Global NFC Market to Grow 9% Annually and Reach $16B by 2022, Driven by Rising M-Commerce
ReportsnReports, an online market research firm has developed an NFC market forecasts report for 2022. The report explains how the NFC market is currently witnessing a rapid growth in all its verticals and is driven by the increasing trend of mobile commerce. This market is expanding globally and the major market for the NFC ecosystem is in the United States. Other regions Europe, APAC and ROW follow the American terms of the NFC market. The report suggests that the global NFC industry will grow at 8.83% CAGR, with the total market expected to reach $16.25 Billion USD by 2022.
Some other highlights from the report include:
NFC 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.
The NFC market has been divided into three major verticals products, applications, and geography. The product vertical is sub-divided into IC/chips, tags, readers, micro SD cards, SIM cards, and covers. The application vertical has been further sub-divided into payment, transportation, booking, service, data sharing, access control healthcare, and tag applications. The geography has been sub-divided into Americas, Europe, APAC, and ROW. Payment application has the largest market share in terms of value for 2013. Apart from the demand side market drivers, the report also analyzes the supply side drivers. The major players in this field includes: Broadcom (U.S.), Inside Secure (France), Infineon Technologies (Germany), MediaTek (Taiwan), NXP Semiconductors (Netherlands), Renesas (Japan), Samsung Electronics (South Korea), Sony Corporation (Japan), STMicroelectronics (U.S.), Texas Instruments (U.S.), and Gemalto (Netherlands).
The Near Field Communication (NFC) technology is developing at a very high pace in the overall market. One of the greatest advantages of this technology is that it utilizes less power than the other wireless technologies. This technology has been commercialized in many products, which operate in three modes, namely, card emulation, reader emulation, and peer-to-peer. This technology can be compatible with the existing contactless card infrastructure and this also enables a consumer to utilize one device across multiple systems.