Uptake in Retail Leading to Unprecedented Growth in NFC Chips Market
Mobile wallet services and increased mobile transactions are causing astronomical market growth, reports TechNavio.
Research from TechNavio, an independent tech-focused global research firm, shows that adoption of near field communications (NFC) technology in the retail sector is leading to massive growth of the Global NFC Chips Market, which is posting a CAGR of 91.4 percent from now through 2018.
TechNavio reports that mobile wallets and an increase in NFC-based transactions are also significant factors contributing to unprecedented growth in this market.
NFC-enabled devices can support various applications such as loyalty cards, credit cards, and transit tickets, enabling customers to connect their NFC phone at a compatible point of sale (POS) terminal to conduct their transaction. NFC technology allows for quicker, more streamlined transactions than the conventional cash or even card payment methods.
Stakeholders in government, as well as mobile operators and device manufacturers are undertaking numerous projects to increase coverage of NFC transactions. These stakeholders focus more on the development of the NFC ecosystem giving emphasis to the basic NFC infrastructure.
Additionally, participation from heavy hitters like Google, MasterCard and Samsung via NFC transactions and mobile wallet services are making the technology increasingly accessible for consumers, and thereby encouraging retail outlets to update POS terminals for NFC compatibility.
“The increasing penetration of NFC technology across the board is the most significant factor here. There has been a tremendous elevation in awareness of NFC that has resulted in the high adoption of the chips. Additionally, an increasing number of patents obtained by vendors, a growing number of global NFC projects and a huge increase in adoption of NFC mobile handsets have significantly contributed to the penetration of NFC technology,” say senior TechNavio analysts.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of the Global NFC Chips Market. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.