NFC-enabled mobile phones and contactless smartcards seems to open a new avenue in electronic transactions for consumers and retail merchants. The chip card reader is the key interface between such NFC phones and contactless smartcards. The key propositions comprise increased security and convenience. For instance, NFC-enabled mobile phones make two-factor authentication easier to adopt for personal devices. The technology proposition is the demand for a secure user interface. Both these combines have led to evolution of the NFC-enabled mobile phones and contactless smartcards market. Over the years, providers of NFC hardware solutions have benefitted from the continuous advances wireless technology and standards have made in recent years. Nevertheless, the uptake of NFC-enabled smartphones has been relatively slow, regardless of the constant focus of hardware and software providers on computability. Various standards have been put in place with the aim of making NFC compatible with proximity contactless smart cards, bolstering the growth of the NFC phones and contactless smartcards market.
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The growing focus on developing adaptive mobile identity solutions by leading smart card manufacturer has paved way to some exiting advancements in the NFC phones and contactless smartcards market over the past couple years. In this regard, new types of digital authentication technology for smart card validation have come to the fore. The market is expected to see new prospects from efforts of hardware makers and software developers to make NFC-enabled phones more personalized. This may assume the form of software customization and inclusion of smartcard-focused IT security. Also, functionalities possible with NFC-enables phones are fast expanding, opening new avenues for end-use industries and their customers. In general, players are focusing on using on cutting-edge solutions to address new requirements for users. For instance, there is perceptibly increasing trend of modelling a virtual wallets with the help of tags in NFC-enabled phones.
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Global NFC-Enabled Phones and Contactless Smartcards Market: Overview
Near field communication or NFC is considered one of the present times’ most intuitive interfaces enabling seamless interoperability between proprietary wireless networking platforms. The capability of performing safe contactless transactions quickly, connecting electronic devices in the simplest manner, and accessing digital content with merely a wave or touch near places having contactless card readers are all working towards heightening the popularity of this technology among consumers. It should not come as a surprise that NFC is rapidly being found as a standard functionality in a number of mobile computing devices, as compulsively as the earlier models of smartphones came with technologies such as Bluetooth and infrared connectivity.
This report on the global NFC-enabled phones and contactless smartcards market provides a thorough analytical overview of present growth dynamics of the market and several predictions regarding the growth prospects of the market and its segments for the period 2016–2024, wherein 2015 is considered the base year. The report presents a detailed analytical overview of the key factors, such as growth drivers, restraints, trends, and opportunities, expected to play a notable role in the overall development of the market over the said period.
The report presents an expansive account of the growth dynamics of the market in terms of revenue estimates and sales volume across key regional markets. A cross-sectional analysis of the market in terms of market estimates and projections for all the segments covered in the report is also included. The study also includes business profiles of some of the leading players operating in the global NFC-enables phones and contactless smartcards market with details such as recent developments, growth strategies, market share, market positioning, finances, and product portfolio.
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Global NFC-Enabled Phones and Contactless Smartcards Market: Trends and Opportunities
The increasing realization regarding the vast potential applications NFC-enabled phones and contactless smartcards is the key factor expected to drive the market for these technologies in the next few years. However, factors such as high expenses involved in setting up electronic point of sale (EPOS) terminals and data security issues are expected to restrict the growth of the market to a certain extent.
Some of the key areas utilizing the potential of these technologies presently are cashless payments, information exchange, consumer electronics, transport, access control, loyalty and coupons, and healthcare. Service industries are increasingly using NFC-enabled phones for reducing queuing time, improving service delivery, gaining better insights about consumers and their buying habits and trends, and making payments more convenient, collectively increasing the revenue opportunity of the business.
Global NFC-Enabled Phones and Contactless Smartcards Market: Geographical and Competitive Dynamics
From a geographic perspective, regions such as North America and Europe are presently the leading markets for NFC-enabled phones and contactless smartcards. High pace of adoption of technologically advanced electronic devices across the retail and hospitality industries and the presence of affluent and digitally-aware consumers make these regions the leading markets for NFC-enabled phones and contactless smartcards. In the near future, Asia Pacific is also expected to emerge as a leading market for NFC- enabled phones and contactless smartcards owing to the rising consumer base of smartphones and the increasing adoption of cashless payments.
Some of the leading companies operating in the global NFC-enabled phones market are Pantech, Mobiwire, Sharp, Sony, Orange, Panasonic, Hedy, Shanghai Simcom, Fujitsu, Acer, HTC, OiiA Technology, Samsung, ZTE, Kuoziro, BlackBerry, Huawei, Lenovo, Nokia, Motorola, LG, Xolo, C-mii, and Casio.
Leading companies operating in the global contactless smartcards market profiled in the report include General Information Systems, Gemalto N.V., Fujitsu Microelectronics Limited, FNMT-RCM, CardLogix Corporation, CPI Card Group, ActivIdentity Corporation, Advanced Card Systems Ltd.,American Microdevice Manufacturing, Inc., and Austria Card GmbH.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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