The Near Field Communication (NFC) market will witness immense growth in both products and applications in the years to come, according a market research report – NFC Market – Global Forecast & Analysis (2011 – 2016) – published recently by MarketsandMarkets.

NFC MarketNFC market includes products such as NFC chips, readers, tags, NFC enabled SIM/UICC cards and NFC based micro SD cards while NFC applications include mobile payment, ticketing, access control, data sharing, and advertisements.

MarketsandMarkets, a U.S-based global market research and consulting company, after comprehensively analyzing the NFC market on the basis of products, applications, technology, and geography predicted that the total worth of Near Field market will reach $10015.96 million by 2016.

In 2011, there were only 5% NFC-enabled phones in the world and it will grow to approximately 46% by 2016. This indicates that the handset makers are rapidly adopting the latest inventions of technology into their mobiles.

North America, Europe, and APAC are the regions that are expected to make the most in the NFC market. While North America and Europe are still on track to become the major contributors of NFC chips market, APAC has already caught-up with the technology and has accounted for almost one fourth of the share of the total chips market in 2011. The sky-rocketing growth of the market in APAC is attributed to the countries such as South Korea, China, and Japan who had adopted the technology shortly after its invention.

Presently, the NFC application market is occupied by small group of players but a larger number of industry players are expected to increase their involvement with the growth of the application market.

The revenue of the applications market will grow by 35% to reach $34,515 million in 2016 from $7,686 million in 2011. The most productive of all segments is the mobile payments segment that includes both, in-store payment and on-line payment. It is followed by ticketing and access control segments.

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