Near Field Communication (NFC) Market Expected to Reach USD 20.01 Billion by 2019 Globally: Transparency Market Research
- Written by Wayne Collins
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Among all the product types, NFC reader was the largest segment in terms of revenue in 2012 and accounted for around 46% share of the total market, majorly owing to higher selling prices. Growing adoption of NFC technology would also increase the demand for NFC readers during the coming years. NFC tags are finding significant demand in newer applications such as NFC marketing, games and toys, and healthcare among others and this is expected to drive the growth of NFC tags during the coming years.
Contactless transactions using NFC-enabled devices were the largest application for NFC in 2012, holding a share of around 22% of the total market. Authentication and access control using NFC is fast gaining market traction owing to improved security features. Low awareness among people towards the benefits and concerns regarding security and privacy related with the use of NFC technology has been a challenge for the growth of this market. However, users are increasingly confident with the use of contactless payments and this would lead to further rise in demand for NFC technology. The major challenge for NFC contactless payments during the coming years would be low level of co-ordination among various participants in the value chain such as banks/credit card companies and payment service providers and network operators.
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In 2012, NXP Semiconductors N.V. and STMicroelectronics N.V. emerged as the leading players for NFC controller ICs and secure elements. Other key players in the market include Broadcom, Inc., DeviceFidelity, Inc., Gemalto N.V., Visa, Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, Identive Group, Inc., On Track Innovations (OTI) Ltd. and Infineon Technologies, among others. The market has been segmented as follows:
Near Field Communication Market, by Product Type
- NFC controller ICs (chips)
- NFC tags
- NFC readers
- NFC secure elements
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Near Field Communication Market, by Application
- Payment (transaction)
- Ticketing
- Booking
- Data sharing
- Service
- Authentication and access control
- Medical
- Games and toys
- Others (smart advertising, NFC based navigation)
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Near Field Communication Market, by Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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