[June 22, 2017] |
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Global NFC Systems Market to Grow at a CAGR of Over 13% Through 2021, Reports Technavio
Technavio
market research analysts forecast the global
NFC systems market to grow at a CAGR of more than 13% during the
forecast period, according to their latest report.
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Technavio has published a new report on the global NFC systems market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the
global NFC
systems market for 2017-2021. The report also lists NFC tags,
NFC chips, and NFC readers as the three major product
segments.
This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing
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Technavio analysts highlight the following four market drivers that are
contributing to the growth of the global solar control glass market:
-
Increasing awareness about NFC technology among merchants
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Growth in m-commerce market
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Increasing use of mobile devices for payments
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Rising adoption of EMV cards
Increasing awareness about NFC technology among merchants
The increasing awareness about NFC technology among merchants has
resulted in the growing adoption of NFC systems, which is driving the
growth of the global NFC systems market. NFC systems help merchants
obtain operating cost benefits, such as reduced cash processing, and
more effective consumer engagement.
"Apart from providing easy and quick transactions, merchants can
employ NFC systemsfor loyalty programs, marketing, and providing
information about products customers are likely to purchase. These
benefits of NFC systems will lead to high adoption among merchants, thus
increasing the growth prospects of the market," says Ujjwal Doshi, a
lead analyst at Technavio for consumer
electronics research.
Growth in m-commerce market
The proliferation of smartphones and tablets has driven the m-commerce
market globally. An increase in the availability of low-priced and
high-tech smartphones will drive the growth of the market during the
forecast period. The increased adoption of NFC-based mobile payments by
retailers in the m-commerce market will drive the growth of the NFC
systems market during the forecast period.
Increasing use of mobile devices for payments
In the recent years, mobile payments have become very popular among
mobile users. This is because of the increasing adoption of smartphones
and tablets. It has driven merchants to adopt platforms that facilitate
mobile payments. NFC systems have proved to be very effective for such
payments because of the flexibility and ease of use.
"NFC systems also increase the value proposition and effectiveness of
marketing efforts. The increasing penetration of mobile payments is
encouraging merchants to install NFC systems in their outlets. This, in
turn, is increasing the growth prospects of the market," says Ujjwal.
Rising adoption of EMV cards
EMV cards have become the global standard for card authentication and
processing. As per EMV standards, financial institutions worldwide must
ensure that all payment cards are EMV compliant. To achieve this, the
necessary EMV infrastructure, including POS terminals that are essential
peripherals, should be in place. The demand for POS terminals is
expected to rise, which will subsequently increase the adoption of EMV
cards.
Many European countries have migrated or upgraded their payment cards
and POS terminals, making them EMV compliant. EMV cards are increasingly
being adopted in EMEA, followed by the Americas and APAC.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170622006062/en/
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