TechNavio reports that mobile wallets and an increase in NFC-based transactions are also significant factors contributing to unprecedented growth in this market.
NFC-enabled devices can support various applications such as loyalty cards, credit cards, and transit tickets, enabling customers to connect their NFC phone at a compatible point of sale (POS) terminal to conduct their transaction. NFC technology allows for quicker, more streamlined transactions than the conventional cash or even card payment methods.
Stakeholders in government, as well as mobile operators and device manufacturers are undertaking numerous projects to increase coverage of NFC transactions. These stakeholders focus more on the development of the NFC ecosystem giving emphasis to the basic NFC infrastructure.
Additionally, participation from heavy hitters like Google, MasterCard and Samsung via NFC transactions and mobile wallet services are making the technology increasingly accessible for consumers, and thereby encouraging retail outlets to update POS terminals for NFC compatibility.
“The increasing penetration of NFC technology across the board is the most significant factor here. There has been a tremendous elevation in awareness of NFC that has resulted in the high adoption of the chips. Additionally, an increasing number of patents obtained by vendors, a growing number of global NFC projects and a huge increase in adoption of NFC mobile handsets have significantly contributed to the penetration of NFC technology,”
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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