NFC has emerged as an effective alternative to other short range communication technologies, such as Bluetooth and WiFi. In NFC technology, radio communication is established between devices by touching them simultaneously or by bringing them into proximity.
NFC Market Overview
Near Field communication (NFC) is a wireless communication technology. NFC is a short range communication technique that allows devices to share information.
NFC Market Dynamics
NFC technology is gaining popularity because of its various advantages such as safety, versatility and convenience. NFC is much more secure for transaction than other techniques as it requires PIN and does not provide physical access of your credit card information to retailers.
Versatility refers to a wide range of industrial applications of NFC. NFC is very convenient as it is easy to use and NFC enabled devices can be carried anywhere without much hassle.
As stated earlier, NFC technology has wide range of application, such as contactless payments, information sharing, information reading from smart posters and also for providing authentication of information whenever required.
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Global Near Field Communication (NFC) market share is expected to grow rapidly in the near future. Factors which are driving the growth of NFC market are increasing deployment of NFC in the booming smartphones and smart camera market, increase in contactless payments, improved user experience and reduction in size and cost of semiconductor chips.
On the other hand, factors which are restraining the growth of NFC market are security concerns due to hacking of smartphones, PCs or tablets. devices, short range communication, strong competition to NFC from alternative payments methods, high development cost, and lack of consumer awareness about potential benefits of NFC technology.
NFC technology is anticipated to be used in a host of applications in the future due to the increasing demand of online and in store payments in retail store, increasing demand of connectivity between devices for information and data sharing.
NFC Market Segmentation
Global NFC market is segmented on the basis of applications, product types and regions. On the basis of applications, the market is further sub segmented into broad range of applications, such as contactless payments, data sharing, infotainment, access control & authentication, medical & healthcare, transportation and others.
Out of all these applications contactless payment application is expected to remain dominant throughout the forecasted period. This is mainly because of rising adoption of mobile wallet payments, improved financial transparency and public sector servicing.
On the basis of product type, the market is further sub segmented into non-auxiliary and auxiliary products. Non- auxiliary products are further categorised as tags, readers and controller IC’s/Chips.
Auxiliary products include micro SD cards, SIM cards and NFC enabled covers. Out of all these product types, NFC readers are projected to experiences high market growth during forecasted period, it is prominently because of emerging applications areas and increasing demand of NFC readers in authentication and access control applications.
On the basis of region, the global NFC market is sub-segmented into seven regions, North America, Latin America, Asia-Pacific (excluding Japan), Japan as a separate region, Western Europe, Eastern Europe and Middle East & Africa region. North America region is largest in terms of market share with USA leading the market.
Asia Pacific region is expected to show high growth rate during forecasted period because of increasing awareness and adoption of NFC technology into retail and transportation. Followed by APAC, Europe region is also estimated to be promising market with countries such as Germany and U.K.
NFC Market: Key Players
Key players in the Global NFC market are Gemalto N.V., DeviceFidelity, Inc., Visa Inc., Broadcom Inc., STMicroelectronicsN.V., Toshiba Corporation, Samsung Electronics Co. Ltd., Identive Group, Inc., NXP Semiconductors, Infineon Technologies and On Track Innovations (OTI) Ltd..
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