Portland, OR -- (SBWire) -- 10/30/2017 --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. 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, 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.
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Top Factors Impacting Near Field Communication Market (NFC Market)
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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.
Contactless Payments
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.
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.
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Key Findings of Near Field Communication Market:
Mobile/contactless payment application dominated the NFC market, owing to its outstanding benefits of secure payment
NFC readers contributed the largest market share in 2014. However, NFC chip and other NFC product segments are expected to exhibit a faster growth
North America would be the dominant geography in the NFC market throughout the forecast period (2015-2020) owing to the widespread adoption of NFC technology in different applications
NFC technology is mainly used in different devices such as smartphone, pc/laptop and others, including NFC card and infotainment systems. Among all the devices, smartphone is the prime revenue contributor in global market.
Near Field Communication: (NFC) It's Importance to Us and Our Smartphones
In 2014, 1.2 billion smartphones were sold worldwide, which further increased by 7% in the first quarter of 2015. Increased penetration of smartphones and tablets in developed and developing regions, is the key driving factor for the growing adoption of NFC technology.