NFC applications market to grow to $10 billion by 2016

NFC Technology Mobile Payments Infrastructure
By online Markerter Guru, Jason Fladlien

NFC-Mobile-Payments-Infrastructure

MarketsandMarkets report shows the growth of NFC technology

A new report from MarketsandMarkets, a market research firm, paints a promising future for the world of NFC mobile applications. NFC technology has entered a period of rapid growth, powered by the proliferation of smart phones and other mobile devices. NFC has become a powerful force in the worlds of marketing and commerce and is expected to continue making waves in these industries for years to come. MarketsandMarkets’ report shows that NFC applications are beginning to pick up momentum, which will translate into expansive growth in the coming years.

Mobile commerce a major contributor to growth

According to the report, the NFC mobile applications market is expected to reach more than $10 billion by 2016. The report notes that the market will grow by approximately 38% every year between the periods of 2011 and 2016. Mobile commerce is highlighted as one of the factors contributing to the growth of NFC applications. Technology, telecommunications, and financial companies around the world have all been working on developing mobile commerce systems that make use of NFC technology. These companies have been behind the production of mobile devices that are equipped with NFC chips that facilitate mobile transactions. While these devices are rare, they are expected to be the foundation of mobile commerce as a whole, especially as new products enter the market.

Consumers enthusiastic, but wary of mobile payments

Consumers have shown a great deal of interest in mobile commerce in recent years. NFC applications are used to facilitate mobile payments. These applications act as a user-friendly program that allows smart phone users to verify mobile payments. Companies like Google and Verizon Wireless have developed mobile payment platforms that have received a great deal of acclaim from smart phone users. These platforms have also been the subject of criticism, however, due to concerns regarding security and the lack of standardization throughout NFC technology.

Report suggests that NFC mobile device availability will be a minor roadblock to progress

MarketsandMarketrs notes that NFC-enabled mobile devices are still quite rare in the worldwide market. This could present complications in the continued growth of mobile commerce and applications, but these complications are considered to be minor. New NFC-enabled mobile devices are emerging into the commercial market this year as well as in 2012.

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