The report forecasts the global NFC transaction market to grow at a CAGR of 55.23% during the period 2016-2020.
The emergence of host card emulation (HCE) is one of the latest trends leading to market growth. HCE is an on-device technology that enables mobile or a wearable device to perform card emulation on an NFC-enabled device without relying on access to a secure element (SE). The introduction of NFC platforms based on HCE has potentially high implications for NFC stakeholders, provided it would reshape both; the value chain and the attendant business models. Also, the additional security provided by the inbuilt security feature of smartphones such as fingerprint reader, and iris scanner act as an additional layer of security for HCE.
According to the report, extensive use of mobile devices for payments will be a key driver for market growth. Mobile payments have become popular with the increased adoption of mobile devices and wearables. Vendors are deploying NFC POS terminals as they are flexible and facilitate hassle-free mobile payments. The NFC POS terminals also increase the value proposition and effectiveness of their marketing efforts. Thus, the growing implementation of NFC POS terminals at retail outlets is expected to boost the growth the market during the forecast period.
Further, the report states that despite NFC being more secure than any other form of payment technology, including magnetic strip cards and debit cards, the adoption of NFC payment among consumers using smartphones continues to be slow.
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Influence of other markets on NFC transaction
PART 07: Market segmentation by platform
PART 08: Buying criteria
PART 09: Geographical segmentation
PART 10: Key leading countries
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/s7sh23/global_nfc
Related Topics: Near Field Communication
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-nfc-transaction-market-2016-2020---increased-adoption-of-mobile-payment--digital-wallet-service---research-and-markets-300328798.html
SOURCE Research and Markets