LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive near field communication (NFC) market to grow to 5.19 million units by 2021, at a CAGR of close to 71% over the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive near field communication market for 2017-2021. To determine the market size, the study considers the total revenue generated from the sales of near field communication systems in the automotive sector across various geographies.
NFC is a set of wireless communication protocol that enables two electronic devices to establish communication by bringing them within 4 cm of each other. The automotive NFC market is dominated by North America, which occupies an overall share of 55%. The large number of R&D projects in the advanced sensing technologies field is driving the growth of the region.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive near field communication market:
- Keyless entry systems help prevent vehicle theft and offer convenience
- Growing acceptance of NFC-enabled mobile phones across industry verticals
- Increasing demand for advanced and enhanced vehicle security systems
Keyless entry systems help prevent vehicle theft and offer convenience
“The advent of the electronic keyless entry technology is leading to its high adoption in automotive vehicles. NFC is pivotal for a large number of vehicles that are linked to electromagnetic frequency and communication wavelengths for easy and secure entry,” says Neelam Barua, a lead analyst at Technavio for automotive electronics research.
Keyless entry provides enhanced convenience when multiple users use the same car during different times, especially for commercial use. Managing commercial automotive fleets becomes very easy, thereby resulting in increased adoption.
Growing acceptance of NFC-enabled mobile phones across industry verticals
The increased smartphone usage has resulted in increased end-user acceptance of NFC communication systems to various applications across a multitude of industry verticals. For instance, transactions at POS terminals can be supported by NFC-enabled devices. The technology also supports transactions on loyalty cards, credit cards, and transit tickets. The adoption of NFC technology allows users to make the digital transactions at NFC-ready POS terminals, thereby eliminating the need to carry numerous cards for different purposes. Such varied applications of the NFC technology are leading to high rates of adoption, thereby driving the growth of the market.
Increasing demand for advanced and enhanced vehicle security systems
The integration of anti-theft systems such as anti-theft alarms, immobilizers, and keyless entry systems has helped reduce incidences of vehicle theft in Europe and North America. Also, with the manufacturers of the keyless technology investing increasingly into making the technology safer, there has been a clear rise in its adoption.
“There has been an increase in vehicle safety with the adoption of the NFC technology. Vendors in the market are capitalizing on this by introducing virtual keys and advanced access control systems integrated with NFC technology,” says Neelam.
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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, resellers, and end-users.
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