Published Date : Jul 03, 2017
Albany, New York, July 3, 2017: A recent market research report added to the vast and ever-expanding research report portfolio of the MarketResearchReports.biz presents a detailed analytical account of the global near-field communication (NFC) systems market. The report, titled “Global NFC Systems Market 2017-2021,” projects that the market will exhibit an exponential 13% CAGR over the period between 2017 and 2021. The vast rise in the usage of mobile devices as a payments option will be one of the key factors contributing to the immense growth potential of the market over the said period.
The mounting user base of smartphones, tablet computers, and other mobile computing devices across the globe has been determined as the key demand driver of the NFC systems market in the report. The flexibility and ease of use of smartphones and tablet computers for NFC transactions is chiefly attributed to the influence of the rising consumer base of mobile devices on the development of the NFC systems market. The rising adoption of mobile payments will compel merchants to increasingly install NFC systems in their outlets, consecutively driving the overall development of the market.
The report segments the market on the basis of product type into NFC readers, NFC tags, and NFC chips. Of these, the segment of NFC readers accounted for the dominant share in the market, chiefly owing to the increased need for NFC readers for improved safety and convenience of NFC transactions. Moreover, the rising adoption of NFC systems in smartphones and smart cameras is also leading to the increased demand for NFC readers - a trend that is expected to remain strong over the report’s forecast period as well.
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In terms of geography, the report analyzes the market for NFC systems in regions such as Americas, Asia Pacific (APAC), and Europe and Middle East and Africa (EMEA). Of these, the market in Americas is presently the dominant revenue contributor to the global market and will hold the top spot throughout the report’s forecast period. Factors such as the high level of awareness among consumers about the vast benefits of NFC and the increased usage of NFC handsets will continue to drive the North America NFC systems market in the next few years.
The vendor landscape of the global NFC systems market is intensely competitive owing to the presence of a large number of companies. Competition is bases on aspects such as pricing, digital content, product differentiation, and availability of apps. Companies in the market are increasingly focusing on the development of new technologies and products to strengthen their positions. Focus is also increasing on the investment towards R&D activities, expansion, branding, and technological advancement of existing products.
Some of the leading companies in the global NFC systems market are INSIDE SECURE, NXP Semiconductors, Broadcom, MediaTek, Renesas Electronics, Smartrac, Qualcomm, SanDisk, STMicroelectronics, and Sony.
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