Near field communication (NFC) offers short-range wireless communication between two devices that are in close contact with each other. An open platform technology, NFC has gained global approval as per the standards set by International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC).
The global near field communication (NFC) market will witness considerable growth from 2014 to 2020. Large-scale penetration of technology and high adoption of smartphones, tablet PCs, etc. will drive this growth.
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Affordable smartphones are aplenty in today’s world. M-commerce is fast gaining prominence. NFC is preferred over other technologies owing to its ability to provide secured transactions. It is also faster, with data transfer speeds up to ten times more.
High requirement of speedy, safe financial transactions coupled with flexibility and convenience would augment future growth. Diverse devices like laptops, cars, washing machines, cookers, vending machines, etc. incorporate this technology.
The market also stands to benefit from imminent global benchmark standardization by the GSMA and NFC forum. Direct mail marketing can make use of NFC technology to deliver informative content through an embedded chip. Social media engagement applications will also fuel demand for this technology. Main growth challenges include poor awareness levels, underdeveloped infrastructure and high development costs.
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The global NFC market is categorized on the basis of products, applications and regions. Key product segments are auxiliary and non-auxiliary. Non-auxiliary is further divided into NFC tags, NFC IC (Chips), and NFC readers. NFC readers could witness lucrative growth over the next six years. This may be attributed to widening application scope and rising demand for access control, ticketing and authentication.
Chief applications encompass healthcare, booking, payment, data sharing, transportation, service, healthcare, access control, and others. Mobile payment application will lead the market in the near future. This is owed to better financial transparency, lower carbon footprint, and improved public sector servicing.
Region wise segmentation comprises Europe, North America, Asia Pacific, and Rest of the World (RoW). Europe and the U.S. should grow due to emergence of mobile wallets. Asia Pacific would be an important regional market. Favorable government initiatives that support NFC in Japan and South Korea will support growth. Smartphone penetration and developed infrastructure are other important contributors.
The market is characterized by fierce competition, with technological and product innovation determining competitiveness. Mergers and acquisitions are important growth strategies. Leading players are Inside Secure, Gemalto, Broadcom Corporation, Infineon Technologies, and Nexperts GmbH.
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