuous transition of data transfer from conventional ways to smart technology. Furthermore, rising mobile penetration with high data connectivity and improved payment infrastructures .paves a significant path for the growing opportunities.

Increasing volume of cashless transactions, and growing adoption of smart appliances are expected to drive the technology growth. Furthermore, declining prices of NFC chips, and increasing adoption of mobile commerce will also benefit the NFC technology over the forecast period.

Increasing technological developments in Near Field Communication have encouraged consumers to make small and large payments through smartphones & tablets. Rising adoption & proliferation of digital wallets & apps payment have encouraged non-payment technology firms to enter into payment landscapes, henceforth, driving the market growth.

Leading Key Players:

Prominent players leading the global NFC market includes Apple Inc., Visa Inc., Broadcom Corporation, Toshiba Corporation, DeviceFidelity, Inc., Texas Instruments Incorporated, Gemalto NV, STMicroelectronics N.V., Huawei Technologies Co., Ltd., SONY Corporation, Identiv Group, Inc., Samsung Electronics Co., Ltd., Infineon Technologies AG, Renesas Electronics Corporation, Inside Secure, On Track Innovations (OTI) Ltd, Mediatek Inc., and NXP Semiconductors N.V.

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Market Highlights:

Moreover, device penetration and well-established infrastructure in developed regions are supporting mobile transactions among consumers and financial institutions. The rising demand for better government policies and security issues is predicted to propel the NFC technology. Global enterprises such as Google wallets and Bebapay (Kenya) are developing and deploying new products to enhance the productivity with increased security. The demand for low cost of ownership along with better convenience is further anticipated to continue the industry development. However, low data transfer speed of NFC technology is restricting various application in healthcare sector such as tomographic imaging and digital pathology.

Market Segments:

On the basis of product, the report displays the revenue, market share and growth rate of each type, primarily split into
• NFC Tags
• NFC Covers
• SD Cards
• NFC ICs
• SIM Cards
• NFC Readers

Based on application, the report displays the revenue, market share and growth rate of each type, primarily split into
• Access Control
• Data Sharing
• Ticketing
• Medical Devices
• Product Identification
• Transaction

NFC Tags segment is anticipated to grow at the highest rate over the forecast period

NFC tags segment has been projected to gain prominence over the forecast period owing to the high demand originated from access control and payment segment. The SD card segment demand is also on a rise resulted in cost effective infrastructures for the manufacturers. Moreover, rising demand for device connectivity for sharing data through in-store and online payments in a retail store have also led to the growth of the NFC technology in the segment. The transaction segment is projected to lead the market in terms of revenue owing to proliferation of smartphone with rising demand for better consumer experience.

The ticketing application allows the commuters to apply the NFC-based mobile for contactless transport ticket. The ticketing segment stores the journey details on the mobile phone digitally and allows the passenger to tap the mobile while boarding, henceforth delivering a cost-effective transport ticketing solution, which is anticipated to enhance the customer experience. The rising demand for the digitalized medical records of consumers has led to the increased need for NFC-based medical devices. For instance, few medical devices, such as Jawbone UP4, track the heart rate and assist in payments process to the retailers.

Geographical Analysis

Geographically, the global market report has been split into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of NFC market for these regions, from 2015 to 2024 (forecast)
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America

The Asia Pacific region is projected to be the key revenue generating region, owing to the rising penetration of mobile devices. The rapid proliferation of mobile payment services has accelerated collaboration amongst the industry participants resulting in the development of the technology in the region. The international banks are actively investing in building the mobile payment network which is further predicted to increase the application segment collaborating the financial service provider and retailers.

Furthermore, the Europe region is projected to witness major technological developments in various applications which include NFC-based transactions, ticketing and access control. Growing adoption of near field communication technology has led to improved deployment of POS terminals at retail outlets for Visa Cards and contactless mobile payments. Target, Walgreens, and Macys are few of the retailers using Google wallet technology in various emerging market of China, India, Taiwan, Malaysia, and Japan in order to maximize potential sales.

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