Mobile Payment and Digital Wallet Services in High Demand, Boost Growth Scope for Global NFC Transaction Market

Published Date : Sep 26, 2016

ALBANY, NY, Sep 26, 2016: has added a new research report to its massive repertoire on the global industry of information communication and technology. The report, titled “Global NFC Transaction Market 2016-2020,” presents a highly descriptive and in-depth reports of the market using inputs and opinions put forth my market experts. 

According to the report, the global NFC transaction market is expanding at a staggering CAGR of 55.23% within a forecast period from 2016 to 2020. A majority of this high growth rate is attributed to the increased usage of digital payment services. A growing number of users are subscribing to mobile payment services as well as digital wallet services, both of which require the use of NFC transaction software and applications.

The report covers all key factors that drive, restrain, and relatively influence the global NFC transaction market currently, as well as the ones that are expected to influence it in the near future.

However, the global NFC transaction market is currently hampered by the complications that arise when assuming interoperability across the value chain. The different applications offered by separate players in the market without a consistent industry standard is a key problem that needs to be tackled immediately. In the coming years, the global NFC transaction market can find greater opportunities in emerging economies through growing awareness of the various facilities and services available.

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The report describes NFC transaction as a short-range connection between devices that uses nominal NFC communication standards and high-frequency wireless communication technology for the devices to interact successfully. The growing use of NFC in various machine communication and device communication aspects is acting as a revolutionary tool that allows users to better access and use their own relevant data. Currently, NFC is being used on a large scale in loyalty programs, transportation, ID authentication, and mobile payment.

From a geographical perspective, the global NFC transaction market is discussed in terms of the key regions of the Americas, Asia Pacific, and the EMEA. Each region is described separately in order to provide users a more segmented and easier to comprehend regional reports of the global NFC transaction market. The presence of various standards of technologies plays a crucial role in the global NFC transaction market and these technologies can be found at varied scales in different regions. Most developed nations are well-equipped for the large-scale adoption of NFC transaction, while quite a few emerging economies still need the induction of several technologies fundamental to the use of NFC.

The report also provides a detailed discussion on the key vendors associated with the global NFC transaction market. The key players in the global NFC transaction market include Apple, Google, Visa, MasterCard, Samsung, and PayPal. Other prominent players include Gemalto, American Express, Infineon Technologies, Broadcom, MediaTek, Nokia, INSIDE Secure, Qualcomm, NXP Semiconductors, and Renesas Electronics.

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