Industry Insights
The Near Field Communication (NFC) market is estimated to observe
rapid increase across several application verticals over the forecasted
period. The Near Field Communication (NFC) is a short-range wireless
technology that allows to communicate between two or more devices on
contact or when they are temporarily held together. Increasing smart
phone demand and growing technological advancements are anticipated to
drive the market over the next five years.
Increasing availability and cost effectiveness of NFC-enabled mobiles
is projected to positively impact market growth. Need for secured and
rapid financial transactions with flexibility and ease of use is also
estimated to drive NFC market growth. The NFC market offers major
opportunities to the direct mail marketing segment.
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It allows marketers in transferring content through an embedded NFC
chip, which enables wireless communication when a client touches a smart
phone or a mobile device when the device in near proximity of an NFC
chip. M-commerce or mobile payment options are estimated to drive the
Near Field Communication (NFC) market. The Near Field Communication
(NFC) technology has security features which help I making in secured
financial transactions. Besides from M-commerce, increasing variety of
equipment and devices integrate near field communication such as cars,
washing machines, cookers, vending machines, televisions, speakers,
headsets, cameras, tablets and laptops.
Data speed and transfer capacity is another facet of the technology
as it provides ten times faster data transmission, which is also
estimated to boost the market growth. Lack of customer knowledge about
the benefits of NFC technology, high development cost and poor
infrastructure may pose a challenge to the Near Field Communication
(NFC) market growth. This technology is expected to gradually replace
traditional transaction services which are expected to favour the NFC
market growth. Increasing usage of NFC technology social media
applications is estimated to provide positive avenues to market growth.
Product Insight
The NFC market is segmented into non-auxiliary and auxiliary
products. The non-auxiliary category comprises tags, readers, IC/chips,
and auxiliary category comprises NFC-enabled covers, microSD cards and
SIMs. Many mobiles have in-built NFC chips that allow data exchange over
a short range. These are gradually more adopted by merchant and
retailers across their credit card readers or cash registers. SIM-based
products offer better security and help decrease frauds. NFC tags
include wristbands or stickers including microchips, which store data
that can be transferred to another near device, such as smart phones.
These tags enable to store different types of data like a telephone
number or URL.
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Application Insight
NFC applications include transportation, payment, data sharing,
booking, service, health care and access control. Smartphone increase
has boosted mobile payment demand. Customers can make payments by using
NFC-enabled credit card or smart phone which is expected to fuel the
market growth. Additionally, growing mobile wallets is also estimated to
boost the NFC market growth. Transit applications provide new
capabilities, such as processing payment acquisition, system exit/entry,
post-purchase inspection and payment processing. This technology is
largely adopted in various application sectors due to numerous benefits
related with it such as better consumer choice and value, abridged
carbon foot-print.
Regional Insights
North America and Europe market is expected to grow at a significant
rate owing to technology advancement. Manufactures in South Korea, Japan
and China is the key source of audio and video products supplied in the
U.S. Asia-Pacific is expected to grow significantly owing to growing
infrastructure, urbanization trends and technological advancements in
developing countries such as India and China. Increase usage of smart
phones is the major factor which is expected to drive the market growth
in Asia Pacific region.
Competitive Insights
The key market and niche players include Inside Secure, Broadcom,
Samsung Electronics and NXP Semiconductors. Other companies include
STMicroelectronics, Texas Instruments, Sony Corporation, Gemalto,
Renesas, Nexperts and Infineon Technologies. . Market participants enter
into mergers & acquisitions to sustain in the market.
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