Press release
Near Field Communication Market - Report record breaking sales till the end of 2019
Further, contactless payment tradition is growing which is also aiding the growth of NFC market. The global NFC market was valued at USD 1,068.3 million in 2012 and is expected to grow at a CAGR of 43.7% during the forecast period.
The products in NFC market include NFC controller ICs (chips), NFC tags, NFC readers and NFC secure elements. NFC chips enable transactions and data exchange without the need to pair the devices. NFC technology saves time in payment processing as the transaction gets conducted through radio frequency (RF); this is resulting in the increasing adoption of NFC chips.
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NFC tags are capable of storing small amounts of information. Customer satisfaction, easy communication and ease of use are some of the factors expected to drive the NFC tags market. NFC readers are the devices capable of reading data through the NFC-enabled devices when tapped. Secure elements store applications which perform security execution and authentication for access.
These products are finding applications in various areas such as payment (transaction), ticketing, booking, data sharing, service, authentication and access control, healthcare, and games and toys, among others.
Furthermore, NFC complements and enhances advanced smart card driven applications such as payment, logistics & supply chain, public transport, customer loyalty program, point of sale (POS), access management and eGovernance. Number of new applications across various industries such as healthcare, and gaming and services is also leading to the growth of this market.
NFC-based payment model is rapidly gaining momentum as it is anticipated to replace currently used debit and credit cards owing to better security features. Ease of use and improved security features are some of the reasons for the increasing adoption of NFC technology in newer application areas.
Payment is one of the most important applications of NFC technology. NFC-enabled devices can be used for contactless payment.
Need for error free and quick operation with secure money transactions in businesses is expected to drive the NFC payment market in the coming years. NFC-based booking has significant opportunity in the healthcare sector.
The bookings in hospitals can be automated and fastened using NFC-based booking systems. NFC devices can be used to carry out loyalty membership programs by different organizations.
Ticketing systems are being replaced by NFC electronic ticket smart cards which allow contactless payment through any NFC-enabled device. Japan, France, and China experienced significant growth in the NFC market for healthcare application due to significant investment in technology to upgrade healthcare facilities in these countries. NFC card games and geocaching are creating new dimensions in NFC-based gaming.
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