World Near Field Communication Market Is Expected to Reach $24.0 Billion by 2020 - Allied Market Research

A new report published by Allied Market Research titled, “World Near Field Communication Market - Opportunities and Forecasts, 2014-2020”, forecasts that the World Near Field Communication Market, would garner a revenue of $24.0 billion by 2020, registering a CAGR of 40.4% during the forecast period from 2015–2020. North America dominates the world NFC market, owing to the huge demand exhibited by the U.S. for near field communication technology. However, Asia-Pacific region is expected to exhibit a faster growth over the forecast period 2015-2020.

In 2014, 1.2 billion smartphones were sold worldwide, which further increased by 7% in the first quarter of 2015. Increased penetration of smartphones and tablets in developed and developing regions, is the key driving factor for the growing adoption of NFC technology.

Based on the product type, global NFC technology market is bifurcated into NFC chip, NFC tag, NFC reader, NFC enabled SIM and others. NFC readers garnered the maximum share in 2014 (accounting for 45%) of the total market revenue. In terms of growth, the other product segment is estimated to register the fastest CAGR of 43.9%, during the forecast period 2015-2020. Among the device type segment which comprises smartphones, PC & laptops and other devices (infotainment and stereo headphone), smartphones dominated the market in 2014, accounting for 60% share in terms of revenue.

The key applications of NFC technology include contactless payment, information sharing, user authentication and access control, monitoring healthcare systems and others. Mobile or contactless payment dominated the global near field communication market by application, accounting for 33% market share in terms of revenue in 2014. It offers faster transactions as compared to conventional cash, credit or debit card transaction. However, monitoring healthcare systems segment would witness the highest CAGR of 42.8% during the forecast period. In this application, NFC sends data...