NFC-Enabled Phones and Contactless Smartcards Market - The Capability of Performing Safe Contactless Transactions

Near field communication or NFC is considered one of the present times' most intuitive interfaces enabling seamless interoperability between proprietary wireless networking platforms. The capability of performing safe contactless transactions quickly, connecting electronic devices in the simplest manner, and accessing digital content with merely a wave or touch near places having contactless card readers are all working towards heightening the popularity of this technology among consumers. It should not come as a surprise that NFC is rapidly being found as a standard functionality in a number of mobile computing devices, as compulsively as the earlier models of smartphones came with technologies such as Bluetooth and infrared connectivity.

This report on the global NFC-enabled phones and contactless smartcards market provides a thorough analytical overview of present growth dynamics of the market and several predictions regarding the growth prospects of the market and its segments for the period 2016–2024, wherein 2015 is considered the base year. The report presents a detailed analytical overview of the key factors, such as growth drivers, restraints, trends, and opportunities, expected to play a notable role in the overall development of the market over the said period.

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The report presents an expansive account of the growth dynamics of the market in terms of revenue estimates and sales volume across key regional markets. A cross-sectional analysis of the market in terms of market estimates and projections for all the segments covered in the report is also included. The study also includes business profiles of some of the leading players operating in the global NFC-enables phones and contactless smartcards market with details such as recent developments, growth strategies, market share, market positioning, finances, and product portfolio.

The increasing realization regarding the vast potential applications NFC-enabled phones and contactless smartcards is the key factor expected to drive the market for these technologies in the next few years. However, factors such as high expenses involved in setting up electronic point of sale (EPOS) terminals and data security issues are expected to restrict the growth of the market to a certain extent.

Some of the key areas utilizing the potential of these technologies presently are cashless payments, information exchange, consumer electronics, transport, access control, loyalty and coupons, and healthcare. Service industries are increasingly using NFC-enabled phones for reducing queuing time, improving service delivery, gaining better insights about consumers and their buying habits and trends, and making payments more convenient, collectively increasing the revenue opportunity of the business.

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From a geographic perspective, regions such as North America and Europe are presently the leading markets for NFC-enabled phones and contactless smartcards. High pace of adoption of technologically advanced electronic devices across the retail and hospitality industries and the presence of affluent and digitally-aware consumers make these regions the leading markets for NFC-enabled phones and contactless smartcards. In the near future, Asia Pacific is also expected to emerge as a leading market for NFC- enabled phones and contactless smartcards owing to the rising consumer base of smartphones and the increasing adoption of cashless payments.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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