Tag: near field communications

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.

New report shows the number of users to use this form of mobile payments will almost triple by 2017.

A recent Juniper Research study indicates that there could be as many as 300 million consumers worldwide who will make mobile contactless payments by the year 2017, which is a huge increase from the slightly more than 110 million that utilized this mobile payment service in 2013.

Contactless card rollouts are gaining momentum in many countries across the globe.

According to the study, several markets may soon be adopting contactless payments for mobile due to the success and popularity of contactless debit and credit cards. In addition, the introduction of contactless cards also lead to an increase in Point of Sale (POS) terminals equipped with Near Field Communications (NFC). It has now become standard for leading POS vendors like Ingenico and VeriFone to ship most of their terminals with NFC.

However, the research director and author of the report, Windsor Holden, stated that stakeholders need to work on their efforts to increase awareness among consumers regarding mobile contactless payments. Furthermore, he said the value proposition also needs to be taught to retailers. Holden commented that contactless payment technology is mainly “being sold to retailers on the basis of faster throughput at the POS. The other critical opportunities offered by contactless – such as consumer engagement and product upselling – are much lower on their radar.”

The cost of mobile contactless payments cards is higher than plastic cards.

The Juniper study also noted that NFC rollouts have been held back due to the lack of a clear business model. Currently, it costs more to issue a mobile payment card than it does a plastic card.

In addition, it is likely that the mobile contactless payments market will receive a significant boost from the expected launch of Apple’s iWallet service. That being said, currently, it is not clear if extra POS upgrades will be necessary once the service is launched. Moreover, it has not been officially confirmed that Apple will be releasing a mobile payments service or that it will feature NFC technology. This isn’t the first time NFC rumors have been linked to Apple, but nothing has ever come of these rumors.