New report highlights the growth of the global NFC technology market
Markets and Markets has released a new report concerning the global NFC market. NFC technology has served as the foundation for mobile commerce for several years, but the technology can be used for much more than facilitating mobile shopping and payments. NFC is also quite capable when it comes to data sharing, allowing consumers to send digital information in a relatively easy and efficient fashion. The report shows that NFC is beginning to gain momentum around the world, even as its uses in mobile commerce diminish.
NFC market to hit $10 billion by 2016
According to the report, the global NFC market will hit $10 billion by 2016, experiencing a compound annual growth rate of 38% from 2011 to 2016. NFC is expected to see a significant amount of its growth continue to come from the mobile commerce sector, where the technology is used to power transactions. The technology is losing its popularity in these sector, however, due to security concerns and the availability of alternatives that some businesses consider more viable for mobile payments.
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Marketers see promise in NFC
Beyond commerce, NFC is gaining more popularity as a marketing tool. Advertisers are using NFC tags to engage consumers and provide them with digital experiences and information concerning products and special deals. NFC is also expected to see more growth as a sort of control technology for household appliances, such as refrigerators. The technology can be used to remotely control such appliances, allowing consumers to customize their settings.
Availability of NFC-enabled devices expected to grow in coming years
NFC-enabled devices are expected to become much more common over the next few years. These devices are necessary for those that want to interact with NFC technology. These devices are currently rare, which has made it somewhat difficult for some consumers to participate in mobile commerce that is heavily based on NFC technology.