The global near field communication (NFC) market had witnessed the lead secured by NXP Semiconductors in the recent past. It could be dicey to say the company may continue to hold a stronger position in the market, considering the rise of other competitive players such as Toshiba Corporation, DeviceFidelity Inc., Visa, Inc., and Broadcom Inc. With a view to introduce novel NFC technologies in the industry, players are expected to invest substantially in research and development. They could gain an edge over tougher contenders of the market by focusing on vertical integration activities.
According to TMR, one of the most vital applications of NFC technology is payment. On the basis of region, the global NFC market is anticipated to testify the expansion of North America as a leading segment in the near future.
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Adoption of NFC Technology in Smartphones Leads to Telling Growth
Swelling adoption of NFC technology by manufacturers of smartphone and other similar devices is predicted to set the tone for robust growth in the global market. The wireless technology helps users to determine applications in tablets and mobile phones exchanging data in close range. In recent years, demand for NFC has surged as a result of its growing popularity with regard to accuracy and ease of use. The world NFC market could report record-breaking sales by the completion of 2019. Cellular handsets enabled with NFC technology were shipped in millions of units in the recent past.
China, South Korea, Japan, and Australia have experienced an increased adoption of NFC technology, thus prognosticated to support Asia Pacific to showcase faster growth in the global market. Demand for NFC could improve on the back of contactless payment facility provided through almost all NFC-enabled devices. Hospital bookings could be easily automated with the use of these devices.
Security Issues Birthed with Hacking of PCs or Tablets Drain Demand
The international NFC market is projected to exhibit healthy growth amid challenging situations due to the rise of certain opportunities acting as a boon to businesses. However, it may be of prime importance to identify challenges players could face in the near term. The market is foreseen to deal with lack of awareness about the benefits of using NFC, expensive development cost, competition from substitute payment methods, issue of short range communication, and device hacks raising security concerns.
Nonetheless, application of NFC in the improvement of services such as customer loyalty program, supply chain, logistics, healthcare, point of sale (POS), and public transport is foretold to birth lucrative prospects in the long run. An interesting observation of this application is that NFC vendors are working toward complementing such applications.