Near Field Communication Market is Expected to Reach USD 21.84 Billion by 2020

Date: 2015-11-15

The NFC market is in the growing phase and is expected to reach USD 21.84 billion by 2020, at a CAGR of 17.1% between 2015 and 2020. 

The retail industry is one of the most prominent applications of the market owing to the growth of mobile commerce and cashless transactions worldwide. In 2014, the retail industry accounted for a share of 60% of the total market. Therefore, the deployment of intelligent NFC PoS terminals is also supported by retail owners and many other stakeholders as they help to drastically reduce the overburden of carrying cash and cards. The consumer electronics application also held a prominent share of the NFC market. The demand for NFC technology in growing consumer electronics devices such as wearable electronics,  cameras, mobile phones, and others is supporting the growth of the market. 

APAC is estimated to be the fastest-growing market. The rapid growth of market in APAC is attributed to the growing shipments of NFC-enabled mobile phones and retail automation products. Moreover, APAC is a lucrative region for automotive production as the major automotive manufacturers are shifting their base to this region; this, in turn provides an opportunity for the NFC market in APAC. 

This research study involves the extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg, Businessweek, Factiva, and OneSource) to identify and collect information useful for this study. After arriving the overall market size the total market has been split into several segments and sub segments and confirmed with the key industry experts. Below is the description of the primary interview conducted for this report.
 By company type: Tier I- 20%, Tier II-35%, and Tier III-45%
 By designation: C level- 20%   , Director level-60%    , others-20%
 By region- North America-50%, Europe-33%, North America-17%  

At present, the Americas hold the largest market share. The Americas is the most technologically advanced market owing to the higher penetration of NFC technology. The mobile NFC payment has become a first choice for a majority of customers in the North American region as it delivers a convenient way to pay, through a smartphone. APAC is estimated to be the fastest-growing market till 2020, it is expected to be a market leader for NFC products. The growing shipments of mobile and volume of contactless payments in Asian countries are the key drivers for the growth in APAC.  

The geographic segmentation covers four major regions of the world, namely, the Americas, Europe, Asia-Pacific, and the Rest of the World (RoW). The report also profiles major players in the NFC market. Some of the major players in this market are NXP Semiconductors (Netherlands), Broadcom Corporation (U.S.), STMicroelectronics N.V. (Switzerland), MediaTek, Inc. (Taiwan), and Renesas Electronics Corporation (Japan), Texas Instruments (U.S.), Gemalto N.V. (Netherland), Huawei Technologies Co. Ltd. (China), INSIDE Secure  (France), and Samsung Electronics Company Limited (South- Korea)

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