Portland, OR -- (SBWIRE) -- 12/21/2017 -- NFC stands for "Near Field Communication" and, as the name implies, it enables short range communication between compatible devices. This requires at least one transmitting device, and another to receive the signal. A range of devices can use the NFC standard and can be considered either passive or active, depending on how the device works.

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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Major factors that impact the NFC market size are convenient transfer and security of data, increasing penetration of smartphones, contactless payments, high costs of installations, and security concerns. The market is analyzed as per available product type, which are NFC tags, NFC chips, NFC readers, NFC-enabled sim and others (NFC covers). NFC reader is the major product type and the highest revenue contributor owing to its higher price as compared to the other products. The world NFC market by component is further bifurcated into these devices in which NFC technology is used, these types include smartphone & tablets, Pcs & laptops, others (Infotainment and Stereo Headphone).

There are different types of NFC products available in the NFC market, which are defined under two major categories non-auxiliary and auxiliary. The non-auxiliary category includes NFC chip, NFC Tag, and NFC reader product types. Whereas, auxiliary includes NFC-enabled sim and others. Among all these products NFC reader is the highest revenue contributor owing to its high cost.

Europe and North America are the two major contributors to the NFC chips industry. These two regions collectively account for more than 50% of the world NFC market owing to higher adoption rate of NFC applications. Germany and U.K., are estimated to be the most lucrative NFC markets in near future. Additionally, every country has their own contactless payment limit. Earlier, mobile/contactless payment limit was 20 Euro for U.K., owing to increased use of contactless transactions, which has further increased up to 30 Euro since September 2015.

Convenient Transfer and Security of Data

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.

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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.