Global NFC Systems Market to Grow at a CAGR of Over 13% Through 2021, Reports Technavio

Technavio has published a new report on the global NFC systems market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio market research analysts forecast the global NFC systems market to grow at a CAGR of more than 13% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the global NFC systems market for 2017-2021. The report also lists NFC tags, NFC chips, and NFC readers as the three major product segments.

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Technavio analysts highlight the following four market drivers that are contributing to the growth of the global solar control glass market:

  • Increasing awareness about NFC technology among merchants
  • Growth in m-commerce market
  • Increasing use of mobile devices for payments
  • Rising adoption of EMV cards

Increasing awareness about NFC technology among merchants

The increasing awareness about NFC technology among merchants has resulted in the growing adoption of NFC systems, which is driving the growth of the global NFC systems market. NFC systems help merchants obtain operating cost benefits, such as reduced cash processing, and more effective consumer engagement.

“Apart from providing easy and quick transactions, merchants can employ NFC systems for loyalty programs, marketing, and providing information about products customers are likely to purchase. These benefits of NFC systems will lead to high adoption among merchants, thus increasing the growth prospects of the market,” says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research.

Growth in m-commerce market

The proliferation of smartphones and tablets has driven the m-commerce market globally. An increase in the availability of low-priced and high-tech smartphones will drive the growth of the market during the forecast period. The increased adoption of NFC-based mobile payments by retailers in the m-commerce market will drive the growth of the NFC systems market during the forecast period.

Increasing use of mobile devices for payments

In the recent years, mobile payments have become very popular among mobile users. This is because of the increasing adoption of smartphones and tablets. It has driven merchants to adopt platforms that facilitate mobile payments. NFC systems have proved to be very effective for such payments because of the flexibility and ease of use.

“NFC systems also increase the value proposition and effectiveness of marketing efforts. The increasing penetration of mobile payments is encouraging merchants to install NFC systems in their outlets. This, in turn, is increasing the growth prospects of the market,” says Ujjwal.

Rising adoption of EMV cards

EMV cards have become the global standard for card authentication and processing. As per EMV standards, financial institutions worldwide must ensure that all payment cards are EMV compliant. To achieve this, the necessary EMV infrastructure, including POS terminals that are essential peripherals, should be in place. The demand for POS terminals is expected to rise, which will subsequently increase the adoption of EMV cards.

Many European countries have migrated or upgraded their payment cards and POS terminals, making them EMV compliant. EMV cards are increasingly being adopted in EMEA, followed by the Americas and APAC.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio market research analysts forecast the global NFC systems market to grow at a CAGR of more than 13% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com