Transparency Market Research

NFC Technology Market to Flourish at 68.8% CAGR Increasing Preference for Contactless Payment Options

Transparency Market Research Report Added "NFC Technology Market" to its database.


Albany, NY -- (SBWIRE) -- 04/06/2015 -- Near field communications (NFC) technology is increasingly gaining popularity as a result of its security, versatility, and ease of use. Today, a majority of smartphone manufacturers are integrating NFC payment technology and wireless communications in their products. The constantly rising adoption of NFC in smartphones is the fundamental factor stimulating the growth of the global NFC market. Moreover, the proliferation of NFC-enabled handsets is also driving the global NFC transaction market. For the forecast period 2012-2018, the global NFC market is growing at an intense CAGR of 68.8%, says a leading market firm in the U.S. in its recent study.

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Growing Preference for Contactless Payment Driving NFC Technology Market

The increasingly popular market trend of contactless payment transactions is supporting the high growth rate of the global NFC market. Growing consumer awareness regarding the benefits of NFC technology is another factor lending strong momentum to the overall market. The highly effective capabilities of NFC technology, an increase in the market share of integrated SIM-based models and NFC chip-based products, as well as an uptrend in the number of consumers adopting NFC technology are major trends driving the strong growth of this market. In addition, leading analysts of this market study have also detailed the major market trends that are pushing the growth of the global NFC market. These trends are:

Remarkable Development of NFC Ecosystem

The NFC technology has emerged strongly in the global telecom market in the past few years. However, it had been undergoing a pilot testing phase and hence was not yet implemented in its full-fledged form. Over the years, extensive research and development has been performed in the field of NFC. Many prototypes have also been developed for a variety of applications. Such factors have improved the NFC ecosystem and the overall infrastructure supporting the market. New product launches and growing participation from more participants has given rise to various initiatives across the world in the effort to develop the NFC ecosystem.

NFC Technology Market Boosted by Increasing Usage in Enterprises

NFC technology is increasingly being tested by many organizations that want to utilize smartphones as next-generation access cards. The use of smartphones as access cards would be ideal in the enterprises of cities and urban areas, where the adoption of handsets is relatively higher than rural areas. Employees could also use NFC-enabled smartphones and many other devices offering NFC technology to access their work areas such as cafeterias and staff parking and pay for services.

Emergence of Google Wallet Paving the Way for Widespread Acceptance of NFC Technology

At present, leading smartphone makers support the Google Wallet technology and many others have plans to expand operations in this field as well. With the help of mobile devices and mobile wallet technology, users can pay for the services with much more convenience than even the already incredibly convenient debit/credit cards or other electronic cashless payment modes. Mobile wallets are gaining widespread popularity among consumers as an effective means of carrying out financial transactions.

Although there are currently a limited number of products available in the commercial market using NFC technology, the market is anticipated to experience immense growth in all applications and product segments in the upcoming years. NFC technology is being implemented in developed regions such as Europe and North America, which are the typically the major contributors to the NFC chips industry. The regions collectively account for more than 60% of the global market. The NFC technology market is also expected to rapidly grow in Asia-Pacific due to the rising use of wireless applications and mobile phones.

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