Global NFC Market to be Worth $16 Billion by Growing 9% Annually
According to a new market research report of “Near Field Communication (NFC) Market by Product (IC/Chips, Tags, Readers, and Auxiliary), Application (Payment, Transportation, Booking, Data Sharing, Service, Access Control, Health Care, and Tag applications) & by Geography – Global Forecasts to 2022”, published by MarketsandMarkets, the total NFC market is expected to reach $16.25 Billion USD by 2022 at an estimated CAGR of 8.83% from 2014 to 2022.
The NFC market is expected to flourish in the near future. The report also includes an in-depth analysis of the products, applications, and geography.
NFC technology is a very dynamic market and entails a great potential across many industry verticals. The advancements in technology due to the never ending R&D in this sector, makes it one of the prominent segments in the current industrial scenario. The NFC products have been experiencing continuous developments right since their inception. The technology has a major role to play in this sector due to the cost effective matrix, and this results into a longer life cycle of products and systems, along with greater reliability. The highlighting features of the NFC technology include high rate of communication with other NFC-enabled devices, better properties to withstand rough environmental conditions, and a longer life that is best suited for the payment, ticketing, booking, and data sharing applications.
This report describes the market trends, drivers, and challenges with respect to the NFC market and forecasts the market up to 2022. This global report gives a detailed view of the market across various regions, namely – The Americas (North America and South America), Europe (U.K., Germany, France, Italy, and Rest of Europe), the Asia-Pacific (China, Japan, Korea, India, and Rest of APAC), and ROW (the Middle East, Australia, and Africa). Americas is the largest geography in terms of the NFC market value, with the U.S leading the way. APAC has been identified as the fastest growing region and a leader in the NFC technology devices. Europe also has a very promising market, comprising Germany and the U.K., while the ROW also bestows an impetus to the growth of this market. The report profiles 10 promising players in the NFC market ecosystem.
The competitive landscape of the market presents a very interesting picture, where a large number of small players have become forces to reckon with. The market is witnessing large scale collaborations and partnerships across the value and supply chain, among the number of tier-one players around the globe.