The Global Near Field Communication (NFC) market will grow to USD XXXX billion at a CAGR of XX% during the forecast period. The increasing trend of usage of smart devices, mobile commerce and production growth of NFC enabled devices are some major reasons for the near field communication (nfc) market growth.
Near field communication (NFC) is a type of wireless communication technology. It is a short-range communication method that enables users to share information or data. NFC is an effective substitute to other modes of communications like Wi-Fi and Bluetooth. By touching both the devices simultaneously by bringing them near to each other, the radio communication is established. This technology is commonly used for laptops, smart phones and other similar devices.
The increased demand for cashless transactions over the world is major driving factor of near field communication (nfc) market growth. There is a great demand for multi-tasking electronic devices over the world. Hence, the companies working in consumer electronics sector are working to include NFC technology in the devices developed by them.
Major reasons for the growth of global near field communication (NFC) market are, with use of NFC data transfer is secure and convenient. Furthermore, the growing popularity and usage of smart phones, contactless payments is another contributing factor. The restraining factors are high cost of installation of NFC compatible devices and security concerns of the transactions.
NFC is widely used in companies as a secure method for transferring and sharing of documents, secured data and files. Furthermore, when processing payments, the bank/card details are safe in the mobile phone in a secure environment. This is in the form of Subscriber Identity Module, secured digital card, working on the principal that the hardware encryption works only when in close range of the point of sales. NFC transaction requires PIN and does not give physical access of your card information to the shopkeeper. NFC is very appropriate as it is easy to use and NFC enabled devices that can be taken along with you.
NFC market share is segmented by applications, product types and regions. On the basis of applications Mobile/Contact less payment, User authentication and access control, Information sharing and monitoring healthcare system. Based on device type Smartphones & Tablets, Pcs and laptops and others (Infotainment and stereo headphone). On the basis of product type it is classified as Non-auxiliary products, NFC Readers, NFC Tags, NFC Chip and many others. Based on region division is done as North America, Europe, Asia-Pacific and Latin America and Middle East and Africa. Asia-Pacific contributes the maximum in NFC market share demand, especially from India, China and Japan. North America is going to lead the market during the forecast period due to its increased usage of mobile payments. Furthermore, Asia-Pacific is going to be the fastest growing regions among all the other regions.
The main players in NFC market share are Broadcom Corporation (U.S.), NXP Semiconductors (Netherland), STMicroelectronics NV (Switzerland), Renesas Electronics Corporation (Japan), MediaTek, Inc. (Taiwan), Gemalto NV (Netherlands), and others.
The various segments of near field communication (nfc) market are,
- Non-auxiliary products
- NFC Readers
- Auxiliary products
- NFC Chip
- NFC Tags
- NFC enabled Mobile sim
- Smartphone & Tablets
- PCs & Laptops
- Mobile/Contactless payment
- User authentication & Access control
- Monitoring Healthcare system
- Information sharing
- North America (NA)
- Europe (EU)
- Asia Pacific
What to expect from the upcoming report on ‘near field communication (nfc) market:
- Future prospects and current trends of the near field communication (nfc) market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.