Near Field Communication (NFC) market size and share analysis to 2020 explored in new report
The NFC market is expected to witness rapid growth across various application verticals over the forecast period, according to a new study by Grand View Research, Inc. Rapid technological advancement and high smartphone demand due to technology standardization is expected to positively impact market growth.
Demand for cost effectiveness along with increasing availability of NFC-enabled smartphones is also a major market driver. In addition, the market provides opportunities to the direct mail marketing sector, which in turn may drive m-commerce and mobile payment options.
NFC is integrated in a wide range of equipment and devices including tablets, laptops, cameras, headsets, televisions, cookers, washing machines, cars and vending machines. In addition to industrial and commercial applications, this technology is preferred for financial transactions.
High development cost, poor infrastructure coupled with lack of consumer awareness about potential benefits may hamper market growth over the next six years. Transformation in transaction process methods along with social media engagement applications are expected to offer growth avenues for the global NFC market.