Technavio, a tech-focused market research firm, has published a new report on the global NFC transaction market, which is expected to grow remarkably around 55% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global NFC transaction market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global NFC market into the following key regions: the Americas, APAC, and EMEA.
Geographical segmentation of the global NFC transaction market for 2015 (market share %)
|
Americas |
39% |
|
EMEA |
36% |
|
APAC |
25% |
Source: Technavio
The Americas: Largest revenue generating region for NFC transaction
The rising awareness of the benefits of NFC, the growth in the entrance of NFC-enabled handsets, and deployment of NFC POS terminals across American countries is leading to the growth of the market. Countries like the US, Canada, Brazil, and Argentina are the key revenue generators of this region. In 2015, NFC transaction market in the Americas made USD 19.59 billion and will grow at a CAGR of almost 57% during the forecast period.
The increasing demand for Europay, MasterCard, and Visa (EMV) cards across the Americas is leading to the evolution of the NFC transaction market in the Americas. EMV cards are very popular mainly due to the global standards for card authentication and processing. “The easy accessibility attracts customers to use EMV cards as they are reliable forms of payment. The growing adoption of EMV standards by financial institutes across the globe is raising the requirement for EMV infrastructure with POS terminals enabling NFC transactions,” says Ujjwal Doshi, a lead analyst at Technavio, specializing in research on internet and e-commerce.
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NFC transaction market in APAC
The revenue generated in the NFC transaction market in APAC during 2015 was more than $12 billion. The market in this region is expected to grow at around 61% CAGR during the forecast period. The government in APAC is encouraging the implementation of NFC-based transactions and raising the requirement for NFC technology in the region. Many mobile operators in Singapore like SingTel, Starhub, and M1 are building shared NFC infrastructure to boost consumer awareness about NFC technology. Countries like Japan, South Korea, Singapore, China, and India are primary revenue generators in this region. In the recent times, higher penetration of NFC-enabled handsets and increasing use of smartphones is changing the market landscape in the area. Also, ease of operations and payments are encouraging many retailers and healthcare providers to adopt NFC infrastructure in their processes. The introduction of mobile wallets by telecom operators and financial institutes will help APAC to grow during the forecast period.
NFC transaction market in EMEA
The NFC transaction market is still evolving in this region and European countries like Germany, the UK, and France are the main revenue contributors. The adoption of NFC payment application called Orange Cash in collaboration with Visa and MasterCard in Europe aided the development of the market. The emergence of Orange Cash led to other implementations like prepaid wallet cards, NFC mobile payment applications, and NFC-enabled handsets in the European market. Furthermore, Mastercard and Visa in Europe will mandate cardholders to have contactless payment mechanism. The use of this method will support dual interface of a contactless companion device with a contact card and a mobile solution. The market in the Middle East and Africa is still evolving, and the prevalence of mobile-based electronic fund transfer is providing new opportunities to NFC vendors in those countries. Factors like convenience, ease of use, and secure mode of payment help operators to promote this technology to new customers in this region.
The top leading vendors operating in the global NFC transaction market are:
- Apple
- MasterCard
- PayPal
- Samsung
- Visa
Other prominent vendors in the market include American Express, Broadcom, Gemalto, Infineon Technologies, INSIDE Secure, MediaTek, Nokia, NXP Semiconductors, Qualcomm, and Renesas Electronics.
A more detailed analysis is available in the Technavio report titled, ‘Global NFC Transaction Market’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Mobile Card Reader Market 2016-2020
- Global EMV Cards Market 2016-2020
- Global M-commerce Market 2016-2020
- Global Mobile EMV POS Terminals Market 2016-2020
- Global POS Terminals Market 2016-2020
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