Exponential Growth Predicted for NFC Technology

With the release of a new research report on Near Field Communication, MarketResearch.com added one more to its roster of Software & Services market reports. The current report details the life cycle of the NFC market and projects the course of future trends.

Tracking the growth of NFC technology, the report explains why NFC has not gone mainstream in spite of being around for quite some time.

Continuous research and development being carried out in this field has kept NFC under the wraps. Although several prototypes for various products and applications were made, till 2009 the technology was undergoing pilot testing phase. It was only after this that NFC surfaced and made an entry in the market in 2010.

There are quite a number of applications where NFC technology can be and is being currently used, but the actual number of products commercially available is rather limited. There is no doubt that immense potential growth awaits NFC.

According to the MarketResearch.com report, in a span of five years the growth of NFC-Enabled mobile phones will increase by over 40 percent from just five percent in 2011. As the adoption of NFC technology increases, the market will witness growth in verticals with the mobile payment segment leading from the front. Ticketing and access control are expected to follow suit.

Given such a scenario, the report projects the growth of the NFC applications market and estimates revenues to grow at a CAGR of 35 percent in the stipulated five years.

North America and Europe are major contributors in the NFC chips market, with APAC not very much behind. Two of the three major players in the NFC chips market are from the United States with one from Japan. As the market for NFC applications grows, more industry players will come aboard.