Mobile commerce driving global NFC market

August 15, 2014 // By Jean-Pierre Joosting
The NFC market is currently witnessing rapid growth driven by the increasing trend of mobile commerce, according to a report from Further, the NFC Forum and GSMA are pushing forward the NFC standard at global level.

Growing at 8.83% CAGR, total NFC Market is expected to reach $16.25 Billion by 2022. This market is expanding globally, however the major market for the NFC ecosystem lies in America. Other regions follow the American terms of the NFC market.

Key features of NFC technology include high rate of communication with other NFC-enabled devices, better properties to withstand rough environmental conditions, and a longer life that is best suited for the payment, ticketing, booking, and data sharing applications.

Products within the NFC market covered by the report encompass chips, tags, readers, micro SD cards, SIM cards, and covers. Typical applications include payment, transportation, booking, service, data sharing, access control healthcare, and tag applications.

According to the report the major players in this field include: Broadcom, Inside Secure, Infineon Technologies, MediaTek, NXP Semiconductors, Renesas, Samsung Electronics, Sony Corporation, STMicroelectronics, Texas Instruments, and Gemalto.

NFC technology is developing rapidly and one of its greatest advantages is that it utilizes less power than the other wireless technologies. This technology has been commercialized in many products, which operate in three modes, namely, card emulation, reader emulation, and peer-to-peer. Further, NFC can be compatible with the existing contactless card infrastructure and this also enables a consumer to utilize one device across multiple systems.