The global Near Field Communication market revenue from products was valued at USD 2.3 billion in 2013 and it is estimated to grow at a CAGR of 38.4% during the forecast period 2014 to 2022. NFC is based on radio frequency identification (RFID) and uses magnetic induction coupling for facilitating communication among electronic devices wirelessly. It provides an identification protocol which authenticates secure data transfer, enabling users to perform safe and contactless transactions. This technology is designed to facilitate the exchange of different type of information including telephone numbers, MP3 files, pictures or digital authorizations among two NFC-enabled devices.
Moreover, some typical uses include mobile payment, authentication and access control and data sharing among NFC-enabled units. In near future, NFC is expected to become a major technology being used as a secure medium for variety of services including cashless payment, ticketing, and access control.
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Improved user experience and increasing demand of smartphones with new features offer a great opportunity for Near field communication Market growth. Higher security, ease of use, and versatility of applications are some of the key benefits offered by this technology. Smartphone manufacturers are launching new devices integrated with NFC which is expected to push the market growth further. Newer emerging applications under Internet of Things are expected to further drive the adoption of thie technology. For instance, devices such as printers are also being integrated with this technology.
Privacy concerns and security threat are major challenges for the Near field communication Market industry growth. Various threats for near field communication include threat of data insertion, data modification, and data corruption attacks. As NFC is a wireless communication technology and uses radio waves, third party can receive the transmitted signals and in some cases modify the data. Despite the reality that communication through NFC occurs among devices in very close proximity, such type of attack is possible. Currently, the range of NFC is limited to around 4 inches and this also poses a significant challenge to Near field communication Market industry growth.
Near field communication faces competition from alternative methods of payment such as digital wallet, and digital cash. NFC faces strong competition from card companies, and operators. Some of the major card service providers include Visa, Mastercard, American Express and Discover. Additionally, Square accessory offers competition to NFC-enabled devices, as this accessory can convert almost all Android based smartphones into a credit card reader.
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In terms of product, the NFC readers segment was the largest contributor to the NFC market and accounted for over 45% share of the global market revenue. Near field communication readers segment is further expected to remain the biggest market segment during the forecast period.
E-commerce has changed the consumer experience in retail industry substantially, especially developing country like India. NFC shopping offers a blend of efficient management of information and the physical shop environment that is preferred by most shoppers. NFC shopping also improves shopping experience by offering individualized information to shoppers at the place of purchase. NFC-enabled phones can be used in a retail store and detailed information about the product price and comparison with other similar products can be received on mobile phone. Successful pilot programs have been conducted in several countries such as United Kingdom, France, and Spain.
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Declining prices of near field communication chips and tags and change in consumer mobile usage habits are encouraging the OEMs to integrate NFC in mobile phones. Improved manufacturing process, large-scale production, and increasing competition is leading to the declining prices of chips and tags. NFC controller ICs market was highly consolidated with NXP Semiconductors N.V. being the market leader in 2013. This other significant players include Inside Secure SA and Broadcom Corp., and STMicroelectronics N.V.
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