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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