Tag: m-commerce

An NFC market forecasts report for 2022 has been developed by ReportsnReports.

The online market research firm’s forecasts report explains how the NFC (near field communication) market, is presently experiencing speedy growth in all its areas and that its success is urged on by the ever expanding trend of mobile commerce.

The NFC technology industry is expanding worldwide.

According to the report, the suggested global NFC market is anticipated to reach US $16.25 billion by 2022, growing at 8.83 percent CAGR (compound annual growth rate). Furthermore, it is suggested that America has the greatest market potential for the near field communication ecosystem.

The report also said that NFC is a highly active market and has a lot of potential across many industry areas. NFC products have experienced consistent development right from the start. The use of the technology can lead to many cost-effective benefits, such as systems and products that have a longer lifespan and are more reliable.

Some of the top features of NFC technology that the report notes include:

• Better properties that make it capable of holding up against harsh environmental conditions.
• A high-rate of communication with other devices that are NFC enabled.
• A longer life, which makes it best suited for applications that involve ticketing, data sharing, booking and payments.

NFC technology is developing at a high rate and not just in the mobile commerce sector.

Near field communications is gaining ground in the overall market. One of the primary reasons for this is this tech requires less power compared to other forms of wireless technologies. Many products have commercialized the use of NFC, which typically functions in three modes: peer-to-peer, reader emulation, and card emulation. The technology also has the advantage of being compatible with contactless card infrastructure that already exists, which gives consumers the ability to use one device across more than one system.

The NFC market consists of three major areas that include products, geography, and applications and each of these areas has further sub divisions. For instance, the product category has been divided into tags, IC/chips, readers, covers, SIM cards, and micro SD cards. The geography area is split into Europe, Americas, ROW, and APAC. Finally, the application category is broken down into transportation, booking, data sharing, service, booking, payment, tag, and access control healthcare apps.

That being said, in terms of value, of all the different NFC divisions, payment applications have achieved the biggest market share for 2013, in which mobile commerce played a role.

A recent survey has shown that consumers from the U.K. don’t feel safe shopping or paying with their smartphones.

While the promise of m-commerce and mobile payments has been a large one, recent events in digital security have caused a considerable amount of harm to the confidence that consumers in the United Kingdom are feeling toward the safety of the technology.

The Heartbleed security flaw had a particularly damaging impact on consumer trust in mobile shopping.

Recent research from a firm called Intercede has revealed that following the Heartbleed online and mobile security issue, only 18 percent of consumers in the United Kingdom feel confident that their use of m-commerce and smartphone based payments are actually secure. The same survey showed that more than half – 53 percent – of shoppers in the U.K. say that they would never use mobile banking services, while many among them avoid using any form of financial services over their smartphones – including money transfer apps, shopping sites, and PayPal.

Twenty four percent of the surveyed consumers would not feel safe shopping over m-commerce.

Over half are already avoiding using mobile apps for money transfer, and 75 percent of those who stated that they were worried about experiencing data loss in case they should ever have their smartphone stolen, said that identity theft was their largest concern.

According to the Intercede CEO, Richard Parris, “Nearly every week we read about another high-profile hacking story in the news.” He added that “From major attacks such as Heartbleed to eBay’s recent data breach, it’s not surprising that consumers just don’t trust mobile security. This is throttling the mobile economy. But with the mobile device boom set to continue, it’s clear that security needs a radical revamp.”

The survey results were quite interesting when looking at the responses given from the various age groups. While it was expected that those in the age bracket of 18 to 24 might be those that were most likely to be comfortable with m-commerce and payments, concerns over mobile security of financial and personal information spanned all of the age groups. As a whole, 54 percent expressed concern regarding the security of their smartphones. That said, it was the 13 to 24 years old age group that were the most distrustful when it came to smartphone based banking and financial services.