Report highlights the growth of the NFC market
MarketsandMarkets, a leading mar
ket research publication, has published a new report titled “Near Field Communication (NFC) Market — Global Forecast & Analysis.” The report highlights the various trends that surround the NFC market and predicts the growth that the technology will see between the 2011 to 2016 period. The report covers a wide range of aspects in the NFC market, such as NFC applications, reading technologies, electronic ticketing, mobile marketing, and mobile commerce.
NFC market expected to see CAGR of 38% through 2016
According to the report, the global NFC market is expected to see a compound annual growth rate of 38% between 2011 and 2016. The NFC applications market alone is expected to reach more than $10 billion by the end of 2016. The report also notes that NFC technology will continue to see significant attention in the realm of mobile commerce. This is largely due to the fact that much of mobile commerce hinges on the capabilities of NFC technology.
Marketing may play a major role in growth
NFC has begun to attract a great deal of attention beyond the mobile commerce space. The technology has, in the past, been used in mobile marketing as a way to engage consumers. NFC is seeing more interest in this field as consumers become more familiar with the technology. The marketing industry is expected to add a significant amount of momentum to the NFC market. The technology is also proficient in facilitating data transfer and managing security access protocols, two additional sectors which are growing more popular throughout the world.
Consumers still leery of mobile commerce
The majority of growth the NFC market will see is expected to occur in the mobile applications space, especially in regards to mobile commerce platforms. These mobile applications allow consumers to make purchases using their smart phones and other NFC-enabled devices. The most significant challenges that could slow growth or derail it entirely remain in the fields of security and the scarcity of NFC-enabled mobile devices. Low availability and lackluster security features have left many consumers leery of the NFC market and its applications.
cial institutions in the Sultanate of Oman, has launched a new NFC point of sale device. Mobile commerce has been growing in popularity in Oman, as well as in other countries in the Middle Eastern region. Economic growth is causing an incline in smart phone penetration, allowing more consumers to purchase high-tech mobile devices. As these devices become more popular, the demand for mobile commerce and other such services is on the rise.