Near Field Communication Market Expected to Reach $24.0 Billion by 2020 | With Top Leading Companies Infineon Technologies, Apple Inc., NXP Semiconductors, Samsung Electronics Co. Ltd., Broadcom Corporation, Toshiba Corporation and Inside Secure.
The key applications of NFC technology include contactless payment, information sharing, user authentication and access control, monitoring healthcare systems and others. Mobile or contactless payment dominated the global near field communication market by application, accounting for 33% market share in terms of revenue in 2014. It offers faster transactions as compared to conventional cash, credit or debit card transaction. However, monitoring healthcare systems segment would witness the highest CAGR of 42.8% during the forecast period. In this application, NFC sends data in encrypted form to reduce the possibility of information security breach.
Further, the NFC market is analyzed based on geography into North America, Europe, Asia-Pacific and LAMEA. North America dominated the global NFC market, accounting for 34.7% market share in 2014. The region would maintain its dominance during the forecast period. However, Asia-Pacific is expected to witness the fastest growth at a CAGR of 43.1% during the same period.
Based on the product type, global NFC technology market is bifurcated into NFC chip, NFC tag, NFC reader, NFC enabled SIM and others. NFC readers garnered the maximum share in 2014 (accounting for 45%) of the total market revenue. In terms of growth, the other product segment is estimated to register the fastest CAGR of 43.9%, during the forecast period 2015-2020. Among the device type segment which comprises smartphones, PC & laptops and other devices (infotainment and stereo headphone), smartphones dominated the market in 2014, accounting for 60% share in terms of revenue.
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The report also outlines the competitive scenario of the near field communication market, providing a comprehensive study of the key strategies adopted by companies operating in the NFC market. Key companies profiled in the report include, Infineon Technologies, Apple Inc., NXP Semiconductors, Samsung Electronics Co. Ltd., Broadcom Corporation, Toshiba Corporation and Inside Secure (now acquired by Intel), amongst others.
Convenient Transfer and Security of Data
NFC offers better collaboration in corporate environments by ensuring speedy and secure sharing of documents, files, and confidential data. In addition, in case of payments, the card details of the consumer are stored on the mobile phone in a secure element. This takes the form of a Subscriber Identity Module, secured chips or a secure digital card and the fact that hardware encryption can be only used in close proximity to the point of sale makes it one of the most secure payments. Thus, this feature acts a major pull factor to attract new customers and users of NFC technology and technology-enabled devices. This, owing to these factors, NFC market growth is likely to witness a positive impact over the forecast period.
Increasing Penetration of Smartphones
Today, smartphones have become an important part of consumers’ lives. Along with the traditional uses of communicating, consumers are using their smartphones to make easier and faster payments. NFC provides convenient mode of payments since it merges a consumer’s mobile device with his/her wallet thereby enabling a user to make mobile transactions, easily exchange digital content and to connect their device with other devices with just a touch. Therefore, as the demand for smartphones is increasing rapidly, it will positively influence the NFC market growth.
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NFC offers contactless payments by using standard-based wireless communication technology for exchanging information between a mobile phone and a point of sale terminal, thereby offering better and hassle-free customer experience. Mobile wallet is one of the popular application of NFC. This mode is suitable for secured money transfers and ticketing transactions. Therefore, as the demand for contactless payment is increasing rapidly, it will positively influence the NFC market forecast.
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