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Global NFC handsets market: 58.5% CAGR growth forecast between 2012-64

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Global NFC Handsets Market 2012-2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-31 00:19:04
The Global NFC Handset market is to grow at a CAGR of 58.5 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing adoption of smartphones. The Global NFC Handset market has also been witnessing the emergence of NFC-enabled handsets for transport ticketing. However, the slow adoption of payment solutions on NFC handsets could pose a challenge to the growth of this market.

NFC-enabled handsets are increasingly being used for transport ticketing across the globe, ensuring ease of use and convenience to consumers. This not only eliminates the need for commuters to queue for tickets but also helps ease the transaction process. Moreover, it provides swift and seamless mobility from one transport network to another. In addition, NFC handsets can support multiple ticketing standards, creating a seamless experience for passengers by providing flexible and interoperable ticket systems. Since transport operators deliver NFC-enabled tickets to mobile handsets over-the-air, it ultimately reduces their ticket sales and distribution costs as the technology can reach a large number of customers. Therefore, the emergence of NFC-enabled handsets for transport ticketing is expected to drive the Global NFC Handset market during the forecast period.

One of the main drivers in the market is the increasing adoption of smartphones by consumers. The higher adoption of smartphones has encouraged vendors to integrate NFC technology in their mobile handsets. Smartphones are a major platform for NFC technology as it can be integrated with NFC chips and tags. For instance, end-users can read information embedded in various NFC smart posters in movie theaters using their NFC-enabled smartphones.

One of the major challenges in the market is the slow adoption of payment solutions in NFC handsets. This slow adoption is primarily because of the popularity of other contactless technologies including contactless payment solutions such as credit cards, debit cards, and smartcards. For the NFC payment ecosystem to function properly, high interoperability is required among value chain members such as mobile manufacturers, telecom service providers, and banks.

The key vendors dominating this market space are Nokia Corp., HTC Corp., Research in Motion Ltd., and Samsung Electronics Co. Ltd. Other vendors are Acer Inc., L.G. Corp., Google Inc., and Sony Corp.

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