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NFC technology market set for strong growth

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Report predicts bright future for NFC technology

Markets and Markets, a leading market research firm, has released a new report concerning the global NFC technology market. NFC technology has been growing in popularity as mobile commerce becomes more common. The technology is currently the backbone of most mobile commerce initiatives, but is often used in marketing as well. The demand for this technology has been on the rise despite concerns regarding the security of NFC and its capabilities.

Global market to hit $1.15 billion by 2016

According to the report, the global NFC technology market is expected to reach more than $1.15 billion by 2016, experiencing a compound annual growth rate of 36% from 2011 to 2016. The majority of this growth is expected to be seen in the NFC application market. These applications are becoming more common and most of them have to do with mobile commerce in some way. Indeed, the growing popularity of mobile commerce is considered to be one of the driving factors behind the growth of the NFC applications market.

NFC technology mobile paymentsNFC-based marketing expected to gain momentum

NFC is not only used in mobile commerce, of course, and has established a relatively prominent place in the marketing field. NFC tags are often used to provide consumers with a dynamic connection to businesses and their marketing campaigns. Because consumers seem to show a great deal of favor for dynamic marketing initiatives, NFC technology is expected to see some promising growth among advertisers that are looking to connect with mobile consumers.

NFC suffering from negative stigma

While the NFC market may be slated for strong growth, the technology remains shrouded in uncertainty. NFC technology has become relatively notorious for its susceptibility to hacking and other forms of exploitation. This has slowed the adoption of the technology somewhat and has created some wariness among consumers when it comes to using the technology in mobile commerce.

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