Transparency Market Research Report Added "NFC Technology Market" to its database.
Albany, NY -- (SBWIRE) -- 03/24/2015 -- Near field communication or NFC is an advanced mode of data transfer or communication between two electronic devices. The method has always been around in the consumer electronics market, but is only now rapidly coming into vogue, as more advanced gadgetry and technologies become increasingly common in decreasingly expensive phones.
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Although there aren't many devices that use NFC technology currently, the intensely competitive nature of the consumer electronics market means that this trend of the inclusion of advanced technology in basic phones and other devices is set to continue over the coming years. This is expected to be a major driver of the NFC technologies market. The NFC technology market is projected to grow at a stupendous CAGR of 68.8% till 2018. Major applications of NFC in consumer electronics are mobile payments, advertising, and data sharing.
Contactless Transactions Lead the Way
Contactless transactions, i.e. mobile payments, were the most common application of NFC technology in 2012, with a market share of 22%. This is due to the excessive convenience offered by NFC technology in transactions that can otherwise take a lot of time. The natural suspicion about the security of the novel technology of near field communication means that its acceptance has been slow. However, increasing research and innovation has resulted in a growing incorporation of NFC technology in more fields where online security is of paramount importance.
In keeping with this trend, authentication and access control (such as logins and passwords) using near field communications is expected to be a rapidly growing market application. The research into NFC technology conducted over the years has made it even more secure than established technologies and thus more trusted by device makers and consumers alike for more confidential applications. This has helped the NFC technology market overcome its most significant restraint.
Another restraint expected to hamper the growth of the NFC technology market is the lack of a firm network between the various point in an NFC-enabled payment chain, such as vendors and banks. Further research and growing acceptance of NFC technology is expected to eventually iron out the creases in the network, like with any novel technology.
Apart from these two, the major applications of near field communications technology include ticketing, booking, data sharing, infotainment, and advertisements.
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NFC Readers Lead Product-wise Segmentation
NFC readers and middleware, NFC chips, integrated SIM cards, and micro SD cards are the prime product categories within the NFC technologies market. Of these, NFC readers were the most popular segment in the global NFC technology market in 2012. Its dominance translated to a market share of about 46%, primarily thanks to its higher pricing, translating to higher revenue per product sold. NFC readers are expected to remain the dominant segment in the coming years.
SIM-based models, such as those found in smartphones, are expected to increase in market share thanks to growing sales of smartphones all over the world.
The First World Leads the Global NFC Technology Market
North America and Europe are the prime regional markets within the global NFC technology market, thanks to established high standards of living and high development in various aspects, including industrial networks, wireless and data transfer systems, and consumer electronics. Owing to a combination of the various factors driving the NFC technology market, North America and Europe account for about 60% of the total global market.
The developing region of Asia Pacific is expected to be a major contributor to the global NFC technology market. This is due to the growing financial standards and spending power of the consumer base in expanding economies like China, India, South Korea, and Japan. India and China, in particular, have rapidly expanding consumer electronics markets, which will incorporate NFC technology in the coming years, thus aiding the global NFC technology market.
The major companies operating in the global NFC technology market are Sony Corporation, Oberthur Technologies, AT & T Inc., Barclays, Google Inc., Samsung Electronics Co. Ltd., and Toshiba Corporation.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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