Worldwide NFC Transaction Market to Grow Over 50% by 2020
Technology market research company Research and Markets has released a new report on the international NFC transaction market.
The report forecasts the global NFC transaction market to grow at a CAGR of 55.23% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The emergence of host card emulation (HCE) is one of the latest trends leading to market growth. HCE is an on-device technology that enables mobile or a wearable device to perform card emulation on an NFC-enabled device without relying on access to a secure element (SE). The introduction of NFC platforms based on HCE has potentially high implications for NFC stakeholders, provided it would reshape both; the value chain and the attendant business models.
Also, the additional security provided by the inbuilt security feature of smartphones such as fingerprint reader, and iris scanner act as an additional layer of security for HCE.
Key vendors driving growth in the global NFC transactions market include:
- American Express
- NXP Semiconductors
- Renesas Electronics