Pune, India -- (SBWIRE) -- 01/05/2016 -- According to a new market research report "Near Field Communication Market by Operating Mode (Card Emulation, Reader Emulation, & Peer-to-peer), Product & Software (Non-auxiliary & Auxiliary), Industry (Retail, Transportation, Automotive, & Others), and Geography - Global Forecast to 2020", the total market is expected to reach USD 21.84 Billion by 2020, at a CAGR of 17.1% during the forecast period.

Browse 73 market data Tables and 78 Figures spread through 163 Pages and in-depth TOC on "Near Field Communication Market"

http://www.marketsandmarkets.com/Market-Reports/near-field-communication-nfc-market-520.html

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Factors such as the growing adoption of smart devices, trend of mobile commerce, and growth in the production of NFC-enabled mobile phones are driving the market.

Growing volume of cashless transactions is driving the NFC Market.

The growing volume of cashless transactions across the world is one of the key drivers for the market. There is a strong demand for multi-tasking electronics devices across the world; therefore, consumer electronics companies are engaged in incorporating NFC technology in their mobile phones and tablets to deliver a single solution to their customers. The other segments covered in this report are operating modes and NFC product & software. Under operating modes, the peer-to-peer mode is dominating the market as it enables two-way communication among the NFC devices. The non-auxiliary/in-built NFC products currently have the largest market size, while the market for auxiliary products is expected to grow at highest CAGR.

APAC is expected to grow at the highest CAGR during the forecast period

APAC is expected to grow at a CAGR of 20.5% between 2015 and 2020. This high growth is attributed to the growing shipments of consumer electronics in the region, which creates an opportunity for NFC chip manufacturers to collaborate with major consumer electronics companies. Moreover, the rising income, high adoption of smart appliances, and rising per capita income in countries such as India and China further create a huge growth potential for the market in APAC.

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The major players in this market are NXP Semiconductors (Netherland), Broadcom Corporation (U.S.), STMicroelectronics NV (Switzerland), MediaTek, Inc. (Taiwan), Renesas Electronics Corporation (Japan), Gemalto NV (Netherlands), and Texas Instruments (U.S.).

The report analyses the market trends for each of the market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter's five forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the NFC market. The major factors driving this market are the growing volume of cashless transactions, adoption of smart appliances, and trend of mobile commerce. The market size for the NFC market is included in the report for the four geographical regions, namely, the Americas, Europe, Asia-Pacific, and Rest of the World (RoW). Currently, the American market holds the major share of this market and the APAC region is expected to grow at the highest rate during the forecast period.

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