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Current Trends and Future Growth of the Near Field Communication Market
Near Field Communication Market
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NFC Market (Near Field Communication Market) is expected to garner $24.0 billion by 2020, registering a CAGR of 40.4% during the forecast period 2015-2020. Near field communication (NFC) is an array of protocols based on a wireless interface that enables communication devices and electronic gadgets to establish radio communication with each other under proximity.
Near field communication, technology is mainly used in smartphones, laptops, and tablets for short range of data exchange (up to 10cm or less). Near field communication (NFC) is an array of protocols based on a wireless interface that enables communication devices and electronic gadgets to establish radio communication with each other under proximity. The world NFC market share is projected to grow rapidly during the forecast period.
Major factors that impact the NFC market size are convenient transfer and security of data, increasing penetration of smartphones, contactless payments, high costs of installations, and security concerns. The market is analyzed as per available product type, which are NFC tags, NFC chips, NFC readers, NFC-enabled sim and others (NFC covers). NFC reader is the major product type and the highest revenue contributor owing to its higher price as compared to the other products. The world NFC market by component is further bifurcated into these devices in which NFC technology is used, these types include smartphone & tablets, Pcs & laptops, others (Infotainment and Stereo Headphone).
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The value chain of the near field communication market includes various stakeholders such as near field communication component manufacturer/supplier that invest in research and development to provide innovative product or services, dealers/distributors, and end users. Each of these shareholders add value to their operation that contributes a competitive value of the product. In addition to this, there are other departments such as research & development, procurement, marketing and other departments that carry out value addition to the product value chain.
Near Field Communication Market Key Segment
The market is segmented based on product type, devices, application, and geography
By Product Type
• Non-auxiliary products
• NFC Tags
• NFC Readers
• NFC Chip
• Auxiliary products
• NFC enabled Mobile sim
By Devices
• Smartphone & Tablets
• PCs & Laptops
• Infotainment and Stereo Headphone
By Application
• Mobile/Contactless payment
• Information sharing
• User authentication & Access control
• Monitoring Healthcare system
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